ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||
For the Fiscal Year ended | December 31, | ||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from to . |
Delaware | 32-0407370 | |||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||
300 Carnegie Center, Suite 300 | Princeton | New Jersey | 08540 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | |||||||||||||
Emerging growth company | ☐ |
Class | Outstanding at January 31, | |||||
Class A Units | ||||||
Class B Units | 42,738,750 | |||||
Class C Units | ||||||
Class D Units |
GLOSSARY OF TERMS | |||||
PART I | |||||
Item 1 — Business | |||||
Item 1A — Risk Factors | |||||
Item 1B — Unresolved Staff Comments | |||||
Item 2 — Properties | |||||
Item 3 — Legal Proceedings | |||||
Item 4 — Mine Safety Disclosures | |||||
PART II | |||||
Item 5 — Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |||||
Item 6 — | |||||
Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||
Item 7A — Quantitative and Qualitative Disclosures About Market Risk | |||||
Item 8 — Financial Statements and Supplementary Data | |||||
Item 9 — Changes in Disagreements With Accountants on Accounting and Financial Disclosure | |||||
Item 9A — Controls and Procedures | |||||
Item 9B — Other Information | |||||
PART III | |||||
Item 10 — Directors, Executive Officers and Corporate Governance | |||||
Item 11 — Executive Compensation | |||||
Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |||||
Item 13 — Certain Relationships and Related Transactions, and Director Independence | |||||
Item 14 — Principal Accounting Fees and Services | |||||
PART IV | |||||
Item 15 — Exhibits, Financial Statement Schedules | |||||
EXHIBIT INDEX | |||||
Item 16 — Form 10-K Summary |
2020 Convertible Notes | ||||||||
2024 Senior Notes | $500 million aggregate principal amount of 5.375% unsecured senior notes due 2024, issued by | |||||||
2025 Senior Notes | $600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC, which were repaid in March 2021 | |||||||
2026 Senior Notes | $350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by | |||||||
2028 Senior Notes | $850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC | |||||||
ARO | Asset Retirement Obligation | |||||||
ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP | |||||||
ASU | Accounting Standards Updates – updates to the ASC | |||||||
ATM | At-The-Market Equity Offering | |||||||
A non-GAAP measure, Cash Available | ||||||||
The Coronavirus Aid, Relief, and Economic Security Act | ||||||||
Carlsbad Drop Down | The acquisition by the Company of the Carlsbad Energy Center, a 527 MW natural | |||||||
Right of First Offer Agreement, entered into as of August 31, 2018, by and between Clearway Energy Group LLC and Clearway Energy, Inc., and solely for purposes of Section 2.4, GIP III Zephyr Acquisition Partners, L.P., as amended by the First Amendment dated February 14, 2019, the Second Amendment dated August 1, 2019, the Third Amendment dated December 6, 2019 and the Fourth Amendment dated November 2, 2020 | ||||||||
Clearway, Inc. | Clearway Energy, Inc., the holder of the Company's Class A and Class C units | |||||||
Clearway Energy Group LLC | The holder of all of Clearway, Inc.'s Class B and Class D common shares and the Company's Class B and Class D units and, from time to time, possibly shares of Clearway Energy, Inc.'s Class A and/or Class C common stock |
Clearway Energy Operating LLC | The holder of the project assets that are owned by the Company | |||||||
COD | Commercial Operation Date | |||||||
Code | Internal Revenue Code of 1986, as amended | |||||||
Company | ||||||||
CVSR | California Valley Solar Ranch | |||||||
CVSR Holdco LLC, the indirect owner of CVSR | ||||||||
DGPV Holdco | ||||||||
DGPV Holdco 2 and DGPV Holdco 3 | ||||||||
DGPV Holdco 1 | ||||||||
DGPV Holdco 2 | DGPV Holdco 2 LLC | |||||||
DGPV Holdco 3 | ||||||||
Distributed Solar | Solar power projects, typically less than 20 MW in size, that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid | |||||||
Drop Down Assets | Collectively, assets under common control acquired by the | |||||||
Energy | ||||||||
ERCOT | ||||||||
Electric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas | ||||||||
EWG | Exempt Wholesale Generator | |||||||
Exchange Act | The Securities Exchange Act of 1934, as amended | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FPA | Federal Power Act | |||||||
GAAP | Accounting principles generally accepted in the U.S. | |||||||
GenConn | GenConn Energy LLC | |||||||
GHG | Greenhouse gas | |||||||
Global Infrastructure Management, LLC | ||||||||
GIP | Global Infrastructure Partners | |||||||
GIP Transaction | ||||||||
ISO | Independent System Operator, also referred to as an RTO | |||||||
ITC | Investment Tax Credit | |||||||
KKR | KKR Thor Bidco, LLC, an affiliate of Kohlberg Kravis Roberts & Co. L.P. | |||||||
kWh | Kilowatt Hour | |||||||
LIBOR | London Inter-Bank Offered Rate | |||||||
MBTA | Migratory Bird Treaty Act | |||||||
Mesquite Star | Mesquite Star Special LLC | |||||||
MMBtu | Million British Thermal Units | |||||||
Mt. Storm | NedPower Mount Storm LLC | |||||||
MW | Megawatt | |||||||
MWh | Saleable megawatt hours, net of internal/parasitic load megawatt-hours |
MWt | Megawatts Thermal Equivalent | |||||||
NEPA | National Environmental Policy Act | |||||||
NERC | North American Electric Reliability Corporation | |||||||
Net Exposure | Counterparty credit exposure to Clearway Energy LLC, net of collateral | |||||||
NOx | Nitrogen Oxides | |||||||
NPNS | Normal Purchases and Normal Sales | |||||||
NPPD | Nebraska Public Power District | |||||||
NRG | NRG Energy, Inc. | |||||||
OCI/OCL | Other comprehensive income/loss | |||||||
O&M | Operations and Maintenance | |||||||
PG&E Bankruptcy | On January 29, 2019, PG&E Corporation and Pacific Gas | |||||||
PJM Interconnection, LLC | ||||||||
PPA | Power Purchase Agreement | |||||||
PTC | Production Tax Credit | |||||||
PUCT | Public Utility Commission of Texas | |||||||
PUHCA | Public Utility Holding Company Act of 2005 | |||||||
PURPA | Public Utility Regulatory Policies Act of 1978 | |||||||
QF | Qualifying Facility under PURPA | |||||||
RENOM | Clearway Renewable Operation & Maintenance LLC | |||||||
ROFO | Right of First Offer | |||||||
RPS | Renewable Portfolio Standards | |||||||
RPV Holdco | RPV Holdco 1 LLC | |||||||
RTO | Regional Transmission Organization | |||||||
SCE | Southern California Edison | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
Senior Notes | Collectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes | |||||||
SO2 | Sulfur Dioxide | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
SREC | Solar Renewable Energy Credit | |||||||
Tax Act | Tax Cuts and Jobs Act of 2017 | |||||||
Thermal Business | The Company's thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units | |||||||
U.S. | United States of America | |||||||
U.S. DOE | U.S. Department of Energy | |||||||
Utah Solar Portfolio | Collection consists of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are equity investments owned by Four Brothers | |||||||
Utility Scale Solar | Solar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level | |||||||
VaR | Value at Risk | |||||||
VIE | Variable Interest Entity | |||||||
Asset | Fuel Type | Rated Capacity (MW)(a) | COD | |||
Agua Caliente | Solar | 102 | 2014 | |||
Ivanpah | Solar | 196 | 2013 | |||
Hawaii(b) | Solar | 80 | 2019 | |||
Distributed Solar (up to $190 million of equity in distributed solar generation portfolio(s)(b) | Solar | various | various | |||
Buckthorn Solar(c) | Solar | 154 | 2018 | |||
Carlsbad (d) | Conventional | 527 | 2018 | |||
Puente/Mandalay(e) | Conventional | Project not expected to move forward | ||||
Community | Wind | Sold to third party | ||||
Jeffers | Wind | Sold to third party | ||||
Minnesota Portfolio | Wind | Sold to third party |
Asset | Technology | Gross Capacity (MW) | State | COD | Status | |||||||||||||||||||||||||||
Mililani I | Solar | 39 | HI | 2H22 | Committed | |||||||||||||||||||||||||||
Waiawa | Solar | 36 | HI | 2H22 | Committed | |||||||||||||||||||||||||||
Daggett Solar 2 and 3 | Solar | 482 | CA | 2H22/1H23 | Committed |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | 441 | $ | 641 | $ | 204 | $ | — | $ | 1,286 | |||||||||||||||||||
Net income (loss) | 172 | (65) | 22 | (192) | (63) | ||||||||||||||||||||||||
Total assets | $ | 2,442 | $ | 9,603 | $ | 631 | $ | 42 | 12,718 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | 437 | $ | 569 | $ | 193 | $ | — | $ | 1,199 | |||||||||||||||||||
Net income (loss) | 140 | (108) | 3 | (87) | (52) | ||||||||||||||||||||||||
Total assets | $ | 2,575 | $ | 7,157 | $ | 627 | $ | 129 | 10,488 |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||||||||||||
Operating revenues | $ | 346 | $ | 485 | $ | 201 | $ | — | $ | 1,032 | |||||||||||||||||||
Net income (loss) | 135 | (104) | (5) | (127) | (101) |
Year construction of project begins | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PTC (a) | 100 | % | 100 | % | 80 | % | 60 | % | 40 | % | 60 | % | 60 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On Shore Wind ITC (b) | 30 | % | 30 | % | 24 | % | 18 | % | 12 | % | 18 | % | 18 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar ITC (c) | 30 | % | 30 | % | 30 | % | 30 | % | 30 | % | 26 | % | 26 | % | 26 | % | 22 | % | 10 | % |
Year ended December 31, 2017 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 336 | $ | 501 | $ | 172 | $ | — | $ | 1,009 | |||||||||
Net income (loss) | 120 | 9 | 25 | (92 | ) | 62 | |||||||||||||
Total assets | 1,897 | 5,811 | 422 | 24 | 8,154 |
Year ended December 31, 2016 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 333 | $ | 532 | $ | 170 | $ | — | $ | 1,035 | |||||||||
Net income (loss) | 153 | (86 | ) | 29 | (81 | ) | 15 | ||||||||||||
Total assets | 1,993 | 6,114 | 426 | 212 | 8,745 |
Year ended December 31, 2015 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 336 | $ | 458 | $ | 174 | $ | — | $ | 968 | |||||||||
Net income (loss) | 156 | (18 | ) | 22 | (65 | ) | 95 |
Capacity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rated MW | Net MW(a) | Owner-ship | PPA Terms | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Location | Fuel | COD | Counterparty | Expiration | |||||||||||||||||||||||||||||||||||||||||||||
Conventional | ||||||||||||||||||||||||||||||||||||||||||||||||||
Carlsbad | Carlsbad, CA | 527 | 527 | 100 | % | Natural Gas | December 2018 | San Diego Gas & Electric | 2038 | |||||||||||||||||||||||||||||||||||||||||
El Segundo | El Segundo, CA | 550 | 550 | 100 | % | Natural Gas | August 2013 | SCE | 2023 | |||||||||||||||||||||||||||||||||||||||||
GenConn Devon | Milford, CT | 190 | 95 | 50 | % | Natural Gas/Oil | June 2010 | Connecticut Light & Power | 2040 | |||||||||||||||||||||||||||||||||||||||||
GenConn Middletown | Middletown, CT | 190 | 95 | 50 | % | Natural Gas/Oil | June 2011 | Connecticut Light & Power | 2041 | |||||||||||||||||||||||||||||||||||||||||
Marsh Landing | Antioch, CA | 720 | 720 | 100 | % | Natural Gas | May 2013 | Various | 2023 - 2030 | |||||||||||||||||||||||||||||||||||||||||
Walnut Creek | City of Industry, CA | 485 | 485 | 100 | % | Natural Gas | May 2013 | SCE | 2023 - 2026 | |||||||||||||||||||||||||||||||||||||||||
Total Conventional | 2,662 | 2,472 | ||||||||||||||||||||||||||||||||||||||||||||||||
Utility Scale Solar | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agua Caliente | Dateland, AZ | 290 | 148 | 51 | % | Solar | June 2014 | PG&E | 2039 | |||||||||||||||||||||||||||||||||||||||||
Alpine | Lancaster, CA | 66 | 66 | 100 | % | Solar | January 2013 | PG&E | 2033 | |||||||||||||||||||||||||||||||||||||||||
Avenal | Avenal, CA | 45 | 23 | 50 | % | Solar | August 2011 | PG&E | 2031 | |||||||||||||||||||||||||||||||||||||||||
Avra Valley | Pima County, AZ | 27 | 27 | 100 | % | Solar | December 2012 | Tucson Electric Power | 2032 | |||||||||||||||||||||||||||||||||||||||||
Blythe | Blythe, CA | 21 | 21 | 100 | % | Solar | December 2009 | SCE | 2029 | |||||||||||||||||||||||||||||||||||||||||
Borrego | Borrego Springs, CA | 26 | 26 | 100 | % | Solar | February 2013 | San Diego Gas and Electric | 2038 | |||||||||||||||||||||||||||||||||||||||||
Buckthorn Solar (b) | Fort Stockton, TX | 154 | 154 | 100 | % | Solar | July 2018 | City of Georgetown, TX | 2043 | |||||||||||||||||||||||||||||||||||||||||
CVSR | San Luis Obispo, CA | 250 | 250 | 100 | % | Solar | October 2013 | PG&E | 2038 | |||||||||||||||||||||||||||||||||||||||||
Desert Sunlight 250 | Desert Center, CA | 250 | 63 | 25 | % | Solar | December 2014 | SCE | 2034 | |||||||||||||||||||||||||||||||||||||||||
Desert Sunlight 300 | Desert Center, CA | 300 | 75 | 25 | % | Solar | December 2014 | PG&E | 2039 | |||||||||||||||||||||||||||||||||||||||||
Kansas South | Lemoore, CA | 20 | 20 | 100 | % | Solar | June 2013 | PG&E | 2033 | |||||||||||||||||||||||||||||||||||||||||
Kawailoa (b) | Oahu, HI | 49 | 24 | 48 | % | Solar | November 2019 | Hawaiian Electric Company | 2041 | |||||||||||||||||||||||||||||||||||||||||
Oahu Solar Projects (b) | Oahu, HI | 61 | 58 | 95 | % | Solar | September 2019 | Hawaiian Electric Company | 2041 | |||||||||||||||||||||||||||||||||||||||||
Roadrunner | Santa Teresa, NM | 20 | 20 | 100 | % | Solar | August 2011 | El Paso Electric | 2031 | |||||||||||||||||||||||||||||||||||||||||
Rosamond Central (b) | Rosamond, CA | 192 | 96 | 50 | % | Solar | December 2020 | Various | 2035 - 2047 | |||||||||||||||||||||||||||||||||||||||||
TA High Desert | Lancaster, CA | 20 | 20 | 100 | % | Solar | March 2013 | SCE | 2033 | |||||||||||||||||||||||||||||||||||||||||
Utah Solar Portfolio | Various | 530 | 530 | 100 | % | Solar | July - September 2016 | PacifiCorp | 2036 | |||||||||||||||||||||||||||||||||||||||||
Total Utility Scale Solar | 2,321 | 1,621 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributed Solar | ||||||||||||||||||||||||||||||||||||||||||||||||||
DGPV Fund Projects (b) | Various | 286 | 286 | 100 | % | Solar | September 2015 - March 2019 | Various | 2030 - 2044 | |||||||||||||||||||||||||||||||||||||||||
Solar Power Partners (SPP) Projects | Various | 25 | 25 | 100 | % | Solar | June 2008 - June 2012 | Various | 2026 - 2037 | |||||||||||||||||||||||||||||||||||||||||
Other DG Projects | Various | 21 | 21 | 100 | % | Solar | December 2010 - October 2015 | Various | 2023 - 2039 | |||||||||||||||||||||||||||||||||||||||||
Total Distributed Solar | 332 | 332 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wind | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alta I | Tehachapi, CA | 150 | 150 | 100 | % | Wind | December 2010 | SCE | 2035 | |||||||||||||||||||||||||||||||||||||||||
Alta II | Tehachapi, CA | 150 | 150 | 100 | % | Wind | December 2010 | SCE | 2035 | |||||||||||||||||||||||||||||||||||||||||
Alta III | Tehachapi, CA | 150 | 150 | 100 | % | Wind | February 2011 | SCE | 2035 | |||||||||||||||||||||||||||||||||||||||||
Alta IV | Tehachapi, CA | 102 | 102 | 100 | % | Wind | March 2011 | SCE | 2035 | |||||||||||||||||||||||||||||||||||||||||
Alta V | Tehachapi, CA | 168 | 168 | 100 | % | Wind | April 2011 | SCE | 2035 |
Capacity | |||||||||||||||||||
Rated MW | Net MW(a) | Owner-ship | PPA Terms | ||||||||||||||||
Assets | Location | Fuel | COD | Counterparty | Expiration | ||||||||||||||
Conventional | |||||||||||||||||||
El Segundo | El Segundo, CA | 550 | 550 | 100 | % | Natural Gas | August 2013 | Southern California Edison | 2023 | ||||||||||
GenConn Devon | Milford, CT | 190 | 95 | 50 | % | Natural Gas/Oil | June 2010 | Connecticut Light & Power | 2040 | ||||||||||
GenConn Middletown | Middletown, CT | 190 | 95 | 50 | % | Natural Gas/Oil | June 2011 | Connecticut Light & Power | 2041 | ||||||||||
Marsh Landing | Antioch, CA | 720 | 720 | 100 | % | Natural Gas | May 2013 | Pacific Gas and Electric | 2023 | ||||||||||
Walnut Creek | City of Industry, CA | 485 | 485 | 100 | % | Natural Gas | May 2013 | Southern California Edison | 2023 | ||||||||||
Total Conventional | 2,135 | 1,945 | |||||||||||||||||
Utility Scale Solar | |||||||||||||||||||
Agua Caliente | Dateland, AZ | 290 | 46 | 16 | % | Solar | June 2014 | Pacific Gas and Electric | 2039 | ||||||||||
Alpine | Lancaster, CA | 66 | 66 | 100 | % | Solar | January 2013 | Pacific Gas and Electric | 2033 | ||||||||||
Avenal | Avenal, CA | 45 | 23 | 50 | % | Solar | August 2011 | Pacific Gas and Electric | 2031 | ||||||||||
Avra Valley | Pima County, AZ | 26 | 26 | 100 | % | Solar | December 2012 | Tucson Electric Power | 2032 | ||||||||||
Blythe | Blythe, CA | 21 | 21 | 100 | % | Solar | December 2009 | Southern California Edison | 2029 | ||||||||||
Borrego | Borrego Springs, CA | 26 | 26 | 100 | % | Solar | February 2013 | San Diego Gas and Electric | 2038 | ||||||||||
CVSR | San Luis Obispo, CA | 250 | 250 | 100 | % | Solar | October 2013 | Pacific Gas and Electric | 2038 | ||||||||||
Desert Sunlight 250 | Desert Center, California | 250 | 63 | 25 | % | Solar | December 2014 | Southern California Edison | 2034 | ||||||||||
Desert Sunlight 300 | Desert Center, California | 300 | 75 | 25 | % | Solar | December 2014 | Pacific Gas and Electric | 2039 | ||||||||||
Four Brothers Solar | New Castle/Milford, UT | 320 | 160 | 50 | % | Solar | July 2016 - August 2016 | PacifiCorp | 2036 | ||||||||||
Granite Mountain | Cedar City, UT | 130 | 65 | 50 | % | Solar | September 2016 | PacifiCorp | 2036 | ||||||||||
Iron Springs | Cedar City, UT | 80 | 40 | 50 | % | Solar | August 2016 | PacifiCorp | 2036 | ||||||||||
Kansas South | Lemoore, CA | 20 | 20 | 100 | % | Solar | June 2013 | Pacific Gas and Electric | 2033 | ||||||||||
Roadrunner | Santa Teresa, NM | 20 | 20 | 100 | % | Solar | August 2011 | El Paso Electric | 2031 | ||||||||||
TA High Desert | Lancaster, CA | 20 | 20 | 100 | % | Solar | March 2013 | Southern California Edison | 2033 | ||||||||||
Total Utility Scale Solar | 1,864 | 921 | |||||||||||||||||
Distributed Solar | |||||||||||||||||||
Apple I LLC Projects | CA | 9 | 9 | 100 | % | Solar | October 2012 - December 2012 | Various | 2032 | ||||||||||
AZ DG Solar Projects | AZ | 5 | 5 | 100 | % | Solar | December 2010 - January 2013 | Various | 2025-2033 | ||||||||||
SPP Projects | Various | 25 | 25 | 100 | % | Solar | June 2008 - June 2012 | Various | 2026-2037 | ||||||||||
Other DG Projects | Various | 13 | 13 | 100 | % | Solar | October 2012 - October 2015 | Various | 2023-2039 | ||||||||||
Total Distributed Solar | 52 | 52 | |||||||||||||||||
Wind | |||||||||||||||||||
Alta I | Tehachapi, CA | 150 | 150 | 100 | % | Wind | December 2010 | Southern California Edison | 2035 |
Capacity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rated MW | Net MW(a) | Owner-ship | PPA Terms | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Location | Fuel | COD | Counterparty | Expiration | |||||||||||||||||||||||||||||||||||||||||||||
Alta X (b) | Tehachapi, CA | 137 | 137 | 100 | % | Wind | February 2014 | SCE | 2038 | |||||||||||||||||||||||||||||||||||||||||
Alta XI (b) | Tehachapi, CA | 90 | 90 | 100 | % | Wind | February 2014 | SCE | 2038 | |||||||||||||||||||||||||||||||||||||||||
Black Rock (b)(d) | Mineral and Grant Counties, WV | 70 | 35 | 50 | % | Wind | December 2021 | Toyoya and AEP | 2036 | |||||||||||||||||||||||||||||||||||||||||
Buffalo Bear | Buffalo, OK | 19 | 19 | 100 | % | Wind | December 2008 | Western Farmers Electric Co-operative | 2033 | |||||||||||||||||||||||||||||||||||||||||
Crosswinds | Ruthven, IA | 21 | 21 | 99 | % | Wind | June 2007 | Corn Belt Power Cooperative | 2027 | |||||||||||||||||||||||||||||||||||||||||
Elbow Creek (b) | Howard County, TX | 122 | 122 | 100 | % | Wind | December 2008 | Various | 2029 | |||||||||||||||||||||||||||||||||||||||||
Elkhorn Ridge | Bloomfield, NE | 81 | 54 | 66.7 | % | Wind | March 2009 | Nebraska Public Power District | 2029 | |||||||||||||||||||||||||||||||||||||||||
Forward | Berlin, PA | 29 | 29 | 100 | % | Wind | April 2008 | Constellation NewEnergy, Inc. | 2022 | |||||||||||||||||||||||||||||||||||||||||
Goat Wind | Sterling City, TX | 150 | 150 | 100 | % | Wind | April 2008/June 2009 | Dow Pipeline Company | 2025 | |||||||||||||||||||||||||||||||||||||||||
Hardin | Jefferson, IA | 15 | 15 | 99 | % | Wind | May 2007 | Interstate Power and Light Company | 2027 | |||||||||||||||||||||||||||||||||||||||||
Langford (b) | Christoval, TX | 160 | 160 | 100 | % | Wind | December 2009/November 2020 | Goldman Sachs | 2033 | |||||||||||||||||||||||||||||||||||||||||
Laredo Ridge | Petersburg, NE | 81 | 81 | 100 | % | Wind | February 2011 | Nebraska Public Power District | 2031 | |||||||||||||||||||||||||||||||||||||||||
Lookout (b) | Berlin, PA | 38 | 38 | 100 | % | Wind | October 2008 | Southern Maryland Electric Cooperative | 2030 | |||||||||||||||||||||||||||||||||||||||||
Mesquite Sky (b) | Callahan County, TX | 340 | 170 | 50 | % | Wind | December 2021 | Various | 2033 - 2036 | |||||||||||||||||||||||||||||||||||||||||
Mesquite Star (b) | Fisher County, TX | 419 | 210 | 50 | % | Wind | June 2020 | Various | 2032 - 2035 | |||||||||||||||||||||||||||||||||||||||||
Mt Storm | Mt Storm, WV | 264 | 264 | 100 | % | Wind | October 2008 | Citigroup | 2031 | |||||||||||||||||||||||||||||||||||||||||
Ocotillo | Forsan, TX | 59 | 59 | 100 | % | Wind | November 2008 | N/A | ||||||||||||||||||||||||||||||||||||||||||
Odin | Mountain Lake, MN | 21 | 21 | 100 | % | Wind | June 2008 | Missouri River Energy Services | 2028 | |||||||||||||||||||||||||||||||||||||||||
Pinnacle (b) | Keyser, WV | 54 | 54 | 100 | % | Wind | December 2011/December 2021 | Maryland Department of General Services and University System of Maryland | 2031 | |||||||||||||||||||||||||||||||||||||||||
Rattlesnake (b) (c) | Ritzville, WA | 160 | 160 | 100 | % | Wind | December 2020 | Avista Corporation | 2040 | |||||||||||||||||||||||||||||||||||||||||
San Juan Mesa | Elida, NM | 120 | 90 | 75 | % | Wind | December 2005 | Southwestern Public Service Company | 2025 | |||||||||||||||||||||||||||||||||||||||||
Sleeping Bear | Woodward, OK | 95 | 95 | 100 | % | Wind | October 2007 | Public Service Company of Oklahoma | 2032 | |||||||||||||||||||||||||||||||||||||||||
South Trent | Sweetwater, TX | 101 | 101 | 100 | % | Wind | January 2009 | AEP Energy Partners | 2029 | |||||||||||||||||||||||||||||||||||||||||
Spanish Fork | Spanish Fork, UT | 19 | 19 | 100 | % | Wind | July 2008 | PacifiCorp | 2028 | |||||||||||||||||||||||||||||||||||||||||
Spring Canyon II (b) | Logan County, CO | 34 | 31 | 90.1 | % | Wind | October 2014 | Platte River Power Authority | 2039 | |||||||||||||||||||||||||||||||||||||||||
Spring Canyon III (b) | Logan County, CO | 29 | 26 | 90.1 | % | Wind | December 2014 | Platte River Power Authority | 2039 | |||||||||||||||||||||||||||||||||||||||||
Taloga | Putnam, OK | 130 | 130 | 100 | % | Wind | July 2011 | Oklahoma Gas & Electric | 2031 | |||||||||||||||||||||||||||||||||||||||||
Wildorado (b) | Vega, TX | 161 | 161 | 100 | % | Wind | April 2007 | Southwestern Public Service Company | 2027 | |||||||||||||||||||||||||||||||||||||||||
Total Wind | 3,739 | 3,262 | ||||||||||||||||||||||||||||||||||||||||||||||||
Thermal Generation | ||||||||||||||||||||||||||||||||||||||||||||||||||
CA Fuel Cell | Tulare, CA | 3 | 3 | 100 | % | Natural Gas | May 2018 | City of Tulare | 2038 | |||||||||||||||||||||||||||||||||||||||||
ECP Uptown Campus | Pittsburgh, PA | 6 | 6 | 100 | % | Natural Gas | May 2019 | Duquesne University | 2059 | |||||||||||||||||||||||||||||||||||||||||
Energy Center - Pittsburgh | Pittsburgh, PA | 7 | 7 | 100 | % | Diesel | January 2019 | University of Pittsburgh Medical Center | 2038 | |||||||||||||||||||||||||||||||||||||||||
Energy Center Caguas | Caguas, PR | 3 | 3 | 100 | % | Natural Gas | September 2020 | Viatris Pharmaceuticals | 2032 | |||||||||||||||||||||||||||||||||||||||||
Paxton Creek Cogen | Harrisburg, PA | 12 | 12 | 100 | % | Natural Gas | November 1986 | Power sold into PJM markets | ||||||||||||||||||||||||||||||||||||||||||
Princeton Hospital | Princeton, NJ | 5 | 5 | 100 | % | Natural Gas | January 2012 | Princeton Hospital | 2025 |
Capacity | |||||||||||||||||||
Rated MW | Net MW(a) | Owner-ship | PPA Terms | ||||||||||||||||
Assets | Location | Fuel | COD | Counterparty | Expiration | ||||||||||||||
Alta II | Tehachapi, CA | 150 | 150 | 100 | % | Wind | December 2010 | Southern California Edison | 2035 | ||||||||||
Alta III | Tehachapi, CA | 150 | 150 | 100 | % | Wind | February 2011 | Southern California Edison | 2035 | ||||||||||
Alta IV | Tehachapi, CA | 102 | 102 | 100 | % | Wind | March 2011 | Southern California Edison | 2035 | ||||||||||
Alta V | Tehachapi, CA | 168 | 168 | 100 | % | Wind | April 2011 | Southern California Edison | 2035 | ||||||||||
Alta X (b) | Tehachapi, CA | 137 | 137 | 100 | % | Wind | February 2014 | Southern California Edison | 2038 | ||||||||||
Alta XI (b) | Tehachapi, CA | 90 | 90 | 100 | % | Wind | February 2014 | Southern California Edison | 2038 | ||||||||||
Buffalo Bear | Buffalo, OK | 19 | 19 | 100 | % | Wind | December 2008 | Western Farmers Electric Co-operative | 2033 | ||||||||||
Crosswinds (b) | Ayrshire, IA | 21 | 21 | 99 | % | Wind | June 2007 | Corn Belt Power Cooperative | 2027 | ||||||||||
Elbow Creek (b) | Howard County, TX | 122 | 122 | 100 | % | Wind | December 2008 | NRG Power Marketing LLC | 2022 | ||||||||||
Elkhorn Ridge (b) | Bloomfield, NE | 81 | 54 | 66.7 | % | Wind | March 2009 | Nebraska Public Power District | 2029 | ||||||||||
Forward (b) | Berlin, PA | 29 | 29 | 100 | % | Wind | April 2008 | Constellation NewEnergy, Inc. | 2022 | ||||||||||
Goat Wind (b) | Sterling City, TX | 150 | 150 | 100 | % | Wind | April 2008/June 2009 | Dow Pipeline Company | 2025 | ||||||||||
Hardin (b) | Jefferson, IA | 15 | 15 | 99 | % | Wind | May 2007 | Interstate Power and Light Company | 2027 | ||||||||||
Laredo Ridge | Petersburg, NE | 80 | 80 | 100 | % | Wind | February 2011 | Nebraska Public Power District | 2031 | ||||||||||
Lookout (b) | Berlin, PA | 38 | 38 | 100 | % | Wind | October 2008 | Southern Maryland Electric Cooperative | 2030 | ||||||||||
Odin (b) | �� | Odin, MN | 20 | 20 | 99.9 | % | Wind | June 2008 | Missouri River Energy Services | 2028 | |||||||||
Pinnacle | Keyser, WV | 55 | 55 | 100 | % | Wind | December 2011 | Maryland Department of General Services and University System of Maryland | 2031 | ||||||||||
San Juan Mesa (b) | Elida, NM | 120 | 90 | 75 | % | Wind | December 2005 | Southwestern Public Service Company | 2025 | ||||||||||
Sleeping Bear (b) | Woodward, OK | 95 | 95 | 100 | % | Wind | October 2007 | Public Service Company of Oklahoma | 2032 | ||||||||||
South Trent | Sweetwater, TX | 101 | 101 | 100 | % | Wind | January 2009 | AEP Energy Partners | 2029 | ||||||||||
Spanish Fork (b) | Spanish Fork, UT | 19 | 19 | 100 | % | Wind | July 2008 | PacifiCorp | 2028 | ||||||||||
Spring Canyon II (b) | Logan County, CO | 32 | 29 | 90.1 | % | Wind | October 2014 | Platte River Power Authority | 2039 | ||||||||||
Spring Canyon III(b) | Logan County, CO | 28 | 25 | 90.1 | % | Wind | December 2014 | Platte River Power Authority | 2039 | ||||||||||
Taloga | Putnam, OK | 130 | 130 | 100 | % | Wind | July 2011 | Oklahoma Gas & Electric | 2031 | ||||||||||
Wildorado (b) | Vega, TX | 161 | 161 | 100 | % | Wind | April 2007 | Southwestern Public Service Company | 2027 | ||||||||||
Total Wind | 2,263 | 2,200 | |||||||||||||||||
Thermal Generation | |||||||||||||||||||
Dover | Dover, DE | 103 | 103 | 100 | % | Natural Gas | June 2013 | NRG Power Marketing LLC | 2018 | ||||||||||
Paxton Creek Cogen | Harrisburg, PA | 12 | 12 | 100 | % | Natural Gas | November 1986 | Power sold into PJM markets | |||||||||||
Princeton Hospital | Princeton, NJ | 5 | 5 | 100 | % | Natural Gas | January 2012 | Excess power sold to local utility | |||||||||||
Tucson Convention Center | Tucson, AZ | 2 | 2 | 100 | % | Natural Gas | January 2003 | Excess power sold to local utility |
Capacity | |||||||||||||||||||
Rated MW | Net MW(a) | Owner-ship | PPA Terms | ||||||||||||||||
Assets | Location | Fuel | COD | Counterparty | Expiration | ||||||||||||||
University of Bridgeport | Bridgeport, CT | 1 | 1 | 100 | % | Natural Gas | April 2015 | University of Bridgeport | 2034 | ||||||||||
Total Thermal Generation | 123 | 123 | |||||||||||||||||
Total NRG Yield, Inc. (c) | 6,437 | 5,241 |
Capacity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rated MW | Net MW(a) | Owner-ship | PPA Terms | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Location | Fuel | COD | Counterparty | Expiration | |||||||||||||||||||||||||||||||||||||||||||||
Tucson Convention Center | Tucson, AZ | 2 | 2 | 100 | % | Natural Gas | January 2003 | City of Tucson | 2023 | |||||||||||||||||||||||||||||||||||||||||
University of Bridgeport | Bridgeport, CT | 1 | 1 | 100 | % | Natural Gas | April 2015 | University of Bridgeport | 2034 | |||||||||||||||||||||||||||||||||||||||||
Total Thermal Generation (e) | 39 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Clearway Energy LLC | 9,093 | 7,726 |
Name and Location of Facility | Thermal Energy Purchaser | % Owned | Rated Megawatt Thermal Equivalent Capacity (MWt) | Net Megawatt Thermal Equivalent Capacity (MWt) | Generating Capacity | |||||||
NRG Energy Center Minneapolis, MN | Approx. 100 steam and 55 chilled water customers | 100 | 322 136 | 322 136 | Steam: 1,100 MMBtu/hr. Chilled water: 38,700 tons | |||||||
NRG Energy Center San Francisco, CA | Approx. 180 steam customers | 100 | 133 | 133 | Steam: 454 MMBtu/hr. | |||||||
NRG Energy Center Omaha, NE | Approx. 60 steam and 65 chilled water customers | 100 12(a) 100 0(a) | 142 73 77 26 | 142 9 77 0 | Steam: 485 MMBtu/hr Steam: 250 MMBtu/hr Chilled water: 22,000 tons Chilled water: 7,250 tons | |||||||
NRG Energy Center Harrisburg, PA | Approx. 125 steam and 5 chilled water customers | 100 | 108 13 | 108 13 | Steam: 370 MMBtu/hr. Chilled water: 3,600 tons | |||||||
NRG Energy Center Phoenix, AZ | Approx. 35 chilled water customers | 24(a) 100 12(a) 0(a) | 5 104 14 28 | 1 104 2 0 | Steam: 17 MMBtu/hr Chilled water: 29,600 tons Chilled water: 3,920 tons Chilled water: 8,000 tons | |||||||
NRG Energy Center Pittsburgh, PA | Approx. 25 steam and 25 chilled water customers | 100 | 88 49 | 88 49 | Steam: 302 MMBtu/hr. Chilled water: 13,874 tons | |||||||
NRG Energy Center San Diego, CA | Approx. 20 chilled water customers | 100 | 31 | 31 | Chilled water: 8,825 tons | |||||||
NRG Energy Center Dover, DE | Kraft Heinz Company; Proctor and Gamble | 100 | 66 | 66 | Steam: 225 MMBtu/hr. | |||||||
NRG Energy Center Princeton, NJ | Princeton HealthCare System | 100 | 21 17 | 21 17 | Steam: 72 MMBtu/hr. Chilled water: 4,700 tons | |||||||
Total Generating Capacity (MWt) | 1,453 | 1,319 |
Name and Location of Facility | Thermal Energy Customers (steam/chilled water) | % Owned | Rated Megawatt Thermal Equivalent Capacity (MWt) | Net Megawatt Thermal Equivalent Capacity (MWt) (a) | Generating Capacity | |||||||||||||||||||||||||||
Energy Center Minneapolis, MN | 100 steam | 100 | % | 284 | 284 | Steam: 1,075 MMBtu/hr. | ||||||||||||||||||||||||||
55 chilled water | 100 | % | 136 | 136 | Chilled water: 38,700 tons | |||||||||||||||||||||||||||
ECP Uptown Campus, PA | Duquesne University | 100 | % | 53 | 53 | Steam: 181 MMBtu/hr. | ||||||||||||||||||||||||||
Duquesne University | 100 | % | 24 | 24 | Chilled water: 5,790 tons | |||||||||||||||||||||||||||
Energy Center San Francisco, CA | 180 steam | 100 | % | 133 | 133 | Steam: 454 MMBtu/hr. | ||||||||||||||||||||||||||
Energy Center Omaha, NE | 60 steam | 100 | % | 180 | 180 | Steam: 675 MMBtu/hr. | ||||||||||||||||||||||||||
65 chilled water | 100 | % | 88 | 88 | Chilled water: 28,000 tons | |||||||||||||||||||||||||||
Energy Center Harrisburg, PA | 115 steam | 100 | % | 94 | 94 | Steam: 370 MMBtu/hr. | ||||||||||||||||||||||||||
5 chilled water | 100 | % | 14 | 14 | Chilled water: 3,900 tons | |||||||||||||||||||||||||||
Energy Center Phoenix, AZ | 40 chilled water | 73 % (b) | 144 | 104 | Chilled water 41,020 tons | |||||||||||||||||||||||||||
24 | % | 5 | 1 | Steam: 17 MMBtu/hr. | ||||||||||||||||||||||||||||
Energy Center Pittsburgh, PA | 25 steam | 100 | % | 118 | 118 | Steam: 452 MMBtu/hr. | ||||||||||||||||||||||||||
30 chilled water | 100 | % | 68 | 68 | Chilled water: 22,224 tons | |||||||||||||||||||||||||||
Energy Center San Diego, CA | 20 chilled water | 100 | % | 31 | 31 | Chilled water: 9,295 tons | ||||||||||||||||||||||||||
Energy Center Princeton, NJ | Princeton HealthCare System | 100 | % | 21 | 21 | Steam: 72 MMBtu/hr. | ||||||||||||||||||||||||||
Princeton HealthCare System | 100 | % | 17 | 17 | Chilled water: 4,700 tons | |||||||||||||||||||||||||||
Energy Center Caguas, PR | Viatris Pharmaceuticals | 100 | % | 1 | 1 | Steam: 4 MMBtu/hr. | ||||||||||||||||||||||||||
Viatris Pharmaceuticals | 100 | % | 3 | 3 | Chilled water: 800 tons | |||||||||||||||||||||||||||
Total generating capacity (c) | 1,414 | 1,370 |
Fourth Quarter 2017 | Third Quarter 2017 | Second Quarter 2017 | First Quarter 2016 | Fourth Quarter 2021 | Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | |||||||||||||||||||||||||||||||
Distributions per Class A and Class B unit | $ | 0.288 | $ | 0.28 | $ | 0.27 | $ | 0.260 | Distributions per Class A and Class B unit | $ | 0.3400 | $ | 0.3345 | $ | 0.3290 | $ | 0.3240 | |||||||||||||||||||||
Distributions per Class C and Class D unit | $ | 0.288 | $ | 0.28 | $ | 0.27 | $ | 0.260 | Distributions per Class C and Class D unit | $ | 0.3400 | $ | 0.3345 | $ | 0.3290 | $ | 0.3240 |
Fiscal year ended December 31, | |||||||||||||||||||
(In millions) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Statement of Income Data: | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||
Total operating revenues | $ | 1,009 | $ | 1,035 | $ | 968 | $ | 844 | $ | 451 | |||||||||
Operating Costs and Expenses | |||||||||||||||||||
Cost of operations | 326 | 308 | 323 | 279 | 156 | ||||||||||||||
Depreciation and amortization | 334 | 303 | 303 | 240 | 98 | ||||||||||||||
Impairment losses | 44 | 185 | 1 | — | — | ||||||||||||||
General and administrative | 19 | 14 | 10 | 8 | 7 | ||||||||||||||
Acquisition-related transaction and integration costs | 3 | 1 | 3 | 4 | — | ||||||||||||||
Total operating costs and expenses | 726 | 811 | 640 | 531 | 261 | ||||||||||||||
Operating Income | 283 | 224 | 328 | 313 | 190 | ||||||||||||||
Other Income (Expense) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 71 | 60 | 31 | 22 | 27 | ||||||||||||||
Other income, net | 4 | 3 | 3 | 6 | 4 | ||||||||||||||
Loss on debt extinguishment | (3 | ) | — | (9 | ) | (1 | ) | — | |||||||||||
Interest expense | (293 | ) | (272 | ) | (258 | ) | (217 | ) | (72 | ) | |||||||||
Total other expense, net | (221 | ) | (209 | ) | (233 | ) | (190 | ) | (41 | ) | |||||||||
Income Before Income Taxes | 62 | 15 | 95 | 123 | 149 | ||||||||||||||
Income tax expense (benefit) | — | — | — | — | (3 | ) | |||||||||||||
Net Income | 62 | 15 | 95 | $ | 123 | $ | 152 | ||||||||||||
Less: Net (loss) income attributable to noncontrolling interests | (75 | ) | (111 | ) | (62 | ) | 9 | — | |||||||||||
Net Income Attributable to NRG Yield LLC | $ | 137 | $ | 126 | $ | 157 | $ | 114 | $ | 152 | |||||||||
Other Financial Data: | |||||||||||||||||||
Capital expenditures | $ | 31 | $ | 20 | $ | 29 | $ | 79 | $ | 790 | |||||||||
Cash Flow Data: | |||||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||||
Operating activities | $ | 516 | $ | 577 | $ | 424 | $ | 363 | $ | 174 | |||||||||
Investing activities | (283 | ) | (131 | ) | (1,098 | ) | (760 | ) | (987 | ) | |||||||||
Financing activities | (416 | ) | (202 | ) | 354 | 767 | 853 | ||||||||||||
Balance Sheet Data (at period end): | |||||||||||||||||||
Cash and cash equivalents | $ | 146 | $ | 321 | $ | 110 | $ | 430 | $ | 60 | |||||||||
Property, plant and equipment, net | 5,204 | 5,554 | 5,980 | 6,119 | 3,488 | ||||||||||||||
Total assets | 8,154 | 8,746 | 8,759 | 8,930 | 4,831 | ||||||||||||||
Long-term debt, including current maturities | 5,845 | 6,069 | 5,692 | 5,828 | 2,916 | ||||||||||||||
Total liabilities | 6,146 | 6,382 | 6,054 | 6,173 | 3,221 | ||||||||||||||
Total members' equity | 2,008 | 2,364 | 2,705 | 2,757 | 1,610 |
Year ended December 31, | |||||||||||
(In millions) | 2017 | 2016 | Change | ||||||||
Operating Revenues | |||||||||||
Energy and capacity revenues | $ | 1,078 | $ | 1,104 | $ | (26 | ) | ||||
Contract amortization | (69 | ) | (69 | ) | — | ||||||
Total operating revenues | 1,009 | 1,035 | (26 | ) | |||||||
Operating Costs and Expenses | |||||||||||
Cost of fuels | 63 | 61 | 2 | ||||||||
Emissions credit amortization | — | 6 | (6 | ) | |||||||
Operations and maintenance | 197 | 176 | 21 | ||||||||
Other costs of operations | 66 | 65 | 1 | ||||||||
Depreciation and amortization | 334 | 303 | 31 | ||||||||
Impairment losses | 44 | 185 | (141 | ) | |||||||
General and administrative | 19 | 14 | 5 | ||||||||
Acquisition-related transaction and integration costs | 3 | 1 | 2 | ||||||||
Total operating costs and expenses | 726 | 811 | (85 | ) | |||||||
Operating Income | 283 | 224 | 59 | ||||||||
Other Income (Expense) | |||||||||||
Equity in earnings of unconsolidated affiliates | 71 | 60 | 11 | ||||||||
Other income, net | 4 | 3 | 1 | ||||||||
Loss on debt extinguishment | (3 | ) | — | (3 | ) | ||||||
Interest expense | (293 | ) | (272 | ) | (21 | ) | |||||
Total other expense, net | (221 | ) | (209 | ) | (12 | ) | |||||
Net Income | 62 | 15 | 47 | ||||||||
Less: Net loss attributable to noncontrolling interests | (75 | ) | (111 | ) | 36 | ||||||
Net Income Attributable to NRG Yield LLC | $ | 137 | $ | 126 | $ | 11 |
Year ended December 31, | |||||
Business metrics: | 2017 | 2016 | |||
Renewables MWh generated/sold (in thousands) (a) | 6,844 | 7,291 | |||
Conventional MWh generated (in thousands) (a)(b) | 1,809 | 1,697 | |||
Thermal MWt sold (in thousands) | 1,926 | 1,966 | |||
Thermal MWh sold (in thousands) (c) | 35 | 71 |
Conventional | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Year ended December 31, 2017 | |||||||||||||||
Energy and capacity revenues | $ | 341 | $ | 563 | $ | 174 | $ | 1,078 | |||||||
Cost of fuels | (1 | ) | — | (62 | ) | (63 | ) | ||||||||
Contract amortization | (5 | ) | (62 | ) | (2 | ) | (69 | ) | |||||||
Gross margin | 335 | 501 | 110 | 946 | |||||||||||
Contract amortization | 5 | 62 | 2 | 69 | |||||||||||
Economic gross margin | $ | 340 | $ | 563 | $ | 112 | $ | 1,015 | |||||||
Year ended December 31, 2016 | |||||||||||||||
Energy and capacity revenues | $ | 338 | $ | 594 | $ | 172 | $ | 1,104 | |||||||
Cost of fuels | (1 | ) | — | (60 | ) | (61 | ) | ||||||||
Contract amortization | (5 | ) | (62 | ) | (2 | ) | (69 | ) | |||||||
Emissions credit amortization | (6 | ) | — | — | (6 | ) | |||||||||
Gross margin | 326 | 532 | 110 | 968 | |||||||||||
Contract amortization | 5 | 62 | 2 | 69 | |||||||||||
Emissions credit amortization | 6 | — | — | 6 | |||||||||||
Economic gross margin | $ | 337 | $ | 594 | $ | 112 | $ | 1,043 |
(In millions) | |||
Renewables: | |||
A 7% decrease in volume generated by wind projects, due to lower wind resources at the Alta Wind and NRG Wind TE Holdco projects | $ | (31 | ) |
Conventional: | |||
Higher revenues due to 2016 higher priced peak season forced outages, as well as additional start-up revenue from Marsh Landing in 2017 | 3 | ||
Decrease in economic gross margin | $ | (28 | ) |
Emissions credit amortization of NOx allowances at Walnut Creek and El Segundo in compliance with amendments to the Regional Clean Air Incentives Market program in 2016 | 6 | ||
Decrease in gross margin | $ | (22 | ) |
Conventional | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Year ended December 31, 2017 | $ | 52 | $ | 97 | $ | 48 | $ | 197 | |||||||
Year ended December 31, 2016 | 32 | 96 | 48 | 176 |
(In millions) | |||
Assumption of the Utah Solar Portfolio debt in connection with the March 2017 Drop Down Assets | $ | 14 | |
Issuance of the 2026 Senior Notes in the third quarter of 2016 | 11 | ||
Issuance of new project level debt in the second half of 2016 and 2017 partially offset by the lower principal balances on project level debt in 2017 | 1 | ||
Higher borrowings in 2016 on the revolving credit facility | (5 | ) | |
$ | 21 |
Year ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Energy and capacity revenues | $ | 1,425 | $ | 1,234 | $ | 1,072 | |||||||||||
Other revenues | 92 | 53 | 40 | ||||||||||||||
Contract amortization | (144) | (88) | (71) | ||||||||||||||
Mark-to-market for economic hedges | (87) | — | (9) | ||||||||||||||
Total operating revenues | 1,286 | 1,199 | 1,032 | ||||||||||||||
Operating Costs and Expenses | |||||||||||||||||
Cost of fuels | 75 | 73 | 74 | ||||||||||||||
Operations and maintenance | 279 | 219 | 191 | ||||||||||||||
Other costs of operations | 97 | 74 | 72 | ||||||||||||||
Depreciation, amortization and accretion | 509 | 428 | 401 | ||||||||||||||
Impairment losses | 6 | 24 | 33 | ||||||||||||||
General and administrative | 38 | 33 | 27 | ||||||||||||||
Transaction and integration costs | 7 | 9 | 3 | ||||||||||||||
Development costs | 6 | 5 | 5 | ||||||||||||||
Total operating costs and expenses | 1,017 | 865 | 806 | ||||||||||||||
Operating Income | 269 | 334 | 226 | ||||||||||||||
Other Income (Expense) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | 32 | 7 | 83 | ||||||||||||||
Impairment loss on investment | — | (8) | — | ||||||||||||||
Gain on sale of unconsolidated affiliate | — | 49 | — | ||||||||||||||
Other income, net | 3 | 4 | 9 | ||||||||||||||
Loss on debt extinguishment | (53) | (24) | (16) | ||||||||||||||
Derivative interest income (expense) | 53 | 4 | (65) | ||||||||||||||
Other interest expense | (365) | (418) | (338) | ||||||||||||||
Total other expense, net | (330) | (386) | (327) | ||||||||||||||
Loss Before Income Taxes | (61) | (52) | (101) | ||||||||||||||
Income tax expense | 2 | — | — | ||||||||||||||
Net Loss | (63) | (52) | (101) | ||||||||||||||
Less: Net loss attributable to noncontrolling interests | (173) | (113) | (71) | ||||||||||||||
Net Income (Loss) Attributable to Clearway Energy LLC | $ | 110 | $ | 61 | $ | (30) |
Year ended December 31, | |||||||||||
(In millions) | 2016 | 2015 | Change | ||||||||
Operating Revenues | |||||||||||
Energy and capacity revenues | $ | 1,104 | $ | 1,024 | $ | 80 | |||||
Contract amortization | (69 | ) | (54 | ) | (15 | ) | |||||
Mark-to-market economic hedging activities | — | (2 | ) | 2 | |||||||
Total operating revenues | 1,035 | 968 | 67 | ||||||||
Operating Costs and Expenses | |||||||||||
Cost of fuels | 61 | 71 | (10 | ) | |||||||
Emissions credit amortization | 6 | — | 6 | ||||||||
Operations and maintenance | 176 | 180 | (4 | ) | |||||||
Other costs of operations | 65 | 72 | (7 | ) | |||||||
Depreciation and amortization | 303 | 303 | — | ||||||||
Impairment losses | 185 | 1 | 184 | ||||||||
General and administrative | 14 | 10 | 4 | ||||||||
Acquisition-related transaction and integration costs | 1 | 3 | (2 | ) | |||||||
Total operating costs and expenses | 811 | 640 | 171 | ||||||||
Operating Income | 224 | 328 | (104 | ) | |||||||
Other Income (Expense) | |||||||||||
Equity in earnings of unconsolidated affiliates | 60 | 31 | 29 | ||||||||
Other income, net | 3 | 3 | — | ||||||||
Loss on debt extinguishment | — | (9 | ) | 9 | |||||||
Interest expense | (272 | ) | (258 | ) | (14 | ) | |||||
Total other expense, net | (209 | ) | (233 | ) | 24 | ||||||
Net Income | 15 | 95 | (80 | ) | |||||||
Less: Net (loss) income attributable to noncontrolling interests | (111 | ) | (62 | ) | (49 | ) | |||||
Net Income Attributable to NRG Yield LLC | $ | 126 | $ | 157 | $ | (31 | ) |
Year ended December 31, | |||||
Business metrics: | 2016 | 2015 | |||
Renewables MWh generated/sold (in thousands) (a) | 7,291 | 6,463 | |||
Conventional MWh generated (in thousands) (a)(b) | 1,697 | 2,487 | |||
Thermal MWt sold (in thousands) | 1,966 | 1,946 | |||
Thermal MWh sold (in thousands) (c) | 71 | 297 |
Year ended December 31, | |||||||||||||||||
Business metrics: | 2021 | 2020 | 2019 | ||||||||||||||
Renewables MWh generated/sold (in thousands) (a) | 11,313 | 7,460 | 6,584 | ||||||||||||||
Thermal MWt sold (in thousands) | 2,035 | 1,927 | 2,153 | ||||||||||||||
Thermal MWh sold (in thousands) | 59 | 68 | 176 | ||||||||||||||
Conventional MWh generated (in thousands) (a)(b) | 1,108 | 1,475 | 1,095 | ||||||||||||||
Conventional equivalent availability factor | 94.7 | % | 94.9 | % | 94.9 | % |
(In millions) | ||||||||
Renewables Segment | Increase due to the acquisitions of Agua Caliente, Mt. Storm, Mesquite Star, Rattlesnake, Langford and Rosamond Central, and the consolidation of the DGPV investments as well as higher wind production at Alta, partially offset by $50 million of net settlements of obligations for wind facilities that were unable to produce the required output during extreme weather conditions in Texas in February 2021 | $ | 217 | |||||
Thermal Segment | Increase primarily driven by higher volumes and higher gas prices passed through to customers, partially offset by a sales-type lease recognized in September 2020 | 10 | ||||||
Conventional Segment | Increase primarily due to improved availability at the California natural gas portfolio | 3 | ||||||
Mark-to-market economic hedging activities | Increase in unrealized losses from changes in the fair value of commodity contracts, primarily driven by the acquisitions of Mesquite Star and Mt. Storm, and increases in forward commodity prices in ERCOT and PJM | (87) | ||||||
Contract amortization | Increase primarily driven by amortization of the intangible asset for power purchase agreement in connection with the acquisition of Agua Caliente | (56) | ||||||
$ | 87 |
Conventional | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Year ended December 31, 2016 | |||||||||||||||
Energy and capacity revenues | $ | 338 | $ | 594 | $ | 172 | $ | 1,104 | |||||||
Cost of fuels | (1 | ) | — | (60 | ) | (61 | ) | ||||||||
Contract amortization | (5 | ) | (62 | ) | (2 | ) | (69 | ) | |||||||
Emissions credit amortization | (6 | ) | — | — | (6 | ) | |||||||||
Gross margin | $ | 326 | $ | 532 | $ | 110 | $ | 968 | |||||||
Contract amortization | 5 | 62 | 2 | 69 | |||||||||||
Emissions credit amortization | 6 | — | — | 6 | |||||||||||
Economic gross margin | $ | 337 | $ | 594 | $ | 112 | $ | 1,043 | |||||||
Year ended December 31, 2015 | |||||||||||||||
Energy and capacity revenues | $ | 341 | $ | 507 | $ | 176 | $ | 1,024 | |||||||
Cost of fuels | (1 | ) | (1 | ) | (69 | ) | (71 | ) | |||||||
Contract amortization | (5 | ) | (47 | ) | (2 | ) | (54 | ) | |||||||
Mark-to-market for economic hedging activities | — | (2 | ) | — | (2 | ) | |||||||||
Gross margin | $ | 335 | $ | 457 | $ | 105 | $ | 897 | |||||||
Contract amortization | 5 | 47 | 2 | 54 | |||||||||||
Mark-to-market for economic hedging activities | — | 2 | — | 2 | |||||||||||
Economic gross margin | $ | 340 | $ | 506 | $ | 107 | $ | 953 |
Renewables: | (In millions) | ||
26% increase in volume generated at the Alta wind projects, as well as a 7% increase in generation at other Wind projects. Additionally, there was an increase of $4 million in economic gross margin due to the acquisition of Spring Canyon in May 2015 | $ | 61 | |
Increase in average price per MWh due to higher pricing in the Alta X and XI PPAs which were effective in January 2016, compared with merchant prices in 2015 | 27 | ||
Thermal: | |||
Higher sales volume in 2016 as a result of milder weather in 2015, as well as the completion of a project for a new customer in the second half of the year | 5 | ||
Conventional: | |||
Lower revenues at Walnut Creek as a result of forced outages in 2016, partially offset by higher revenues at El Segundo in 2016 as a result of forced outages in 2015 | (3 | ) | |
Increase in economic gross margin | $ | 90 | |
Higher contract amortization primarily for the Alta X and XI PPAs, which began in January 2016 | (15 | ) | |
Emissions credit amortization of NOx allowances at Walnut Creek and El Segundo in compliance with amendments to the Regional Clean Air Incentives Market program | (6 | ) | |
Unrealized losses on forward contracts prior to the start of the PPA for Elbow Creek which began October 2015 | 2 | ||
Increase in gross margin | $ | 71 |
Conventional | Renewables | Thermal | Total | ||||||||||||
(In millions) | |||||||||||||||
Year ended December 31, 2016 | $ | 32 | $ | 96 | $ | 48 | $ | 176 | |||||||
Year ended December 31, 2015 | 30 | 99 | 51 | 180 |
(In millions) | |||
Increase in Conventional segment primarily due to Walnut Creek forced outages in 2016, compared to the forced outages at El Segundo in 2015 | $ | 2 | |
Decrease in Renewables segment primarily due to insurance proceeds received at Wildorado in 2016 in connection with a 2014 wind outage claim | (3 | ) | |
Decrease in Thermal segment primarily due to acceleration of maintenance work on thermal facilities into 2015 | (3 | ) | |
$ | (4 | ) |
(In millions) | |||||
Change in fair value of interest rate swaps | $ | (122) | |||
Increase in interest expense due to a net increase in project level debt primarily related to acquisitions in the Renewables segment | 16 | ||||
Increase in Corporate interest expense due to additional issuances of the 2028 Senior Notes in May 2020, 2031 Senior Notes in March 2021 and 2032 Senior Notes in October 2021, as well as an increase in interest expense related to the intercompany note between Clearway Operating LLC and Clearway, Inc.; partially offset by the repurchases of the 2025 Senior Notes in March 2021 and 2026 Senior Notes in October 2021 | 4 | ||||
$ | (102) | ||||
(In millions) | |||
Amortization of the fair value of interest rate swaps primarily acquired with the January 2015 Drop Down Assets and November 2015 Drop Down Assets | $ | 10 | |
Issuance of 2026 Senior Notes in August 2016 | 7 | ||
Utah Solar Portfolio debt assumed in connection with the March 2017 Drop Down Assets | 6 | ||
Intercompany debt issued with Yield, Inc. in 2015, due 2020 | 5 | ||
Issuance of 2037 CVSR Holdco Notes in July 2016 | 4 | ||
Higher revolving credit facility borrowings in 2016 | 2 | ||
Repricing of project-level financing arrangements and lower principal balances | (20 | ) | |
$ | 14 |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of HLBV | $ | (174) | ||||||
Losses attributable to CEG's interest in partnerships | (3) | |||||||
Income attributable to third-party partnerships | 4 | |||||||
$ | (173) |
(In millions) | ||||||||
Losses attributable to tax equity financing arrangements and the application of HLBV | $ | (135) | ||||||
Income attributable to third-party partnerships | 13 | |||||||
Income attributable to CEG's interest in partnerships | 9 | |||||||
$ | (113) |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Cash and cash equivalents: | |||||||||||
Clearway Energy LLC, excluding subsidiaries | $ | 33 | $ | 119 | |||||||
Subsidiaries | 146 | 149 | |||||||||
Restricted cash: | |||||||||||
Operating accounts | 246 | 73 | |||||||||
Reserves, including debt service, distributions, performance obligations and other reserves | 229 | 124 | |||||||||
Total cash, cash equivalents and restricted cash | $ | 654 | $ | 465 | |||||||
Revolving credit facility availability | 167 | 429 | |||||||||
Total liquidity | $ | 821 | $ | 894 | |||||||
As of December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Cash and cash equivalents | $ | 146 | $ | 321 | |||
Restricted cash - operating | 86 | 76 | |||||
Restricted cash - reserves | 82 | 100 | |||||
Total | 314 | 497 | |||||
Total credit facility availability | 366 | 435 | |||||
Total liquidity | $ | 680 | $ | 932 |
Description | 2022 | 2023 | 2024 | 2025 | 2026 | There- after | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Intercompany Note with Clearway Energy, Inc. | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | |||||||||||||||||||||||||||||||||
Clearway Energy Operating LLC Senior Notes, due 2028 | — | — | — | — | — | 850 | 850 | ||||||||||||||||||||||||||||||||||||||||
Clearway Energy Operating LLC Senior Notes, due 2031 | — | — | — | — | — | 925 | 925 | ||||||||||||||||||||||||||||||||||||||||
Clearway Energy Operating LLC Senior Notes, due 2032 | — | — | — | — | — | 350 | 350 | ||||||||||||||||||||||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 | — | 245 | — | — | — | — | 245 | ||||||||||||||||||||||||||||||||||||||||
Bridge Loan, due 2022 | 335 | — | — | — | — | — | 335 | ||||||||||||||||||||||||||||||||||||||||
Total Corporate-level debt | 336 | 245 | — | — | — | 2,125 | 2,706 | ||||||||||||||||||||||||||||||||||||||||
Project-level debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Agua Caliente Solar LLC, due 2037 | 35 | 37 | 38 | 39 | 40 | 495 | 684 | ||||||||||||||||||||||||||||||||||||||||
Alta Wind Asset Management LLC | 1 | 1 | 1 | 1 | 1 | 8 | 13 | ||||||||||||||||||||||||||||||||||||||||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | 47 | 49 | 51 | 54 | 55 | 500 | 756 | ||||||||||||||||||||||||||||||||||||||||
Alta Wind Realty Investments LLC, due 2031 | 2 | 2 | 2 | 2 | 3 | 13 | 24 | ||||||||||||||||||||||||||||||||||||||||
Borrego, due 2024 and 2038 | 3 | 3 | 3 | 3 | 3 | 39 | 54 | ||||||||||||||||||||||||||||||||||||||||
Buckthorn Solar, due 2025 | 3 | 4 | 4 | 112 | — | — | 123 | ||||||||||||||||||||||||||||||||||||||||
Carlsbad Holdco, due 2038 | 7 | 2 | 3 | 3 | 9 | 181 | 205 | ||||||||||||||||||||||||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2027 | 21 | 22 | 23 | 25 | 26 | 19 | 136 | ||||||||||||||||||||||||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2038 | — | — | — | — | — | 407 | 407 | ||||||||||||||||||||||||||||||||||||||||
CVSR, due 2037 | 25 | 26 | 28 | 30 | 32 | 511 | 652 | ||||||||||||||||||||||||||||||||||||||||
CVSR Holdco Notes, due 2037 | 9 | 9 | 9 | 9 | 9 | 124 | 169 | ||||||||||||||||||||||||||||||||||||||||
DG-CS Master Borrower LLC, due 2040 | 28 | 28 | 29 | 30 | 30 | 296 | 441 | ||||||||||||||||||||||||||||||||||||||||
Duquesne, due 2059 (a) | — | — | — | — | — | 95 | 95 | ||||||||||||||||||||||||||||||||||||||||
El Segundo Energy Center, due 2023 | 63 | 130 | — | — | — | — | 193 | ||||||||||||||||||||||||||||||||||||||||
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 (a) | — | — | — | 4 | 15 | 309 | 328 | ||||||||||||||||||||||||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | 2 | 2 | 2 | 3 | 69 | — | 78 | ||||||||||||||||||||||||||||||||||||||||
Laredo Ridge, due 2028 | 7 | 7 | 9 | 11 | 12 | 26 | 72 | ||||||||||||||||||||||||||||||||||||||||
Marsh Landing, due 2023 | 65 | 19 | — | — | — | — | 84 | ||||||||||||||||||||||||||||||||||||||||
NIMH Solar, due 2024 | 14 | 14 | 148 | — | — | — | 176 | ||||||||||||||||||||||||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | 3 | 3 | 3 | 3 | 74 | — | 86 | ||||||||||||||||||||||||||||||||||||||||
Rosie Class B, due 2027 | 2 | 2 | 3 | 3 | 3 | 65 | 78 | ||||||||||||||||||||||||||||||||||||||||
Tapestry, due 2031 | 6 | 6 | 8 | 8 | 9 | 48 | 85 | ||||||||||||||||||||||||||||||||||||||||
Utah Solar Holdings, due 2036 | 16 | 15 | 14 | 14 | 16 | 198 | 273 | ||||||||||||||||||||||||||||||||||||||||
Walnut Creek, due 2023 | 55 | 19 | — | — | — | — | 74 | ||||||||||||||||||||||||||||||||||||||||
WCEP Holdings, LLC due 2023 | 4 | 26 | — | — | — | — | 30 | ||||||||||||||||||||||||||||||||||||||||
Other | 19 | 38 | 14 | 15 | 16 | 78 | 180 | ||||||||||||||||||||||||||||||||||||||||
Total project-level debt | 437 | 464 | 392 | 369 | 422 | 3,412 | 5,496 | ||||||||||||||||||||||||||||||||||||||||
Total debt | $ | 773 | $ | 709 | $ | 392 | $ | 369 | $ | 422 | $ | 5,537 | $ | 8,202 |
Description | 2018 | 2019 | 2020 | 2021 | 2022 | There - after | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Long-term debt - affiliate, due 2019 | $ | — | $ | 337 | $ | — | $ | — | $ | — | $ | — | $ | 337 | |||||||||||||
Long-term debt - affiliate, due 2020 | — | — | 281 | — | — | — | 281 | ||||||||||||||||||||
NRG Yield Operating LLC Senior Notes, due 2024 | — | — | — | — | — | 500 | 500 | ||||||||||||||||||||
NRG Yield Operating LLC Senior Notes, due 2026 | — | — | — | — | — | 350 | 350 | ||||||||||||||||||||
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 | — | 55 | — | — | — | — | 55 | ||||||||||||||||||||
Total Corporate-level debt | — | 392 | 281 | — | — | 850 | 1,523 | ||||||||||||||||||||
Project-level debt: | |||||||||||||||||||||||||||
Agua Caliente Borrower 2, due 2038 | 1 | 1 | 1 | 1 | 1 | 36 | 41 | ||||||||||||||||||||
Alpine, due 2022 | 8 | 8 | 8 | 8 | 103 | — | 135 | ||||||||||||||||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 40 | 41 | 45 | 45 | 47 | 708 | 926 | ||||||||||||||||||||
CVSR, due 2037 | 26 | 24 | 21 | 23 | 25 | 627 | 746 | ||||||||||||||||||||
CVSR Holdco Notes, due 2037 | 6 | 6 | 6 | 7 | 9 | 160 | 194 | ||||||||||||||||||||
El Segundo Energy Center, due 2023 | 48 | 49 | 53 | 57 | 63 | 130 | 400 | ||||||||||||||||||||
Energy Center Minneapolis, due 2025 | 7 | 11 | 11 | 11 | 11 | 32 | 83 | ||||||||||||||||||||
Energy Center Minneapolis Series D Notes, due 2031 | — | — | — | — | — | 125 | 125 | ||||||||||||||||||||
Laredo Ridge, due 2028 | 5 | 5 | 6 | 6 | 7 | 66 | 95 | ||||||||||||||||||||
Marsh Landing, due 2023 | 55 | 57 | 60 | 62 | 65 | 19 | 318 | ||||||||||||||||||||
Tapestry, due 2021 | 11 | 11 | 11 | 129 | — | — | 162 | ||||||||||||||||||||
Utah Solar Portfolio, due 2022 | 12 | 14 | 13 | 13 | 226 | — | 278 | ||||||||||||||||||||
Viento, due 2023 | 16 | 18 | 16 | 16 | 17 | 80 | 163 | ||||||||||||||||||||
Walnut Creek, due 2023 | 45 | 47 | 49 | 52 | 55 | 19 | 267 | ||||||||||||||||||||
Other | 26 | 30 | 69 | 25 | 24 | 269 | 443 | ||||||||||||||||||||
Total project-level debt | 306 | 322 | 369 | 455 | 653 | 2,271 | 4,376 | ||||||||||||||||||||
Total debt | $ | 306 | $ | 714 | $ | 650 | $ | 455 | $ | 653 | $ | 3,121 | $ | 5,899 |
By Remaining Maturity at December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Contractual Cash Obligations | Under 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | Total | Total | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Long-term debt (including estimated interest) (a) | $ | 1,108 | $ | 1,685 | $ | 1,303 | $ | 6,701 | $ | 10,797 | $ | 9,560 | |||||||||||||||||||||||
Operating leases (b) | 28 | 56 | 57 | 801 | 942 | 591 | |||||||||||||||||||||||||||||
Fuel purchase and transportation obligations | 7 | 1 | — | — | 8 | 14 | |||||||||||||||||||||||||||||
Other liabilities (c) | 32 | 53 | 45 | 180 | 310 | 293 | |||||||||||||||||||||||||||||
Total | $ | 1,175 | $ | 1,795 | $ | 1,405 | $ | 7,682 | $ | 12,057 | $ | 10,458 |
By Remaining Maturity at December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Contractual Cash Obligations | Under 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | Total | Total | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Long-term debt (including estimated interest) (a) | $ | 1,108 | $ | 1,685 | $ | 1,303 | $ | 6,701 | $ | 10,797 | $ | 9,560 | |||||||||||||||||||||||
Operating leases (b) | 28 | 56 | 57 | 801 | 942 | 591 | |||||||||||||||||||||||||||||
Fuel purchase and transportation obligations | 7 | 1 | — | — | 8 | 14 | |||||||||||||||||||||||||||||
Other liabilities (c) | 32 | 53 | 45 | 180 | 310 | 293 | |||||||||||||||||||||||||||||
Total | $ | 1,175 | $ | 1,795 | $ | 1,405 | $ | 7,682 | $ | 12,057 | $ | 10,458 |
Fourth Quarter 2017 | Third Quarter 2017 | Second Quarter 2017 | First Quarter 2017 | ||||||||||||
Distributions per Class A and Class B unit | $ | 0.288 | $ | 0.28 | $ | 0.27 | $ | 0.26 | |||||||
Distributions per Class C and Class D unit | $ | 0.288 | $ | 0.28 | $ | 0.27 | $ | 0.26 |
Year ended December 31, | 2017 | 2016 | Change | ||||||||
(In millions) | |||||||||||
Net cash provided by operating activities | $ | 516 | $ | 577 | $ | (61 | ) | ||||
Net cash used in investing activities | (283 | ) | (131 | ) | (152 | ) | |||||
Net cash used in financing activities | (416 | ) | (202 | ) | (214 | ) |
Changes to net cash provided by operating activities were driven by: | (In millions) | ||
Decrease in operating income adjusted for non-cash items driven by primarily by lower revenues in the Renewables segment in 2017 compared to 2016 | $ | (63 | ) |
Decrease in working capital driven primarily by the timing of accounts receivable collections, and inventory build up in the Renewables segment in connection with the transition to self operations, as well as higher prepaid expenses in 2017 compared to 2016 | (12 | ) | |
Higher distributions from unconsolidated affiliates primarily due to the acquisition of the Utah Solar Portfolio, which was acquired by the Company in March 2017 and by NRG in November 2016 | 14 | ||
$ | (61 | ) |
Changes to net cash used in investing activities were driven by: | (In millions) | ||
Payments for the acquisition of the March 2017, August 2017, and November 2017 Drop Down Assets in 2017 compared to the payments made for the CVSR Drop Down in 2016 | $ | (173 | ) |
Higher return of investment from unconsolidated affiliates combined with lower investments primarily in DGPV HoldCo entities in 2017 | 29 | ||
Higher capital expenditures primarily related to maintenance capital expenditures at Walnut Creek as a result of the forced outages in 2017 | (11 | ) | |
Higher insurance proceeds in 2017 in the Conventional segment compared to the insurance proceeds in 2016 in the Renewables segment | 3 | ||
$ | (152 | ) |
Changes in net cash used in financing activities were driven by: | (In millions) | ||
Increase in net contributions from noncontrolling interests due to higher production-based payments in 2017 compared to 2016 | $ | 8 | |
Lower net payments of distributions to NRG for the Drop Down Assets relating to the pre-acquisition period in 2017 compared to 2016 | 164 | ||
Proceeds from the issuance of Class C units | 33 | ||
Net payments of $306 million under the revolving credit facility in 2016 compared to proceeds of $55 million in 2017 | 361 | ||
Higher borrowing in 2016, primarily related to the 2026 Senior Notes and CVSR Holdco Notes due 2037 partially offset by higher repayments of long-term debt in 2017 | (751 | ) | |
Increase in distributions paid to unit holders | (29 | ) | |
$ | (214 | ) |
Year ended December 31, | 2016 | 2015 | Change | ||||||||
(In millions) | |||||||||||
Net cash provided by operating activities | $ | 577 | $ | 424 | $ | 153 | |||||
Net cash used in investing activities | (131 | ) | (1,098 | ) | 967 | ||||||
Net cash (used in) provided by financing activities | (202 | ) | 354 | (556 | ) |
Changes to net cash provided by operating activities were driven by: | (In millions) | ||
Increase in operating income adjusted for non-cash items driven by higher revenues mainly in the Renewables segment in 2016 compared to 2015 | $ | 120 | |
Changes in working capital driven primarily by the timing of accounts receivable collections in 2015 compared to 2016 | 35 | ||
Lower distributions from unconsolidated affiliates | (2 | ) | |
$ | 153 |
Changes to net cash used in investing activities were driven by: | (In millions) | ||
Payments to acquire businesses, net of cash acquired, in 2015 | $ | 37 | |
Higher payments for the acquisition of the January 2015 and November 2015 Drop Down Assets in 2015 compared to the payments made for the CVSR Drop Down in 2016 | 621 | ||
Decrease in capital expenditures primarily due to the completion of a project in the Thermal segment in 2015, as well as lower maintenance capital expenditures in 2016 | 9 | ||
Higher net investments in unconsolidated affiliates in 2015, primarily due to investment in Desert Sunlight | 305 | ||
Other | (5 | ) | |
$ | 967 |
Changes in net cash provided by financing activities were driven by: | (In millions) | ||
Higher payments of distributions to NRG from Drop Down Assets prior to the acquisition dates | $ | (105 | ) |
Proceeds from sale of an economic interest in Alta TE Holdco in 2015, as further described in Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, compared to lower net contributions from tax equity investors in 2016 | (117 | ) | |
Proceeds from the issuance of Class C units in 2015 | (599 | ) | |
Increase in distributions paid to unit holders | (34 | ) | |
Net repayments of $306 million under the revolving credit facility in 2016 compared to the net borrowings of $306 million in 2015 | (612 | ) | |
Issuance of the Series D Notes in October 2016, 2026 Senior Notes in August 2016, and CVSR Holdco Notes, due 2037 in July 2016, partially offset by lower debt principal payments throughout 2016, compared to 2015 | 919 | ||
Higher debt issuance costs paid in 2016 | (8 | ) | |
$ | (556 | ) |
By Remaining Maturity at December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Contractual Cash Obligations | Under 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | Total | Total | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Long-term debt (including estimated interest) (a) | $ | 1,108 | $ | 1,685 | $ | 1,303 | $ | 6,701 | $ | 10,797 | $ | 9,560 | |||||||||||||||||||||||
Operating leases (b) | 28 | 56 | 57 | 801 | 942 | 591 | |||||||||||||||||||||||||||||
Fuel purchase and transportation obligations | 7 | 1 | — | — | 8 | 14 | |||||||||||||||||||||||||||||
Other liabilities (c) | 32 | 53 | 45 | 180 | 310 | 293 | |||||||||||||||||||||||||||||
Total | $ | 1,175 | $ | 1,795 | $ | 1,405 | $ | 7,682 | $ | 12,057 | $ | 10,458 |
By Remaining Maturity at December 31, | |||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||
Contractual Cash Obligations | Under 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | Total | Total | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term debt (including estimated interest) | $ | 593 | $ | 1,856 | $ | 1,500 | $ | 3,907 | $ | 7,856 | $ | 8,328 | |||||||||||
Operating leases | 9 | 18 | 18 | 151 | 196 | 199 | |||||||||||||||||
Fuel purchase and transportation obligations | 11 | 8 | 6 | 16 | 41 | 45 | |||||||||||||||||
Other liabilities (a) | 29 | 45 | 29 | 105 | 208 | 129 | |||||||||||||||||
Total | $ | 642 | $ | 1,927 | $ | 1,553 | $ | 4,179 | $ | 8,301 | $ | 8,701 |
Fourth Quarter 2021 | Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | ||||||||||||||||||||
Distributions per Class A and Class B units | $ | 0.3400 | $ | 0.3345 | $ | 0.3290 | $ | 0.3240 | |||||||||||||||
Distributions per Class C and Class D units | $ | 0.3400 | $ | 0.3345 | $ | 0.3290 | $ | 0.3240 |
Year ended December 31, | 2021 | 2020 | Change | ||||||||||||||
(In millions) | |||||||||||||||||
Net cash provided by operating activities | $ | 701 | $ | 545 | $ | 156 | |||||||||||
Net cash used in investing activities | (865) | (62) | (803) | ||||||||||||||
Net cash used in financing activities | 367 | (432) | 799 |
(In millions) | |||||
Increase in operating income adjusted for non-cash items | $ | 142 | |||
Increase in working capital primarily driven by the timing of accounts receivable collections and payments of accounts payable | 37 | ||||
Decrease in distributions from unconsolidated affiliates | (23) | ||||
$ | 156 |
(In millions) | |||||
Cash paid for Utah Solar Portfolio, Agua Caliente and Mt. Storm acquisitions, net of cash acquired, in 2021 | $ | (533) | |||
Changes in cash paid for Drop Down assets | (107) | ||||
Proceeds received from the sale of RPV Holdco, Energy Center Dover LLC and Energy Center Smyrna LLC in 2020 | (90) | ||||
Changes in capital expenditures | (27) | ||||
Change in return of investment from unconsolidated affiliates, net of investments paid | (21) | ||||
Cash paid to CEG in 2021 for equipment for the Pinnacle wind project repowering | (21) | ||||
Consolidation of DGPV Holdco 3 in 2020 | (17) | ||||
Other | 13 | ||||
$ | (803) |
(In millions) | |||||
Increase in net contributions from CEG and noncontrolling interest members | $ | 720 | |||
Increase in net proceeds under the revolving line of credit | 245 | ||||
Payment to buy out CEG's noncontrolling interest in Repowering Partnership II LLC on May 11, 2020 | 70 | ||||
Increase in payments for long-term debt, net of proceeds from issuance of long-term debt, primarily due to issuance of the 2031 and 2032 Senior Notes, Bridge Loan Agreement and the Pinnacle financing agreement in 2021 | (124) | ||||
Decrease in net proceeds received from equity issuance | (62) | ||||
Increase in distributions paid to unit holders | (57) | ||||
Other | 7 | ||||
$ | 799 |
Derivative Activity ( Losses)/Gains | (In millions) | ||||
Fair value of contracts as of December 31, 2020 | $ | (172) | |||
Contracts realized or otherwise settled during the period | 39 | ||||
Contracts acquired during the period | (52) | ||||
Changes in fair value | (51) | ||||
Fair value of contracts as of December 31, 2021 | $ | (236) |
Derivative Activity (Losses)/Gains | (In millions) | ||
Fair value of contracts as of December 31, 2016 | $ | (76 | ) |
Contracts realized or otherwise settled during the period | 32 | ||
Changes in fair value | (2 | ) | |
Fair value of contracts as of December 31, 2017 | $ | (46 | ) |
Fair value of contracts as of December 31, 2021 | |||||||||||||||||||||||||||||
Maturity | |||||||||||||||||||||||||||||
Fair Value Hierarchy Losses | 1 Year or Less | Greater Than 1 Year to 3 Years | Greater Than 3 Years to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Level 2 | (22) | (16) | (18) | (1) | (57) | ||||||||||||||||||||||||
Level 3 | (24) | (47) | (36) | (72) | (179) | ||||||||||||||||||||||||
Total | $ | (46) | $ | (63) | $ | (54) | $ | (73) | $ | (236) |
Fair value of contracts as of December 31, 2017 | ||||||||||||||
Maturity | ||||||||||||||
Fair Value Hierarchy Losses | 1 Year or Less | Greater Than 1 Year to 3 Years | Greater Than 3 Years to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||
(In millions) | ||||||||||||||
Level 2 | 16 | 15 | 9 | 6 | 46 |
Accounting Policy | Judgments/Uncertainties Affecting Application | ||||
Hypothetical Liquidation at Book Value (HLBV) | Estimates of taxable income (loss) and tax capital accounts | ||||
Estimated | |||||
Application of liquidation provisions of operating agreements | |||||
Acquisition Accounting | Identification of assets acquired | ||||
Inputs for fair | |||||
Application of |
Name | Age | Title | ||||||
Christopher S. Sotos | 50 | President and Chief Executive Officer | ||||||
Chad Plotkin | 46 | Senior Vice President and Chief Financial Officer | ||||||
Kevin P. Malcarney | 55 | Senior Vice President, General Counsel and Corporate Secretary |
Compensation Committee: | |||||
Ferrell P. McClean, Chair | |||||
Jonathan Bram | |||||
Brian R. Ford | |||||
Daniel B. More | |||||
E. Stanley O'Neal |
What We Do: | What We Don’t Do: | ||||
•Pay for performance by delivering a substantial majority of our President and CEO’s compensation through equity | •No excise tax gross‑ups on change‑in‑control payments and no tax gross‑ups on perquisites or benefits | ||||
•The large majority of our equity compensation for Senior Vice Presidents and above is performance‑based | •No pledging or hedging of the Company’s stock by NEOs or directors | ||||
•Target our peer group median for total direct compensation | •No employment agreements for executive officers with the exception of our President and CEO | ||||
•Require a double trigger for the acceleration of equity vesting in connection with a change‑in‑control | •No guaranteed bonus payments for our NEOs | ||||
•Prevent undue risk taking in our compensation practices and engage in robust risk monitoring | •No supplemental executive retirement plans | ||||
•Include clawback policies in our compensation plans | •No re‑pricing of underwater stock options and no stock option grants with an exercise price below 100% of fair market value | ||||
•Maintain robust stock ownership guidelines for our NEOs | |||||
•Provide market‑level retirement benefits and limited perquisites | |||||
•Engage an independent compensation consultant to provide advice to the Compensation Committee with respect to our compensation program | |||||
•Conduct an annual say on pay vote |
NEO | 2021 Title | |||||||
Christopher S. Sotos | President and Chief Executive Officer | |||||||
Chad Plotkin | Senior Vice President and Chief Financial Officer | |||||||
Kevin P. Malcarney | Senior Vice President, General Counsel and Corporate Secretary |
Company | Ticker | Company | Ticker | |||||||||||||||||
Algonquin Power & Utilities Corp. | NYSE: AQN | Northland Power Inc. | TSX: NPI | |||||||||||||||||
Black Hills Corporation | NYSE: BKH | NorthWestern Corporation | NYSE: NWE | |||||||||||||||||
Covanta Holding Corporation(1) | NYSE: CVA | Ormat Technologies, Inc. | NYSE: ORA | |||||||||||||||||
Genesis Energy, L.P. | NYSE: GEL | South Jersey Industries, Inc. | NYSE: SJI | |||||||||||||||||
Innergex Renewable Energy Inc. | TSX: INE | Suburban Propane Partners, L.P. | NYSE:SPH | |||||||||||||||||
MGE Energy, Inc. | NASDAQ: MGEE | TransAltaCorporation. | NYSE:TAC |
Named Executive Officer | 2021 Annualized Base Salary ($)(1) | Percentage Increase Over 2020 (%)(2) | ||||||||||||
Christopher S. Sotos | 629,300 | 3% | ||||||||||||
Chad Plotkin | 391,400 | 3% | ||||||||||||
Kevin P. Malcarney | 320,000 | 4% |
Goal | Weight | ||||
CAFD | 35% | ||||
Key Performance Milestones | 55% | ||||
Achievement of the Thermal Plan | 10% | ||||
Overall Funding | 100% | ||||
Individual Performance | +/- 20% |
CAFD Threshold | CAFD Target | CAFD Maximum | CAFD Actual | ||||||||
$272 million | $340 million | $408 million | $336 million |
Named Executive Officer | Threshold (%)(1) | Target (%)(1) | Maximum (%)(1) | Target Amount ($) | |||||||||||||
Christopher S. Sotos | 50 | 100 | 200 | 629,330 | |||||||||||||
Chad Plotkin | 30 | 60 | 120 | 234,840 | |||||||||||||
Kevin Malcarney(2) | 30 | 60 | 120 | 192,000 |
Named Executive Officer | Target Percentage of Annual Base Salary (%) | Percent of Annual Base Salary Achieved (%) | Annual Incentive Payment ($) | |||||||||||||||||
Christopher S. Sotos | 100 | 143 | 899,312 | |||||||||||||||||
Chad Plotkin | 60 | 86 | 335,586 | |||||||||||||||||
Kevin P. Malcarney | 60 | 86 | 274,368 |
Performance Targets | Performance Requirement | Payout Opportunity | ||||||||||||||||||||||||
Maximum | 75th percentile or above | 150% | ||||||||||||||||||||||||
Target | Standard Target: 50th percentile | Modified Target: 60th percentile (less than −20% absolute TSR) | 100% | |||||||||||||||||||||||
Threshold | 25th percentile | 25% | ||||||||||||||||||||||||
Below Threshold | Below 25th percentile | 0% |
Named Executive Officer | Target Ownership Multiple | Actual Ownership Multiple | |||||||||||||||
Christopher S. Sotos | 5.0x | 23.7x | |||||||||||||||
Chad Plotkin | 3.0x | 8.7x | |||||||||||||||
Kevin P. Malcarney | 3.0x | 6.1x | |||||||||||||||
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($) | Non‑Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($)(4) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||
Christopher S. Sotos | 2021 | 638,260 | — | 1,535,147 | — | 899,312 | — | 19,790 | 3,092,509 | |||||||||||||||||||||||||||||||||||||||||||||||
President and Chief | 2020 | 634,500 | — | 1,900,423 | — | 699,534 | — | 14,111 | 3,248,568 | |||||||||||||||||||||||||||||||||||||||||||||||
Executive Officer | 2019 | 606,304 | — | 1,527,522 | — | 906,235 | — | 14,882 | 3,054,943 | |||||||||||||||||||||||||||||||||||||||||||||||
Chad Plotkin | 2021 | 396,954 | — | 426,560 | — | 335,586 | — | 14,600 | 1,173,700 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President | 2020 | 394,615 | — | 559,631 | — | 281,551 | — | 14,169 | 1,249,966 | |||||||||||||||||||||||||||||||||||||||||||||||
and Chief Financial | 2019 | 378,731 | — | 475,020 | — | 338,170 | — | 15,200 | 1,207,121 | |||||||||||||||||||||||||||||||||||||||||||||||
Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kevin P. Malcarney | 2021 | 323,991 | — | 348,772 | — | 274,368 | — | 12,550 | 959,681 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President, | 2020 | 317,885 | — | 362,301 | — | 151,889 | — | 10,550 | 842,625 | |||||||||||||||||||||||||||||||||||||||||||||||
General Counsel and | 2019 | 300,000 | — | 300,019 | — | 170,568 | — | 11,077 | 781,664 | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate Secretary | — |
Name | Year | Life and Disability Insurance Reimbursement ($) | Financial Advisor Services ($) | 401(k) Employer Matching Contribution ($) | Legal Fees ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||
Christopher S. Sotos | 2021 | — | — | 11,600 | 8,190 | 19,790 | ||||||||||||||||||||||||||||||||||||||
2020 | — | 2,711 | 11,400 | — | 14,111 | |||||||||||||||||||||||||||||||||||||||
2019 | 1,000 | 2,682 | 11,200 | — | 14,882 | |||||||||||||||||||||||||||||||||||||||
Chad Plotkin | 2021 | — | 3,000 | 11,600 | — | 14,600 | ||||||||||||||||||||||||||||||||||||||
2020 | — | 3,000 | 11,169 | — | 14,169 | |||||||||||||||||||||||||||||||||||||||
2019 | 1,000 | 3,000 | 11,200 | — | 15,200 | |||||||||||||||||||||||||||||||||||||||
Kevin P. Malcarney | 2021 | — | 950 | 11,600 | — | 12,550 | ||||||||||||||||||||||||||||||||||||||
2020 | — | — | 10,550 | — | 10,550 | |||||||||||||||||||||||||||||||||||||||
2019 | — | — | 11,077 | — | 11,077 | |||||||||||||||||||||||||||||||||||||||
Estimated Possible Payouts Under Non‑Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock | Grant Date Fair Value of Stock and Option | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Award Type | Grant Date | Approval Date | Threshold ($)(1) | Target ($)(2) | Maximum ($)(3) | Threshold (#) | Target (#) | Maximum (#) | or Units (#) | Awards ($)(4) | |||||||||||||||||||||||||||||||||||||||||||||
Christopher S. Sotos | AIP | — | — | 314,665 | 629,330 | 1,258,660 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
RPSU | 4/15/2021 | 2/19/2021 | — | — | — | 10,330 | 41,319 | 61,979 | — | 954,056 | ||||||||||||||||||||||||||||||||||||||||||||||
RSU | 4/15/2021 | 2/19/2021 | — | — | — | — | — | — | 20,233 | 581,092 | ||||||||||||||||||||||||||||||||||||||||||||||
Chad Plotkin | AIP | — | — | 117,420 | 234,840 | 469,680 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
RPSU | 4/15/2021 | 2/19/2021 | — | — | — | 2,870 | 11,481 | 17,222 | — | 265,096 | ||||||||||||||||||||||||||||||||||||||||||||||
RSU | 4/15/2021 | 2/19/2021 | — | — | — | — | — | — | 5,622 | 161,464 | ||||||||||||||||||||||||||||||||||||||||||||||
Kevin P. Malcarney | AIP | — | — | 96,000 | 192,000 | 384,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
RPSU | 4/15/2021 | 2/19/2021 | — | — | — | 2,347 | 9,387 | 14,081 | — | 216,746 | ||||||||||||||||||||||||||||||||||||||||||||||
RSU | 4/15/2021 | 2/19/2021 | — | — | — | — | — | — | 4,597 | 132,026 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number | Market Value | Equity Incentive Plan Awards | ||||||||||||||||||||||||||||||||||||||||||||||
Name | Securities Underlying Unexercised Options (#) Exercisable | Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | of Shares or Units of Stock that Have Not Vested (#) | of Shares or Units of Stock that Have Not Vested ($) | Number of Unearned Shares that Have Not Vested (#)(1) | Market Value of Unearned Shares that Have Not Vested ($)(1) | ||||||||||||||||||||||||||||||||||||||||||
Christopher S. Sotos | — | — | — | — | 52,227(2) | 1,881,739 | 166,383(3) | 5,994,779 | ||||||||||||||||||||||||||||||||||||||||||
Chad Plotkin | — | — | — | — | 15,215(4) | 548,196 | 49,317(5) | 1,776,892 | ||||||||||||||||||||||||||||||||||||||||||
Kevin P. Malcarney | — | — | — | — | 10,783(6) | 388,511 | 33,637(7) | 1,211,941 | ||||||||||||||||||||||||||||||||||||||||||
Option Awards | Stock Awards | |||||||||||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($)(3) | ||||||||||||||||||||||
Christopher S. Sotos | — | — | 98,461(2) | 3,112,637 | ||||||||||||||||||||||
Chad Plotkin | — | — | 28,040(4) | 886,183 | ||||||||||||||||||||||
Kevin P. Malcarney | — | — | 7,784(5) | 242,631 |
Named Executive Officer | Involuntary Termination Not for Cause ($) | Voluntary Termination for Good Reason ($) | Involuntary Not for Cause or Voluntary for Good Reason Following a Change in Control ($) | Death or Disability ($) | ||||||||||||||||||||||
Christopher S. Sotos | 1,590,735 | 1,590,735 | 12,299,344 | 8,505,954 | ||||||||||||||||||||||
Chad Plotkin | 851,363 | — | 4,461,981 | 2,560,101 | ||||||||||||||||||||||
Kevin P. Malcarney | 703,009 | — | 2,303,966 | 1,792,637 |
Common Stock | |||||||||||||||||
Class A Common Stock | Class C Common Stock | % of | |||||||||||||||
Executive Officers | Number(1) | % of Class A Common Stock | Number(1) | % of Class C Common Stock | Combined Voting Power(2) | ||||||||||||
Christopher S. Sotos | 27,100(3) | * | 248,656(3) | * | * | ||||||||||||
Chad Plotkin | 6,697(4) | * | 63,579(4) | * | * | ||||||||||||
Kevin P. Malcarney | 600(5) | * | 46,300(5) | * | * | ||||||||||||
All executive officers as a group (three people) | 34,397(6) | * | 358,535(6) | * | * |
Asset | Technology | Gross Capacity (MW) | State | COD | Status | |||||||||||||||||||||||||||
Mililani I | Solar | 39 | HI | 2H22 | Committed | |||||||||||||||||||||||||||
Waiawa | Solar | 36 | HI | 2H22 | Committed | |||||||||||||||||||||||||||
Daggett Solar 2 and 3 | Solar | 482 | CA | 2H22/1H23 | Committed | |||||||||||||||||||||||||||
Project | Agreement Description | Approximate Amount Paid to CEG | ||||||||||||
Solar | ||||||||||||||
Agua Caliente | O&M Agreement, dated December 22, 2017 | $3,496,000 | ||||||||||||
Borrego | O&M Agreement, dated August 1, 2012 | $581,000 | ||||||||||||
Buckthorn Solar | O&M Agreement, dated May 22, 2017 | $2,881,000 | ||||||||||||
Chestnut Fund LLC | O&M Agreement, dated February 9, 2018 | $769,000 | ||||||||||||
Clearway & EFS Distributed Solar LLC | O&M Agreement, dated October 28, 2016 | $209,000 | ||||||||||||
CS4 Fund LLC | O&M Agreement, dated November 29, 2018 | $919,000 | ||||||||||||
CVSR | O&M Agreement, dated September 30, 2011 | $3,666,000 | ||||||||||||
DG-CS Holdco LLC | O&M Agreement, dated November 2, 2020 | $136,000 | ||||||||||||
DGPV Fund 1 LLC | O&M Agreement, dated June 12, 2015 | $243,000 |
Project | Agreement Description | Approximate Amount Paid to CEG | ||||||||||||
DGPV Fund 2 LLC | O&M Agreement, dated September 4, 2015 | $698,000 | ||||||||||||
DGPV Fund 4 LLC | O&M Agreement, dated June 16, 2017 | $1,126,000 | ||||||||||||
DGPV Holdco 3 LLC | O&M Agreement, dated October 30, 2020 | $134,000 | ||||||||||||
Golden Fields Solar III LLC | O&M Agreement, dated February 25, 2020 | $1,421,000 | ||||||||||||
Golden Puma Fund LLC | O&M Agreement, dated March 30, 2017 | $642,000 | ||||||||||||
Kansas South | O&M Agreement, dated June 13, 2017 | $713,000 | ||||||||||||
Kawailoa Solar LLC | O&M Agreement, dated December 14, 2017 | $799,000 | ||||||||||||
Lanikuhana Solar LLC | O&M Agreement, dated December 28, 2017 | $390,000 | ||||||||||||
Solar Blythe | O&M Agreement, dated November 1, 2017 | $283,000 | ||||||||||||
Solar Blythe II | O&M Agreement, dated March 1, 2017 | $437,000 | ||||||||||||
Solar Community 1 LLC | O&M Agreement, dated February 9, 2018 | $214,000 | ||||||||||||
SPP Fund II | O&M Agreement, dated October 31, 2017 | $254,000 | ||||||||||||
SPP Fund III | O&M Agreement, dated October 31, 2017 | $214,000 | ||||||||||||
TA High Desert | O&M Agreement, dated June 9, 2017 | $520,000 | ||||||||||||
Waipio PV LLC | O&M Agreement, dated December 28, 2017 | $762,000 | ||||||||||||
Wind | ||||||||||||||
Alta Wind X | O&M Agreement, dated December 12, 2016 | $1,678,000 | ||||||||||||
Alta Wind XI | O&M Agreement, dated December 12, 2016 | $1,674,000 | ||||||||||||
Alta Wind I | O&M Agreement, dated December 12, 2016 | $1,500,000 | ||||||||||||
Alta Wind II | O&M Agreement, dated December 12, 2016 | $671,000 | ||||||||||||
Alta Wind III | O&M Agreement, dated December 12, 2016 | $577,000 | ||||||||||||
Alta Wind IV | O&M Agreement, dated December 12, 2016 | $429,000 | ||||||||||||
Alta Wind V | O&M Agreement, dated December 12, 2016 | $627,000 | ||||||||||||
Buffalo Bear | O&M Agreement, dated May 1, 2016 | $313,000 | ||||||||||||
Crosswinds | O&M Agreement, dated May 1, 2016 | $671,000 | ||||||||||||
Elbow Creek | O&M Agreement, dated October 31, 2018 | $1,474,000 | ||||||||||||
Goat Wind | O&M Agreement, dated February 18, 2008 | $2,053,000 | ||||||||||||
Hardin | O&M Agreement, dated May 1, 2016 | $490,000 | ||||||||||||
Langford Wind | O&M Agreement, dated July 30, 2018 | $2,593,000 | ||||||||||||
Laredo Ridge | O&M Agreement, dated December 24, 2015 | $1,375,000 | ||||||||||||
Lookout | O&M Agreement, dated February 11, 2008 | $945,000 | ||||||||||||
Mesquite Star | O&M Agreement, dated May 7, 2019 | $4,822,000 | ||||||||||||
Mt. Storm | O&M Agreement, dated April 23, 2021 | $380,000 | ||||||||||||
Ocotillo | O&M Agreement, dated November 3, 2020 | $934,000 | ||||||||||||
Odin | O&M Agreement, dated September 16, 2016 | $537,000 | ||||||||||||
Pinnacle | O&M Agreement, dated December 1, 2016 | $1,244,000 | ||||||||||||
Rattlesnake | O&M Agreement, dated February 5, 2020 | $1,421,000 | ||||||||||||
Sleeping Bear | O&M Agreement, dated May 1, 2016 | $1,891,000 | ||||||||||||
Spanish Fork | O&M Agreement, dated September 16, 2016 | $407,000 | ||||||||||||
South Trent | Management O&M Agreement, dated October 1, 2015 | $1,214,000 | ||||||||||||
Taloga | O&M Agreement, dated July 1, 2016 | $2,309,000 | ||||||||||||
Wildorado | O&M Agreement, dated February 11, 2008 | $1,945,000 |
Project | Agreement Description | Approximate Amount Paid to CEG | ||||||||||||
Solar | ||||||||||||||
Agua Caliente | Asset Management Agreement, dated January 18, 2012 | $968,000 | ||||||||||||
Alpine | Asset Management Agreement, dated March 15, 2012 | $150,000 | ||||||||||||
Buckthorn Solar | Asset Management Agreement, dated May 22, 2017 | $210,000 | ||||||||||||
Chestnut Fund LLC | Asset Management Agreement, dated July 31, 2017 | $219,000 | ||||||||||||
CS4 Fund LLC | Asset Management Agreement, dated November 29, 2018 | $316,000 | ||||||||||||
CVSR | Asset Management Agreement, dated April 26, 2016 | $222,000 | ||||||||||||
DG CS Holdco LLC | Asset Management Agreement, dated November 2, 2020 | $997,000 | ||||||||||||
DGPV Fund 4 LLC | Asset Management Agreement, dated June 28, 2016 | $125,000 | ||||||||||||
DGPV Holdco 3 LLC | Asset Management Agreement, dated September 26, 2017 | $287,000 | ||||||||||||
Golden Fields Solar III LLC | Project Administration Agreement, dated February 25, 2020 | $213,000 | ||||||||||||
Kawailoa Solar Holdings | Asset Management Agreement, dated December 14, 2017 | $157,000 | ||||||||||||
Oahu Solar | Asset Management Agreement, dated December 28, 2017 | $203,000 | ||||||||||||
SPP Fund III | Asset Management Agreement, dated October 31, 2017 | $166,000 | ||||||||||||
SPP P-IV Master Lessee | Asset Management Agreement, dated July 12, 2012 | $187,000 | ||||||||||||
Wind | ||||||||||||||
Buffalo Bear | Amended and Restated Services Agreement, dated September 15, 2011 | $171,000 | ||||||||||||
Elbow Creek | Project Administration Agreement, dated January 1, 2018 | $255,000 | ||||||||||||
Forward | Services Agreement, dated January 1, 2012 | $197,000 | ||||||||||||
Langford | Project Administration Agreement, dated April 24, 2020 | $156,000 | ||||||||||||
Laredo Ridge | Support Services Agreement, dated May 27, 2010 | $187,000 | ||||||||||||
Lookout | Services Agreement, dated January 1, 2012 | $197,000 | ||||||||||||
Mesquite Star | Services Agreement, dated May 7, 2019 | $497,000 | ||||||||||||
Mt Storm | Project Administration Agreement, dated April 23, 2021 | $151,000 | ||||||||||||
Pinnacle | Amended and Restated Services Agreement, dated September 15, 2011 | $211,000 | ||||||||||||
Rattlesnake | Project Administration Agreement, dated February 5, 2020 | $122,000 | ||||||||||||
Sleeping Bear | Services Agreement, dated January 1, 2012 | $197,000 | ||||||||||||
South Trent | Project Administration Agreement, dated October 1, 2015 | $235,000 | ||||||||||||
Spanish Fork | Services Agreement, dated January 1, 2012 | $197,000 | ||||||||||||
Taloga | Services Agreement, dated November 20, 2012 | $171,000 | ||||||||||||
Viento Funding II, Inc. | Management and Administration Agreement, dated July 1, 2013 | $269,000 | ||||||||||||
Wildorado | Project Administration Agreement, dated September 25, 2017 | $255,000 | ||||||||||||
Wind TE Holdco LLC | Services Agreement, dated November 3, 2014 | $1,118,000 |
Year Ended December 31, | |||||||||||
2021 (a) | 2020 (b) | ||||||||||
Audit Fees | $ | 4,424,556 | $ | 4,571,030 | |||||||
Tax Fees | 1,605,408 | 261,340 | |||||||||
All Other Fees | 6,560 | — | |||||||||
Total | $ | 6,036,524 | $ | 4,832,370 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Audit Fees | $ | 1,916,700 | $ | 1,952,210 | |||
Audit-Related Fees | — | — | |||||
Tax Fees | 12,700 | 79,269 | |||||
All Other Fees | — | — | |||||
Total | $ | 1,929,400 | $ | 2,031,479 |
Allocation of earnings to noncontrolling interests in tax equity arrangements | |||||
Description of the Matter | As described in Note 5 to the consolidated financial statements, during 2021 third-party tax equity investors purchased noncontrolling interests in Rattlesnake TE Holdco LLC (Rattlesnake), Black Rock TE Holdco LLC, Mesquite Sky TE Holdco LLC and Pinnacle Repowering Tax Equity Holdco LLC (the “new tax equity arrangements”). Each tax equity investor received Class A membership interests in the respective entity. The Company utilizes the output of a hypothetical liquidation at book value (HLBV) model to determine the earnings allocated to the tax equity noncontrolling interest holders as the contractual agreements between the parties represent substantive profit-sharing arrangements. Auditing the allocation of earnings using the HLBV method to the new tax equity arrangements was complex due to the judgments required at the inception of the arrangement to evaluate whether the HLBV model appropriately reflects the unique substantive profit-sharing terms and features within each arrangement. A greater extent of audit effort and specialized skill and knowledge was required with respect to evaluating the appropriateness of the tax capital account balances used in the HLBV model for compliance with the provisions of the Internal Revenue Code, as well as compliance with the contractual provisions in each agreement. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of the control over the Company's process for establishing the HLBV model for the new tax equity arrangements. For example, we tested a control over management’s review of the substantive profit-sharing terms and features within each arrangement and evaluating whether they are properly reflected in each HLBV model. To test the allocation of earnings to noncontrolling interest holders in the new tax equity arrangements, we read the related agreements to understand the business purpose and the substantive profit-sharing provisions. We evaluated each HLBV model for consistency with the contractual provisions in the related agreements and tested the initial recognition of the noncontrolling interest balance by agreeing capital contributions to supporting documentation. We involved tax subject matter professionals to assist in evaluating the calculation of the tax capital accounts used in each HLBV model for compliance with the provisions of the Internal Revenue Code, as well as compliance with the contractual provisions in the agreements. Additionally, we tested the period end noncontrolling interest balances for the new tax equity arrangements by agreeing distributions to supporting documentation and recalculating the allocation of earnings using each HLBV model. | ||||
Fair value of Level 3 energy related commodity contracts | |||||
Description of the Matter | As described in Note 6 to the consolidated financial statements, as of December 31, 2021, the aggregate fair value of energy related commodity contracts classified as Level 3 derivative instruments was $179 million. The Company's determination of the fair value of long-term physically-settled power commodity contracts executed in illiquid markets are considered Level 3 fair value measurements as they contain significant unobservable inputs, including forward market energy pricing curves. The Company uses a discounted cash flow valuation technique to determine the fair value of its energy related commodity contracts. Auditing the fair value measurement of energy related commodity contracts classified as Level 3 financial instruments was complex due to the judgmental nature of the forward market energy pricing curve assumptions used as an input into the valuation models. |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company's processes for reviewing the key assumptions in estimating Level 3 fair values. For example, we tested controls over management’s review of the specific forward market energy pricing curves used as an input into the valuation models. To test the fair value of Level 3 energy related commodity contracts, our audit procedures included, among others, evaluating the valuation methodologies used by the Company and testing significant inputs, estimates and the mathematical accuracy of the calculations. In certain instances, with the assistance of our valuation specialists, we independently determined the significant assumptions, calculated the resultant fair values and compared them to the Company's estimates. We obtained forward market energy prices from independent sources, including pricing service providers and counterparty fair values, and evaluated the Company's assumptions related to their forward curves and confirmed key inputs with counterparties. We also performed sensitivity analyses using independent sources of market data to evaluate the significance of the change in fair value of Level 3 energy related commodity contracts that would result from changes in underlying assumptions. |
Year ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Operating Revenues | |||||||||||||||||
Total operating revenues | $ | 1,286 | $ | 1,199 | $ | 1,032 | |||||||||||
Operating Costs and Expenses | |||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 451 | 366 | 337 | ||||||||||||||
Depreciation, amortization and accretion | 509 | 428 | 401 | ||||||||||||||
Impairment losses | 6 | 24 | 33 | ||||||||||||||
General and administrative | 38 | 33 | 27 | ||||||||||||||
Transaction and integration costs | 7 | 9 | 3 | ||||||||||||||
Development costs | 6 | 5 | 5 | ||||||||||||||
Total operating costs and expenses | 1,017 | 865 | 806 | ||||||||||||||
Operating Income | 269 | 334 | 226 | ||||||||||||||
Other Income (Expense) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | 32 | 7 | 83 | ||||||||||||||
Impairment loss on investment | — | (8) | — | ||||||||||||||
Gain on sale of unconsolidated affiliate | — | 49 | — | ||||||||||||||
Other income, net | 3 | 4 | 9 | ||||||||||||||
Loss on debt extinguishment | (53) | (24) | (16) | ||||||||||||||
Interest expense | (312) | (414) | (403) | ||||||||||||||
Total other expense, net | (330) | (386) | (327) | ||||||||||||||
Loss Before Income Taxes | (61) | (52) | (101) | ||||||||||||||
Income tax expense | 2 | — | — | ||||||||||||||
Net Loss | (63) | (52) | (101) | ||||||||||||||
Less: Net loss attributable to noncontrolling interests | (173) | (113) | (71) | ||||||||||||||
Net Income (Loss) Attributable to Clearway Energy LLC | $ | 110 | $ | 61 | $ | (30) |
Year ended December 31, | |||||||||||
(In millions) | 2017 | 2016 (a) | 2015 (a) | ||||||||
Operating Revenues | |||||||||||
Total operating revenues | $ | 1,009 | $ | 1,035 | $ | 968 | |||||
Operating Costs and Expenses | |||||||||||
Cost of operations | 326 | 308 | 323 | ||||||||
Depreciation and amortization | 334 | 303 | 303 | ||||||||
Impairment losses | 44 | 185 | 1 | ||||||||
General and administrative | 19 | 14 | 10 | ||||||||
Acquisition-related transaction and integration costs | 3 | 1 | 3 | ||||||||
Total operating costs and expenses | 726 | 811 | 640 | ||||||||
Operating Income | 283 | 224 | 328 | ||||||||
Other Income (Expense) | |||||||||||
Equity in earnings of unconsolidated affiliates | 71 | 60 | 31 | ||||||||
Other income, net | 4 | 3 | 3 | ||||||||
Loss on debt extinguishment | (3 | ) | — | (9 | ) | ||||||
Interest expense | (293 | ) | (272 | ) | (258 | ) | |||||
Total other expense, net | (221 | ) | (209 | ) | (233 | ) | |||||
Net Income | 62 | 15 | 95 | ||||||||
Less: Net loss attributable to noncontrolling interests | (75 | ) | (111 | ) | (62 | ) | |||||
Net Income Attributable to NRG Yield LLC | $ | 137 | $ | 126 | $ | 157 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In millions) | |||||||||||||||||
Net Loss | $ | (63) | $ | (52) | $ | (101) | |||||||||||
Other Comprehensive Income | |||||||||||||||||
Unrealized gain on derivatives | 22 | 2 | 8 | ||||||||||||||
Other comprehensive income | 22 | 2 | 8 | ||||||||||||||
Comprehensive Loss | (41) | (50) | (93) | ||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | (171) | (115) | (70) | ||||||||||||||
Comprehensive Income (Loss) Attributable to Clearway Energy LLC | $ | 130 | $ | 65 | (23) |
Year ended December 31, | |||||||||||
2017 | 2016 (a) | 2015 (a) | |||||||||
(In millions) | |||||||||||
Net Income | $ | 62 | $ | 15 | $ | 95 | |||||
Other Comprehensive Income (Loss) | |||||||||||
Unrealized gain (loss) on derivatives | 17 | 13 | (17 | ) | |||||||
Other comprehensive income (loss) | 17 | 13 | (17 | ) | |||||||
Comprehensive Income | 79 | 28 | 78 | ||||||||
Less: Comprehensive loss attributable to noncontrolling interests | (75 | ) | (111 | ) | (63 | ) | |||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 154 | $ | 139 | $ | 141 |
December 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | (In millions) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 179 | $ | 268 | |||||||
Restricted cash | 475 | 197 | |||||||||
Accounts receivable — trade | 144 | 143 | |||||||||
Inventory | 37 | 42 | |||||||||
Current assets held-for-sale | 631 | — | |||||||||
Prepayments and other current assets | 65 | 58 | |||||||||
Total current assets | 1,531 | 708 | |||||||||
Property, plant and equipment, net | 7,650 | 7,217 | |||||||||
Other Assets | |||||||||||
Equity investments in affiliates | 381 | 741 | |||||||||
Intangible assets for power purchase agreements, net | 2,419 | 1,230 | |||||||||
Other intangible assets, net | 80 | 140 | |||||||||
Derivative instruments | 6 | 1 | |||||||||
Right-of-use assets, net | 550 | 337 | |||||||||
Other non-current assets | 101 | 114 | |||||||||
Total other assets | 3,537 | 2,563 | |||||||||
Total Assets | $ | 12,718 | $ | 10,488 | |||||||
LIABILITIES AND MEMBERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Current portion of long-term debt — external | $ | 772 | $ | 384 | |||||||
Current portion of long-term debt — affiliate | 1 | 1 | |||||||||
Accounts payable — trade | 74 | 72 | |||||||||
Accounts payable — affiliates | 110 | 20 | |||||||||
Derivative instruments | 46 | 38 | |||||||||
Accrued interest expense | 54 | 44 | |||||||||
Current liabilities held-for-sale | 494 | — | |||||||||
Accrued expenses and other current liabilities | 84 | 79 | |||||||||
Total current liabilities | 1,635 | 638 | |||||||||
Other Liabilities | |||||||||||
Long-term debt — external | 6,939 | 6,585 | |||||||||
Deferred income taxes | 2 | — | |||||||||
Derivative instruments | 196 | 135 | |||||||||
Long-term lease liabilities | 561 | 345 | |||||||||
Other non-current liabilities | 168 | 173 | |||||||||
Total other liabilities | 7,866 | 7,238 | |||||||||
Total Liabilities | 9,501 | 7,876 | |||||||||
Commitments and Contingencies | — | — | |||||||||
Members' Equity | |||||||||||
Contributed capital | 1,495 | 1,723 | |||||||||
Retained earnings (accumulated deficit) | 43 | (50) | |||||||||
Accumulated other comprehensive loss | (13) | (33) | |||||||||
Noncontrolling interest | 1,692 | 972 | |||||||||
Total Members' Equity | 3,217 | 2,612 | |||||||||
Total Liabilities and Members’ Equity | $ | 12,718 | $ | 10,488 |
December 31, 2017 | December 31, 2016 (a) | ||||||
ASSETS | (In millions) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 146 | $ | 321 | |||
Restricted cash | 168 | 176 | |||||
Accounts receivable — trade | 96 | 96 | |||||
Inventory | 39 | 39 | |||||
Notes receivable — current | 13 | 16 | |||||
Prepayments and other current assets | 19 | 22 | |||||
Total current assets | 481 | 670 | |||||
Property, plant and equipment, net | 5,204 | 5,554 | |||||
Other Assets | |||||||
Equity investments in affiliates | 1,178 | 1,152 | |||||
Intangible assets, net | 1,228 | 1,303 | |||||
Other non-current assets | 63 | 67 | |||||
Total other assets | 2,469 | 2,522 | |||||
Total Assets | $ | 8,154 | $ | 8,746 | |||
LIABILITIES AND MEMBERS' EQUITY | |||||||
Current Liabilities | |||||||
Current portion of long-term debt — external | $ | 306 | $ | 323 | |||
Accounts payable — trade | 27 | 23 | |||||
Accounts payable — affiliate | 48 | 40 | |||||
Derivative instruments | 17 | 33 | |||||
Accrued expenses and other current liabilities | 87 | 85 | |||||
Total current liabilities | 485 | 504 | |||||
Other Liabilities | |||||||
Long-term debt — external | 4,921 | 5,128 | |||||
Long-term debt — affiliate | 618 | 618 | |||||
Accounts payable — affiliate | — | 9 | |||||
Derivative instruments | 31 | 46 | |||||
Other non-current liabilities | 91 | 77 | |||||
Total non-current liabilities | 5,661 | 5,878 | |||||
Total Liabilities | 6,146 | 6,382 | |||||
Commitments and Contingencies | |||||||
Members' Equity | |||||||
Contributed capital | 1,897 | 2,179 | |||||
Retained earnings | 17 | 44 | |||||
Accumulated other comprehensive loss | (68 | ) | (85 | ) | |||
Noncontrolling interest | 162 | 226 | |||||
Total Members' Equity | 2,008 | 2,364 | |||||
Total Liabilities and Members’ Equity | $ | 8,154 | $ | 8,746 |
Year ended December 31, | |||||||||||
2017 | 2016 (a) | 2015 (a) | |||||||||
(In millions) | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net (loss) income | $ | 62 | $ | 15 | $ | 95 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in earnings of unconsolidated affiliates | (71 | ) | (60 | ) | (31 | ) | |||||
Distributions from unconsolidated affiliates | 72 | 58 | 60 | ||||||||
Depreciation and amortization | 334 | 303 | 303 | ||||||||
Amortization of financing costs | 13 | 8 | 7 | ||||||||
Amortization of intangibles and out-of-market contracts | 70 | 76 | 55 | ||||||||
Loss on debt extinguishment | 3 | — | 9 | ||||||||
Impairment losses | 44 | 185 | 1 | ||||||||
Changes in derivative instruments | (16 | ) | (15 | ) | (44 | ) | |||||
Loss on disposal of asset components | 16 | 6 | 3 | ||||||||
Cash provided by (used in) changes in other working capital: | |||||||||||
Changes in prepaid and accrued capacity payments | (4 | ) | (8 | ) | (12 | ) | |||||
Changes in other working capital | (7 | ) | 9 | (22 | ) | ||||||
Net Cash Provided by Operating Activities | 516 | 577 | 424 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Acquisition of businesses, net of cash acquired | — | — | (37 | ) | |||||||
Acquisition of Drop Down Assets, net of cash acquired | (250 | ) | (77 | ) | (698 | ) | |||||
Capital expenditures | (31 | ) | (20 | ) | (29 | ) | |||||
Cash receipts from notes receivable | 17 | 17 | 17 | ||||||||
Return of investment from unconsolidated affiliates | 47 | 28 | 42 | ||||||||
Investments in unconsolidated affiliates | (73 | ) | (83 | ) | (402 | ) | |||||
Other | 7 | 4 | 9 | ||||||||
Net Cash Used in Investing Activities | (283 | ) | (131 | ) | (1,098 | ) | |||||
Cash Flows from Financing Activities | |||||||||||
Net contributions from noncontrolling interests | 13 | 5 | 122 | ||||||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | (20 | ) | (184 | ) | (79 | ) | |||||
Proceeds from the issuance of class C units | 33 | — | 599 | ||||||||
Payments of distributions | (202 | ) | (173 | ) | (139 | ) | |||||
Proceeds from the revolving credit facility | 55 | 60 | 551 | ||||||||
Payments for the revolving credit facility | — | (366 | ) | (245 | ) | ||||||
Proceeds from issuance of long-term debt — external | 41 | 740 | 6 | ||||||||
Proceeds from issuance of long-term debt — affiliate | — | — | 281 | ||||||||
Payments of debt issuance costs | (4 | ) | (15 | ) | (7 | ) | |||||
Payments for long-term debt — external | (332 | ) | (269 | ) | (735 | ) | |||||
Net Cash (Used in) Provided by Financing Activities | (416 | ) | (202 | ) | 354 | ||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (183 | ) | 244 | (320 | ) | ||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 497 | 253 | 573 | ||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 314 | $ | 497 | $ | 253 | |||||
Supplemental Disclosures | |||||||||||
Interest paid, net of amount capitalized | $ | (297 | ) | $ | (271 | ) | $ | (279 | ) | ||
Non-cash investing and financing activities: | |||||||||||
Additions to fixed assets for accrued capital expenditures | 4 | 3 | 3 | ||||||||
Non-cash return of capital and distributions to NRG, net of contributions | $ | (2 | ) | $ | 65 | $ | (9 | ) |
Year ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net loss | $ | (63) | $ | (52) | $ | (101) | |||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | (32) | (7) | (83) | ||||||||||||||
Distributions from unconsolidated affiliates | 38 | 61 | 34 | ||||||||||||||
Depreciation, amortization and accretion | 509 | 428 | 401 | ||||||||||||||
Amortization of financing costs and debt discounts | 14 | 15 | 15 | ||||||||||||||
Amortization of intangibles and out-of-market contracts | 146 | 90 | 71 | ||||||||||||||
Loss on debt extinguishment | 53 | 24 | 16 | ||||||||||||||
Reduction in carrying amount of right-of-use assets | 11 | 4 | 7 | ||||||||||||||
Gain on sale of unconsolidated affiliate | — | (49) | — | ||||||||||||||
Impairment losses | 6 | 32 | 33 | ||||||||||||||
Change in deferred income taxes | 2 | — | — | ||||||||||||||
Changes in derivative instruments | 28 | 44 | 85 | ||||||||||||||
Loss on disposal of asset components | — | 3 | 9 | ||||||||||||||
Cash provided (used) in changes in other working capital | |||||||||||||||||
Changes in prepaid and accrued liabilities for tolling agreements | 5 | (1) | 1 | ||||||||||||||
Changes in other working capital | (16) | (47) | (19) | ||||||||||||||
Net Cash Provided by Operating Activities | 701 | 545 | 469 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Acquisitions, net of cash acquired | (533) | — | (100) | ||||||||||||||
Partnership interest acquisition | — | — | (29) | ||||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | (229) | (122) | (161) | ||||||||||||||
Capital expenditures | (151) | (124) | (228) | ||||||||||||||
Asset purchase from affiliate | (21) | — | — | ||||||||||||||
Buyout of Wind TE Holdco non-controlling interest | — | — | (19) | ||||||||||||||
Return of investment from unconsolidated affiliates | 47 | 79 | 56 | ||||||||||||||
Investments in unconsolidated affiliates | — | (11) | (13) | ||||||||||||||
Proceeds from sale of assets | — | 90 | 20 | ||||||||||||||
Consolidation of DGPV Holdco 3 LLC | — | 17 | — | ||||||||||||||
Other | 22 | 9 | 6 | ||||||||||||||
Net Cash Used in Investing Activities | (865) | (62) | (468) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Contributions from noncontrolling interests, net of distributions | 680 | 247 | 174 | ||||||||||||||
Contributions from CEG, net of distributions | 287 | — | — | ||||||||||||||
Buyout of Repowering Partnership II LLC noncontrolling interest | — | (70) | — | ||||||||||||||
Proceeds from the issuance of class C units | — | 62 | 100 | ||||||||||||||
Payments of distributions | (268) | (211) | (155) | ||||||||||||||
Proceeds from the revolving credit facility | 622 | 265 | 152 | ||||||||||||||
Payments for the revolving credit facility | (377) | (265) | (152) | ||||||||||||||
Proceeds from issuance of long-term debt — external | 1,728 | 1,084 | 1,215 | ||||||||||||||
Proceeds from issuance of long-term debt — affiliate | 2 | 3 | — | ||||||||||||||
Payments of debt issuance costs | (20) | (20) | (25) | ||||||||||||||
Payments for long-term debt — external | (2,292) | (1,482) | (1,264) | ||||||||||||||
Payments for long-term debt — affiliate | (2) | (45) | (215) | ||||||||||||||
Other | 7 | — | — | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 367 | (432) | (170) | ||||||||||||||
Reclassification of Cash to Assets Held-for-Sale | (14) | — | — | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 189 | 51 | (169) | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 465 | 414 | 583 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 654 | $ | 465 | $ | 414 | |||||||||||
Supplemental Disclosures | |||||||||||||||||
Interest paid, net of amount capitalized | $ | (337) | $ | (325) | $ | (307) | |||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Reductions to fixed assets for accrued capital expenditures | (32) | (18) | (2) | ||||||||||||||
Non-cash contributions from CEG, net of distributions | 31 | 7 | 35 |
(In millions) | Contributed Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Members' Equity | |||||||||||||||||||||||||||
Balances at December 31, 2018 | $ | 1,940 | $ | 86 | $ | (44) | $ | 200 | $ | 2,182 | ||||||||||||||||||||||
Net loss | — | (30) | — | (71) | (101) | |||||||||||||||||||||||||||
Unrealized gain on derivatives | — | — | 7 | — | 7 | |||||||||||||||||||||||||||
Buyout of Wind TE Holdco non-controlling interest | (9) | — | — | (10) | (19) | |||||||||||||||||||||||||||
Contributions from CEG net of distributions, non-cash | 7 | 4 | — | 24 | 35 | |||||||||||||||||||||||||||
Cumulative effect from change in accounting principle | — | (3) | — | — | (3) | |||||||||||||||||||||||||||
Distributions paid to CEG on Class B and Class D units | (38) | (30) | — | — | (68) | |||||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc., cash | (65) | (22) | — | — | (87) | |||||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc., non-cash | (13) | — | — | — | (13) | |||||||||||||||||||||||||||
Contributions to tax equity non-controlling interests, net of distributions, cash | (5) | — | — | 248 | 243 | |||||||||||||||||||||||||||
Distributions to CEG, net of contributions, cash | — | — | — | (68) | (68) | |||||||||||||||||||||||||||
Proceeds from the issuance of Class C Common Stock | 100 | — | — | — | 100 | |||||||||||||||||||||||||||
Carlsbad Drop Down | (35) | — | — | — | (35) | |||||||||||||||||||||||||||
Balances at December 31, 2019 | $ | 1,882 | $ | 5 | $ | (37) | $ | 323 | $ | 2,173 | ||||||||||||||||||||||
Net income (loss) | — | 61 | — | (113) | (52) | |||||||||||||||||||||||||||
Unrealized gain on derivatives | — | — | 4 | (2) | 2 | |||||||||||||||||||||||||||
Contributions from CEG, non-cash | 8 | — | — | (1) | 7 | |||||||||||||||||||||||||||
Contributions from CEG, cash | — | — | — | 6 | 6 | |||||||||||||||||||||||||||
Distributions to noncontrolling interests, non-cash | — | — | — | (3) | (3) | |||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | 361 | 361 | |||||||||||||||||||||||||||
DGPV Drop Down and Consolidation | (33) | — | — | 13 | (20) | |||||||||||||||||||||||||||
Mesquite Star Drop Down and Consolidation | 15 | — | — | 346 | 361 | |||||||||||||||||||||||||||
Langford Drop Down | (44) | — | — | — | (44) | |||||||||||||||||||||||||||
Rosamond Central Drop Down | 3 | — | — | 52 | 55 | |||||||||||||||||||||||||||
Lighthouse Partnership Yield Protection Agreement | (15) | — | — | — | (15) | |||||||||||||||||||||||||||
Buyout of Repowering Partnership II LLC non-controlling interest | (60) | — | — | (10) | (70) | |||||||||||||||||||||||||||
Net proceeds from the sales of units, Clearway Energy, Inc. | 62 | — | — | — | 62 | |||||||||||||||||||||||||||
Distributions paid to CEG on Class B and Class D units | (36) | (54) | — | — | (90) | |||||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc. | (59) | (62) | — | — | (121) | |||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | 1,723 | $ | (50) | $ | (33) | $ | 972 | $ | 2,612 | ||||||||||||||||||||||
Net income (loss) | — | 110 | — | (176) | (66) | |||||||||||||||||||||||||||
Unrealized gain on derivatives | — | — | 20 | 2 | 22 | |||||||||||||||||||||||||||
Contributions from CEG, net of distributions, non-cash | 2 | — | — | 29 | 31 | |||||||||||||||||||||||||||
Contributions from CEG, net of distributions, cash | 287 | — | — | 9 | 296 | |||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of distributions, cash | — | — | — | 676 | 676 | |||||||||||||||||||||||||||
Distributions paid to CEG on Class B and Class D units | (96) | (17) | — | — | (113) | |||||||||||||||||||||||||||
Distributions paid to Clearway Energy, Inc. | (155) | — | — | — | (155) | |||||||||||||||||||||||||||
Lighthouse Partnership Yield Protection Agreement Amendment | 15 | — | — | — | 15 | |||||||||||||||||||||||||||
Agua Acquisition | — | — | — | 273 | 273 | |||||||||||||||||||||||||||
Rattlesnake Drop Down | (117) | — | — | — | (117) | |||||||||||||||||||||||||||
Mesquite Sky Drop Down | (42) | — | — | (78) | (120) | |||||||||||||||||||||||||||
Black Rock Drop Down | (122) | — | — | (15) | (137) | |||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | 1,495 | $ | 43 | $ | (13) | $ | 1,692 | $ | 3,217 | ||||||||||||||||||||||
(In millions) | Contributed Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total Members' Equity | |||||||||||||||
Balances at December 31, 2014 (a) | $ | 2,308 | $ | 133 | $ | (80 | ) | $ | 334 | $ | 2,695 | |||||||||
Members' equity - Acquired Drop Down Assets | 208 | (9 | ) | (2 | ) | (135 | ) | 62 | ||||||||||||
Balances at December 31, 2014 | $ | 2,516 | $ | 124 | $ | (82 | ) | $ | 199 | $ | 2,757 | |||||||||
Net income (loss) (b) | — | 157 | — | (62 | ) | 95 | ||||||||||||||
Unrealized loss on derivatives | — | — | (16 | ) | (1 | ) | (17 | ) | ||||||||||||
Payment for January 2015 and November 2015 Drop Down Assets | (698 | ) | — | — | — | (698 | ) | |||||||||||||
Distributions and returns of capital to NRG, net of contributions (b) | (38 | ) | (41 | ) | — | — | (79 | ) | ||||||||||||
Capital contributions from NRG, non-cash (b) | (15 | ) | 6 | — | — | (9 | ) | |||||||||||||
Capital contributions from tax equity investors | — | — | — | 122 | 122 | |||||||||||||||
Noncontrolling interest acquired in Spring Canyon acquisition | — | — | — | 74 | 74 | |||||||||||||||
Proceeds from the issuance of Class C units | 599 | — | — | — | 599 | |||||||||||||||
Distributions paid to NRG on Class B and Class D units | — | (70 | ) | — | — | (70 | ) | |||||||||||||
Distributions paid to Yield, Inc. | — | (69 | ) | — | — | (69 | ) | |||||||||||||
Balances at December 31, 2015 | $ | 2,364 | $ | 107 | $ | (98 | ) | $ | 332 | $ | 2,705 | |||||||||
Net income (loss) (b) | — | 126 | — | (111 | ) | 15 | ||||||||||||||
Unrealized loss on derivatives | — | — | 13 | — | 13 | |||||||||||||||
Payment for CVSR Drop Down Asset | (77 | ) | — | — | — | (77 | ) | |||||||||||||
Capital contributions from tax equity investors | — | — | — | 5 | 5 | |||||||||||||||
Distributions paid to NRG, net of contributions (b) | (182 | ) | (2 | ) | — | — | (184 | ) | ||||||||||||
Distributions paid to NRG, net of contributions, non-cash (b) | 74 | (9 | ) | — | — | 65 | ||||||||||||||
Distributions paid to NRG on Class B and Class D units | — | (81 | ) | — | — | (81 | ) | |||||||||||||
Distributions paid to Yield, Inc., non-cash | — | (5 | ) | — | — | (5 | ) | |||||||||||||
Distributions paid to Yield, Inc. | — | (92 | ) | — | — | (92 | ) | |||||||||||||
Balances at December 31, 2016 | $ | 2,179 | $ | 44 | $ | (85 | ) | $ | 226 | $ | 2,364 | |||||||||
Net income (loss) | — | 137 | — | (75 | ) | 62 | ||||||||||||||
Unrealized gain on derivatives | — | — | 17 | — | 17 | |||||||||||||||
Payments for the March 2017, August 2017 and November 2017 Drop Down Assets | (250 | ) | — | — | — | (250 | ) | |||||||||||||
August 2017 Drop Down Assets contingent consideration | (8 | ) | — | — | — | (8 | ) | |||||||||||||
Capital contributions from tax equity investors, net of distributions | — | — | — | 11 | 11 | |||||||||||||||
Proceeds from the issuance of Class C units | 34 | — | — | — | 34 | |||||||||||||||
Distributions paid to NRG, net of contributions | (18 | ) | — | — | — | (18 | ) | |||||||||||||
Distributions paid to NRG, net of contributions, non-cash | (8 | ) | 6 | — | — | (2 | ) | |||||||||||||
Distributions paid to NRG on Class B and Class D units | (6 | ) | (88 | ) | — | — | (94 | ) | ||||||||||||
Distributions paid to Yield, Inc. | (26 | ) | (82 | ) | — | — | (108 | ) | ||||||||||||
Balances at December 31, 2017 | $ | 1,897 | $ | 17 | $ | (68 | ) | $ | 162 | $ | 2,008 |
Projects | Percentage Ownership | Net Capacity (MW) (a) | Offtake Counterparty | Expiration | ||||||
Conventional | ||||||||||
El Segundo | 100 | % | 550 | Southern California Edison | 2023 | |||||
GenConn Devon | 50 | % | 95 | Connecticut Light & Power | 2040 | |||||
GenConn Middletown | 50 | % | 95 | Connecticut Light & Power | 2041 | |||||
Marsh Landing | 100 | % | 720 | Pacific Gas and Electric | 2023 | |||||
Walnut Creek | 100 | % | 485 | Southern California Edison | 2023 | |||||
1,945 | ||||||||||
Utility Scale Solar | ||||||||||
Agua Caliente | 16 | % | 46 | Pacific Gas and Electric | 2039 | |||||
Alpine | 100 | % | 66 | Pacific Gas and Electric | 2033 | |||||
Avenal | 50 | % | 23 | Pacific Gas and Electric | 2031 | |||||
Avra Valley | 100 | % | 26 | Tucson Electric Power | 2032 | |||||
Blythe | 100 | % | 21 | Southern California Edison | 2029 | |||||
Borrego | 100 | % | 26 | San Diego Gas and Electric | 2038 | |||||
CVSR | 100 | % | 250 | Pacific Gas and Electric | 2038 | |||||
Desert Sunlight 250 | 25 | % | 63 | Southern California Edison | 2034 | |||||
Desert Sunlight 300 | 25 | % | 75 | Pacific Gas and Electric | 2039 | |||||
Kansas South | 100 | % | 20 | Pacific Gas and Electric | 2033 | |||||
Roadrunner | 100 | % | 20 | El Paso Electric | 2031 | |||||
TA High Desert | 100 | % | 20 | Southern California Edison | 2033 | |||||
Utah Solar Portfolio(b)(e) | 50 | % | 265 | PacifiCorp | 2036 | |||||
921 | ||||||||||
Distributed Solar | ||||||||||
Apple I LLC Projects | 100 | % | 9 | Various | 2032 | |||||
AZ DG Solar Projects | 100 | % | 5 | Various | 2025-2033 | |||||
SPP Projects | 100 | % | 25 | Various | 2026-2037 | |||||
Other DG Projects | 100 | % | 13 | Various | 2023-2039 | |||||
52 | ||||||||||
Wind | ||||||||||
Alta I | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta II | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta III | 100 | % | 150 | Southern California Edison | 2035 | |||||
Alta IV | 100 | % | 102 | Southern California Edison | 2035 | |||||
Alta V | 100 | % | 168 | Southern California Edison | 2035 | |||||
Alta X (b) | 100 | % | 137 | Southern California Edison | 2038 | |||||
Alta XI (b) | 100 | % | 90 | Southern California Edison | 2038 | |||||
Buffalo Bear | 100 | % | 19 | Western Farmers Electric Co-operative | 2033 |
Projects | Percentage Ownership | Net Capacity (MW) (a) | Offtake Counterparty | Expiration | ||||||
Crosswinds (b)(f) | 99 | % | 21 | Corn Belt Power Cooperative | 2027 | |||||
Elbow Creek (b)(f) | 100 | % | 122 | NRG Power Marketing LLC | 2022 | |||||
Elkhorn Ridge (b)(f) | 66.7 | % | 54 | Nebraska Public Power District | 2029 | |||||
Forward (b)(f) | 100 | % | 29 | Constellation NewEnergy, Inc. | 2022 | |||||
Goat Wind (b)(f) | 100 | % | 150 | Dow Pipeline Company | 2025 | |||||
Hardin (b)(f) | 99 | % | 15 | Interstate Power and Light Company | 2027 | |||||
Laredo Ridge | 100 | % | 80 | Nebraska Public Power District | 2031 | |||||
Lookout (b)(f) | 100 | % | 38 | Southern Maryland Electric Cooperative | 2030 | |||||
Odin (b)(f) | 99.9 | % | 20 | Missouri River Energy Services | 2028 | |||||
Pinnacle | 100 | % | 55 | Maryland Department of General Services and University System of Maryland | 2031 | |||||
San Juan Mesa (b)(f) | 75 | % | 90 | Southwestern Public Service Company | 2025 | |||||
Sleeping Bear (b)(f) | 100 | % | 95 | Public Service Company of Oklahoma | 2032 | |||||
South Trent | 100 | % | 101 | AEP Energy Partners | 2029 | |||||
Spanish Fork (b)(f) | 100 | % | 19 | PacifiCorp | 2028 | |||||
Spring Canyon II (b) | 90.1 | % | 29 | Platte River Power Authority | 2039 | |||||
Spring Canyon III (b) | 90.1 | % | 25 | Platte River Power Authority | 2039 | |||||
Taloga | 100 | % | 130 | Oklahoma Gas & Electric | 2031 | |||||
Wildorado (b)(f) | 100 | % | 161 | Southwestern Public Service Company | 2027 | |||||
2,200 | ||||||||||
Thermal | ||||||||||
NRG Energy Center Dover LLC | 100 | % | 103 | NRG Power Marketing LLC | 2018 | |||||
Thermal generation | 100 | % | 20 | Various | Various | |||||
123 | ||||||||||
Total net generation capacity(c) | 5,241 | |||||||||
Thermal equivalent MWt(d) | 100 | % | 1,319 | Various | Various |
Year Ended December 31, | Year ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | |||||||||||||||||||||
(In millions) | (In millions) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 146 | $ | 321 | $ | 110 | Cash and cash equivalents | $ | 179 | $ | 268 | ||||||||||||||
Restricted cash | 168 | 176 | 143 | Restricted cash | 475 | 197 | |||||||||||||||||||
Cash, cash equivalents and restricted cash shown in the statement of cash flows | 314 | 497 | 253 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 654 | $ | 465 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||||||||
Energy revenue (a) | $ | 9 | $ | 784 | $ | 122 | $ | 915 | |||||||||||||||||||||
Capacity revenue (a) | 455 | 2 | 53 | 510 | |||||||||||||||||||||||||
Other revenues | — | 60 | 32 | 92 | |||||||||||||||||||||||||
Contract amortization | (23) | (118) | (3) | (144) | |||||||||||||||||||||||||
Mark-to-market for economic hedges | — | (87) | — | (87) | |||||||||||||||||||||||||
Total operating revenue | 441 | 641 | 204 | 1,286 | |||||||||||||||||||||||||
Less: Lease revenue | (464) | (716) | (2) | (1,182) | |||||||||||||||||||||||||
Less: Contract amortization | 23 | 118 | 3 | 144 | |||||||||||||||||||||||||
Total revenue from contracts with customers | $ | — | $ | 43 | $ | 205 | $ | 248 | |||||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue (a) | $ | 10 | $ | 609 | $ | 101 | $ | 720 | ||||||||||||||||||
Capacity revenue (a) | 451 | — | 63 | 514 | ||||||||||||||||||||||
Other revenues | — | 21 | 32 | 53 | ||||||||||||||||||||||
Contract amortization | (24) | (61) | (3) | (88) | ||||||||||||||||||||||
Total operating revenue | 437 | 569 | 193 | 1,199 | ||||||||||||||||||||||
Less: Lease revenue | (461) | (554) | (2) | (1,017) | ||||||||||||||||||||||
Less: Contract amortization | 24 | 61 | 3 | 88 | ||||||||||||||||||||||
Total revenue from contracts with customers | $ | — | $ | 76 | $ | 194 | $ | 270 |
Year ended December 31, 2019 | ||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Total | ||||||||||||||||||||||
Energy revenue (a) | $ | 5 | $ | 545 | $ | 120 | $ | 670 | ||||||||||||||||||
Capacity revenue (a) | 348 | — | 54 | 402 | ||||||||||||||||||||||
Other revenues | — | 10 | 30 | 40 | ||||||||||||||||||||||
Contract amortization | (7) | (61) | (3) | (71) | ||||||||||||||||||||||
Mark-to-market for economic hedges | — | (9) | — | (9) | ||||||||||||||||||||||
Total operating revenue | 346 | 485 | 201 | 1,032 | ||||||||||||||||||||||
Less: Lease revenue | (353) | (509) | (2) | (864) | ||||||||||||||||||||||
Less: Contract amortization | 7 | 61 | 3 | 71 | ||||||||||||||||||||||
Total revenue from contracts with customers | $ | — | $ | 37 | $ | 202 | $ | 239 |
(In millions) | December 31, 2021 | December 31, 2020 | ||||||||||||
Accounts receivable, net - Contracts with customers | $ | 44 | $ | 57 | ||||||||||
Accounts receivable, net - Leases | 100 | 86 | ||||||||||||
Total accounts receivable, net | $ | 144 | $ | 143 |
(In millions) | |||
Balance as of December 31, 2016 | $ | 49 | |
Revisions in estimates for current obligations/Additions | 2 | ||
Accretion — expense | 4 | ||
Balance as of December 31, 2017 | $ | 55 |
(In millions) | |||||
Balance as of December 31, 2020 | $ | 117 | |||
Thermal Business AROs reclassified to held for sale | (1) | ||||
Revisions in estimates for current obligations | 2 | ||||
Additions | 19 | ||||
Accretion — expense | 9 | ||||
Balance as of December 31, 2021 | $ | 146 |
(In millions) | |||
Assets: | |||
Current assets | $ | 7 | |
Property, plant and equipment | 83 | ||
Non-current assets | 12 | ||
Total assets | 102 | ||
Liabilities: | |||
Debt (Current and non-current) (a) | 23 | ||
Other current and non-current liabilities | 3 | ||
Total liabilities assumed | 26 | ||
Net assets acquired | $ | 76 |
(In millions) | Black Rock | |||||||
Current assets (a) | $ | 36 | ||||||
Property, plant and equipment | 178 | |||||||
Right-of-use-assets | 7 | |||||||
Other non-current assets | 2 | |||||||
Total assets acquired | 223 | |||||||
Long-term debt (b) | 186 | |||||||
Long-term lease liabilities | 7 | |||||||
Other current and non-current liabilities | 11 | |||||||
Total liabilities assumed (c) | 204 | |||||||
Net assets acquired | $ | 19 |
Year ended December 31, 2016 | Year ended December 31, 2015 | ||||||||||||||||||||||||||||||
As Previously Reported (a) | November 2017 Drop Down Assets | August 2017 Drop Down Assets | As Currently Reported | As Previously Reported (a) | November 2017 Drop Down Assets | August 2017 Drop Down Assets | As Currently Reported | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
Total operating revenues | $ | 1,021 | $ | 14 | $ | — | $ | 1,035 | $ | 953 | $ | 15 | $ | — | $ | 968 | |||||||||||||||
Operating income | 220 | 4 | — | 224 | 322 | 6 | — | 328 | |||||||||||||||||||||||
Net income | 15 | — | — | 15 | 93 | 2 | — | 95 | |||||||||||||||||||||||
Net income attributable to Yield LLC | 157 | — | (31 | ) | 126 | 144 | 3 | 10 | 157 |
As of December 31, 2016 | |||||||||||
(In millions) | As Previously Reported (a) | November 2017 Drop Down Assets | As Currently Reported | ||||||||
Assets: | |||||||||||
Current assets | $ | 656 | $ | 14 | $ | 670 | |||||
Property, plant and equipment | 5,460 | 94 | 5,554 | ||||||||
Non-current assets | 2,504 | 18 | 2,522 | ||||||||
Total assets | 8,620 | 126 | 8,746 | ||||||||
Liabilities: | |||||||||||
Debt (Current and non-current) | 6,007 | 62 | 6,069 | ||||||||
Other current and non-current liabilities | 309 | 4 | 313 | ||||||||
Total liabilities assumed | 6,316 | 66 | 6,382 | ||||||||
Net assets | $ | 2,304 | $ | 60 | $ | 8,746 |
(In millions) | |||
Assets: | |||
Cash | $ | 6 | |
Equity investment in projects | 456 | ||
Total assets acquired | 462 | ||
Liabilities: | |||
Debt (Current and non-current) (a) | 320 | ||
Other current and non-current liabilities | 3 | ||
Total liabilities assumed | 323 | ||
Net assets acquired | $ | 139 |
(In millions) | Mesquite Sky | |||||||
Current assets (a) | $ | 46 | ||||||
Property, plant and equipment | 377 | |||||||
Right-of use assets | 45 | |||||||
Other non-current assets | 7 | |||||||
Total assets acquired | 475 | |||||||
Long-term debt (b) | 355 | |||||||
Long-term lease liabilities | 45 | |||||||
Derivative liabilities | 43 | |||||||
Other current and non-current liabilities | 39 | |||||||
Total liabilities assumed (c) | 482 | |||||||
Net liabilities assumed | $ | (7) |
(In millions) | Utah Solar Portfolio | |||||||
Current assets | $ | 20 | ||||||
Property, plant and equipment | 258 | |||||||
Intangible assets for power purchase agreement | 302 | |||||||
Other intangible assets | 4 | |||||||
Right-of use assets | 163 | |||||||
Total assets acquired | 747 | |||||||
Long-term lease liabilities | 163 | |||||||
Other current and non-current liabilities | 24 | |||||||
Total liabilities assumed | 187 | |||||||
Equity method investment removed | (230) | |||||||
Net assets acquired | $ | 330 |
(In millions) | Mt. Storm | |||||||
Current assets | $ | 3 | ||||||
Property, plant and equipment | 108 | |||||||
Other non-current assets | 2 | |||||||
Total assets acquired | 113 | |||||||
Derivative instruments | 9 | |||||||
Other current and non-current liabilities | 4 | |||||||
Total liabilities assumed | 13 | |||||||
Net assets acquired | $ | 100 |
(In millions) | Agua Caliente | |||||||
Restricted cash | $ | 91 | ||||||
Property, plant and equipment | 154 | |||||||
Intangible asset for power purchase agreement | 1,022 | |||||||
Other current assets | 9 | |||||||
Total assets acquired | 1,276 | |||||||
Long-term debt | 716 | |||||||
Other current and non-current liabilities | 5 | |||||||
Total liabilities assumed | 721 | |||||||
Noncontrolling interest | 273 | |||||||
Equity method investment removed | (80) | |||||||
Net assets acquired less noncontrolling interest | $ | 202 |
(In millions) | Rattlesnake | |||||||
Current assets | $ | 8 | ||||||
Property, plant and equipment | 200 | |||||||
Right-of-use assets | 12 | |||||||
Total assets acquired | 220 | |||||||
Long-term debt (a) | 176 | |||||||
Long-term lease liabilities | 12 | |||||||
Other current and non-current liabilities | 18 | |||||||
Total liabilities assumed | 206 | |||||||
Net assets acquired | $ | 14 |
(In millions) | Langford | |||||||
Current assets | $ | 4 | ||||||
Property, plant and equipment | 138 | |||||||
Other non-current assets | 15 | |||||||
Total assets acquired | 157 | |||||||
Other current and non-current liabilities | 17 | |||||||
Total liabilities assumed | 17 | |||||||
Noncontrolling interests | 119 | |||||||
Net assets acquired less noncontrolling interests | $ | 21 |
(In millions) | Rosamond Central | |||||||
Current assets | $ | 49 | ||||||
Property, plant and equipment | 246 | |||||||
Other non-current assets | 1 | |||||||
Total assets acquired | 296 | |||||||
Long-term debt | 205 | |||||||
Other current and non-current liabilities | 11 | |||||||
Total liabilities assumed | 216 | |||||||
Noncontrolling interests | 52 | |||||||
Net assets acquired less noncontrolling interests | $ | 28 |
(In millions) | Mesquite Star | ||||
Current assets | $ | 22 | |||
Property, plant and equipment | 443 | ||||
Other non-current assets | 31 | ||||
Total assets acquired | 496 | ||||
Other current and non-current liabilities | 87 | ||||
Total liabilities assumed | 87 | ||||
Noncontrolling interests and redeemable noncontrolling interests | 346 | ||||
Net assets acquired less noncontrolling interests | $ | 63 |
November 2, 2020 | May 29, 2020 | ||||||||||
(In millions) | DGPV Holdco 1 and 2 (a) | DGPV Holdco 3 (b) | |||||||||
Current assets | $ | 29 | $ | 32 | |||||||
Property, plant and equipment, net | 324 | 331 | |||||||||
Intangible assets, net | 19 | 1 | |||||||||
Other non-current assets | 52 | 37 | |||||||||
Total assets acquired | 424 | 401 | |||||||||
Long-term debt | 160 | 206 | |||||||||
Other current and non-current liabilities | 54 | 84 | |||||||||
Total liabilities assumed | 214 | 290 | |||||||||
Noncontrolling interests and redeemable noncontrolling interests | 5 | 6 | |||||||||
Net assets acquired less noncontrolling interests | $ | 205 | $ | 105 |
December 31, 2017 | December 31, 2016 | Depreciable Lives | |||||||
(In millions) | |||||||||
Facilities and equipment | $ | 6,289 | $ | 6,339 | 2 - 45 Years | ||||
Land and improvements | 166 | 167 | |||||||
Construction in progress (a) | 34 | 24 | |||||||
Total property, plant and equipment | 6,489 | 6,530 | |||||||
Accumulated depreciation | (1,285 | ) | (976 | ) | |||||
Net property, plant and equipment | $ | 5,204 | $ | 5,554 |
December 31, 2021 | December 31, 2020 | Depreciable Lives | |||||||||||||||
(In millions) | |||||||||||||||||
Facilities and equipment | $ | 9,747 | $ | 9,254 | 2 - 40 Years | ||||||||||||
Land and improvements | 320 | 224 | |||||||||||||||
Construction in progress (a) | 84 | 62 | |||||||||||||||
Total property, plant and equipment | 10,151 | 9,540 | |||||||||||||||
Accumulated depreciation | (2,501) | (2,323) | |||||||||||||||
Net property, plant and equipment | $ | 7,650 | $ | 7,217 |
Name | Economic Interest | Investment Balance | ||||||||||||
(In millions) | ||||||||||||||
Avenal | 50% | $ | 4 | |||||||||||
Desert Sunlight | 25% | 239 | ||||||||||||
Elkhorn Ridge | 66.7% | 29 | ||||||||||||
GenConn (a) | 50% | 86 | ||||||||||||
San Juan Mesa | 75% | 23 | ||||||||||||
$ | 381 |
Name | Economic Interest | Investment Balance | ||
(In millions) | ||||
Utah Solar Portfolio (a) | 50% | $345 | ||
Desert Sunlight | 25% | 272 | ||
GenConn(b) | 50% | 102 | ||
Agua Caliente Borrower 2 | 16% | 92 | ||
Elkhorn Ridge(c) | 66.7% | 73 | ||
San Juan Mesa(c) | 75% | 66 | ||
NRG DGPV Holdco 1 LLC (d) | 95% | 76 | ||
NRG DGPV Holdco 2 LLC (d) | 95% | 61 | ||
NRG DGPV Holdco 3 LLC (d) | 99% | 39 | ||
NRG RPV Holdco 1 LLC(d) | 95% | 58 | ||
Avenal | 50% | (6) | ||
Total equity investments in affiliates | $1,178 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Income Statement Data: | (In millions) | ||||||||||||||||
GenConn | |||||||||||||||||
Operating revenues | $ | 55 | $ | 60 | $ | 60 | |||||||||||
Operating income | 22 | 26 | 27 | ||||||||||||||
Net income | 13 | 17 | 17 | ||||||||||||||
Desert Sunlight | |||||||||||||||||
Operating revenues | 205 | 209 | 205 | ||||||||||||||
Operating income | 146 | 142 | 123 | ||||||||||||||
Net income | 112 | 88 | 58 | ||||||||||||||
Other (a) (b) | |||||||||||||||||
Operating revenues | 49 | 299 | 318 | ||||||||||||||
Operating income | 16 | 138 | 110 | ||||||||||||||
Net income | $ | 13 | $ | 60 | $ | 50 | |||||||||||
As of December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Balance Sheet Data: | (In millions) | ||||||||||||||||
GenConn | |||||||||||||||||
Current assets | $ | 38 | $ | 40 | |||||||||||||
Non-current assets | 328 | 344 | |||||||||||||||
Current liabilities | 15 | 17 | |||||||||||||||
Non-current liabilities | 178 | 185 | |||||||||||||||
Desert Sunlight | |||||||||||||||||
Current assets | 131 | 132 | |||||||||||||||
Non-current assets | 1,228 | 1,244 | |||||||||||||||
Current liabilities | 64 | 71 | |||||||||||||||
Non-current liabilities | 904 | 921 | |||||||||||||||
Other (a) (b) | |||||||||||||||||
Current assets | 26 | 177 | |||||||||||||||
Non-current assets | 172 | 2,201 | |||||||||||||||
Current liabilities | 24 | 114 | |||||||||||||||
Non-current liabilities | 98 | 700 | |||||||||||||||
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Income Statement Data: | (In millions) | |||||||||||
GenConn | ||||||||||||
Operating revenues | $ | 71 | $ | 72 | $ | 78 | ||||||
Operating income | 36 | 38 | 40 | |||||||||
Net income | 26 | 26 | 28 | |||||||||
Desert Sunlight | ||||||||||||
Operating revenues | 207 | 211 | 206 | |||||||||
Operating income | 127 | 129 | 124 | |||||||||
Net income | 80 | 80 | 73 | |||||||||
Utah Solar Portfolio (a) | ||||||||||||
Operating revenues | 75 | 13 | — | |||||||||
Operating income (loss) | 18 | (6 | ) | (1 | ) | |||||||
Net income (loss) | 18 | (6 | ) | (1 | ) | |||||||
DGPV entities (b) | ||||||||||||
Operating revenues | 37 | 14 | 1 | |||||||||
Operating income | 7 | 2 | — | |||||||||
Net loss | (3 | ) | — | — | ||||||||
RPV Holdco | ||||||||||||
Operating revenues | 16 | 13 | 4 | |||||||||
Operating income | 3 | 2 | (6 | ) | ||||||||
Net income (loss) | 3 | 2 | (6 | ) | ||||||||
As of December 31, | ||||||||||||
2017 | 2016 | |||||||||||
Balance Sheet Data: | (In millions) | |||||||||||
GenConn | ||||||||||||
Current assets | $ | 38 | $ | 36 | ||||||||
Non-current assets | 374 | 389 | ||||||||||
Current liabilities | 18 | 16 | ||||||||||
Non-current liabilities | 189 | 196 | ||||||||||
Desert Sunlight | ||||||||||||
Current assets | 133 | 281 | ||||||||||
Non-current assets | 1,350 | 1,401 | ||||||||||
Current liabilities | 64 | 64 | ||||||||||
Non-current liabilities | 1,003 | 1,043 | ||||||||||
Utah Solar Portfolio (a) | ||||||||||||
Current assets | 13 | 20 | ||||||||||
Non-current assets | 1,090 | 1,105 | ||||||||||
Current liabilities | 5 | 14 | ||||||||||
Non-current liabilities | 24 | 38 | ||||||||||
DGPV entities (b) | ||||||||||||
Current assets | 74 | 44 | ||||||||||
Non-current assets | 671 | 562 | ||||||||||
Current liabilities | 83 | 112 | ||||||||||
Non-current liabilities | 216 | 23 | ||||||||||
Redeemable Noncontrolling Interest | 44 | 28 | ||||||||||
RPV Holdco | ||||||||||||
Current assets | 3 | 15 | ||||||||||
Non-current assets | 183 | 191 | ||||||||||
Current liabilities | — | 11 | ||||||||||
Non-current liabilities | 7 | 7 | ||||||||||
Redeemable Noncontrolling Interest | 16 | — | — |
(In millions) | Alta TE Holdco | Buckthorn Renewables, LLC | DGPV Funds(a) | Kawailoa Partnership | Langford TE Partnership LLC | Lighthouse Renewable Holdco LLC(b) | Lighthouse Renewable Holdco 2 LLC(c) | ||||||||||||||||||||||||||||||||||
Other current and non-current assets | $ | 53 | $ | 4 | $ | 104 | $ | 40 | $ | 17 | $ | 84 | $ | 83 | |||||||||||||||||||||||||||
Property, plant and equipment | 331 | 202 | 592 | 135 | 132 | 605 | 377 | ||||||||||||||||||||||||||||||||||
Intangible assets | 212 | — | 16 | — | 2 | — | — | ||||||||||||||||||||||||||||||||||
Total assets | 596 | 206 | 712 | 175 | 151 | 689 | 460 | ||||||||||||||||||||||||||||||||||
Current and non-current liabilities | 40 | 10 | 76 | 103 | 18 | 150 | 118 | ||||||||||||||||||||||||||||||||||
Total liabilities | 40 | 10 | 76 | 103 | 18 | 150 | 118 | ||||||||||||||||||||||||||||||||||
Noncontrolling interest | 13 | 44 | 6 | 48 | 66 | 416 | 239 | ||||||||||||||||||||||||||||||||||
Net assets less noncontrolling interests | $ | 543 | $ | 152 | $ | 630 | $ | 24 | $ | 67 | $ | 123 | $ | 103 | |||||||||||||||||||||||||||
(In millions) | Oahu Solar Partnership | Pinnacle Repowering Partnership LLC | Rattlesnake TE Holdco LLC | Rosie Target Co LLC | Wildorado TE Holdco | Other(a) | |||||||||||||||||||||||||||||
Other current and non-current assets | $ | 47 | $ | 12 | $ | 30 | $ | 26 | $ | 21 | $ | 16 | |||||||||||||||||||||||
Property, plant and equipment | 172 | 108 | 194 | 251 | 225 | 168 | |||||||||||||||||||||||||||||
Intangible assets | — | 18 | — | — | — | 1 | |||||||||||||||||||||||||||||
Total assets | 219 | 138 | 224 | 277 | 246 | 185 | |||||||||||||||||||||||||||||
Current and non-current liabilities | 114 | 6 | 23 | 100 | 18 | 44 | |||||||||||||||||||||||||||||
Total liabilities | 114 | 6 | 23 | 100 | 18 | 44 | |||||||||||||||||||||||||||||
Noncontrolling interest | 31 | 78 | 98 | 140 | 121 | 84 | |||||||||||||||||||||||||||||
Net assets less noncontrolling interests | $ | 74 | $ | 54 | $ | 103 | $ | 37 | $ | 107 | $ | 57 | |||||||||||||||||||||||
(In millions) | NRG Wind TE Holdco | Alta TE Holdco | Spring Canyon | ||||||||
Other current and non-current assets | $ | 172 | $ | 17 | $ | 2 | |||||
Property, plant and equipment | 376 | 436 | 95 | ||||||||
Intangible assets | 2 | 262 | — | ||||||||
Total assets | 550 | 715 | 97 | ||||||||
Current and non-current liabilities | 197 | 9 | 5 | ||||||||
Total liabilities | 197 | 9 | 5 | ||||||||
Noncontrolling interest | 9 | 93 | 60 | ||||||||
Net assets less noncontrolling interests | $ | 344 | $ | 613 | $ | 32 |
As of December 31, 2017 | As of December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
Assets: | |||||||||||||||
Notes receivable, including current portion | $ | 13 | $ | 13 | $ | 30 | $ | 30 | |||||||
Liabilities: | |||||||||||||||
Long-term debt, including current portion — affiliate | 618 | 618 | 618 | 608 | |||||||||||
Long-term debt, including current portion — external | $ | 5,281 | $ | 5,297 | $ | 5,516 | $ | 5,500 |
As of December 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Long-term debt, including current portion — affiliate | $ | 1 | $ | 1 | $ | 1 | $ | 1 | |||||||||||||||
Long-term debt, including current portion — external (a) | 7,782 | 7,997 | 7,048 | 7,020 |
As of December 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term debt, including current portion | $ | 2,160 | $ | 5,838 | $ | 1,906 | $ | 5,115 | |||||||||||||||
As of December 31, 2017 | As of December 31, 2016 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
(In millions) | |||||||||||||||
Long-term debt, including current portion | $ | 870 | $ | 5,045 | $ | 833 | $ | 5,275 |
As of December 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||
Fair Value | Fair Value (a) | Fair Value | Fair Value (a) | ||||||||||||||||||||||||||
(In millions) | Level 2 | Level 3 | Level 2 | Level 3 | |||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 6 | $ | — | $ | 1 | $ | — | |||||||||||||||||||||
Other financial instruments (b) | — | 25 | — | 29 | |||||||||||||||||||||||||
Total assets | $ | 6 | $ | 25 | $ | 1 | $ | 29 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 179 | $ | — | $ | 44 | |||||||||||||||||||||
Interest rate contracts | 63 | — | 129 | — | |||||||||||||||||||||||||
Total liabilities | $ | 63 | $ | 179 | $ | 129 | $ | 44 |
As of December 31, 2017 | As of December 31, 2016 | |||||||||||
Fair Value (a) | Fair Value (a) | Fair Value (a) | ||||||||||
(In millions) | Level 2 | Level 1 | Level 2 | |||||||||
Derivative assets: | ||||||||||||
Commodity contracts | $ | 1 | $ | 1 | $ | 1 | ||||||
Interest rate contracts | 1 | — | 1 | |||||||||
Total assets | $ | 2 | 1 | 2 | ||||||||
Derivative liabilities: | ||||||||||||
Commodity contracts | $ | 1 | — | 1 | ||||||||
Interest rate contracts | 47 | — | 78 | |||||||||
Total liabilities | $ | 48 | $ | — | $ | 79 |
Year ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(In millions) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Beginning balance | $ | (15) | $ | (9) | ||||||||||||||||||||||
Total losses for the period included in earnings | (93) | — | ||||||||||||||||||||||||
Contracts acquired | (52) | (6) | ||||||||||||||||||||||||
Settlements | 6 | — | ||||||||||||||||||||||||
Ending balance | $ | (154) | $ | (15) | ||||||||||||||||||||||
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of December 31, | $ | (93) | $ | 1 |
December 31, 2021 | |||||||||||||||||||||||
Fair Value | Input/Range | ||||||||||||||||||||||
Assets | Liabilities | Valuation Technique | Significant Unobservable Input | Low | High | Weighted Average | |||||||||||||||||
(In millions) | |||||||||||||||||||||||
Commodity Contracts | $ | — | $ | (179) | Discounted Cash Flow | Forward Market Price (per MWh) | $ | 13.93 | $ | 56.06 | $ | 27.46 | |||||||||||
Other Financial Instruments | 25 | — | Discounted Cash Flow | Forecast annual generation levels of certain DG solar facilities | 80,872 MWh | 129,913 MWh | 124,783 MWh |
Significant Observable Input | Position | Change In Input | Impact on Fair Value Measurement | ||||||||
Forward Market Price Power | Buy | Increase/(Decrease) | Higher/(Lower) | ||||||||
Forward Market Price Power | Sell | Increase/(Decrease) | Lower/(Higher) | ||||||||
Forecast Generation Levels | Sell | Increase/(Decrease) | Higher/(Lower) |
Total Volume | |||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||
Commodity | Units | (In millions) | |||||||||||||||
Natural Gas | MMBtu | 2 | 1 | ||||||||||||||
Power | MWh | (17) | (8) | ||||||||||||||
Interest | Dollars | $ | 1,326 | $ | 1,600 |
Total Volume | |||||||||
December 31, 2017 | December 31, 2016 | ||||||||
Commodity | Units | (In millions) | |||||||
Natural Gas | MMBtu | 2 | 3 | ||||||
Interest | Dollars | $ | 1,940 | $ | 2,090 |
Fair Value | |||||||||||||||
Derivative Assets (a) | Derivative Liabilities | ||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||
(In millions) | |||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 4 | $ | 26 | |||||||
Interest rate contracts long-term | 1 | 1 | 9 | 39 | |||||||||||
Total Derivatives Designated as Cash Flow Hedges | 1 | 1 | 13 | 65 | |||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||
Interest rate contracts current | — | — | 12 | 6 | |||||||||||
Interest rate contracts long-term | — | — | 22 | 7 | |||||||||||
Commodity contracts current | 1 | 2 | 1 | 1 | |||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | 1 | 2 | 35 | 14 | |||||||||||
Total Derivatives | $ | 2 | $ | 3 | $ | 48 | $ | 79 |
Fair Value | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 5 | $ | 8 | |||||||||||||||
Interest rate contracts long-term | 2 | — | 3 | 15 | |||||||||||||||||||
Total Derivatives Designated as Cash Flow Hedges | $ | 2 | $ | — | $ | 8 | $ | 23 | |||||||||||||||
Derivatives Not Designated as Cash Flow Hedges: | |||||||||||||||||||||||
Interest rate contracts current | $ | — | $ | — | $ | 17 | $ | 25 | |||||||||||||||
Interest rate contracts long-term | 4 | 1 | 38 | 81 | |||||||||||||||||||
Commodity contracts current | — | — | 24 | 5 | |||||||||||||||||||
Commodity contracts long-term | — | — | 155 | 39 | |||||||||||||||||||
Total Derivatives Not Designated as Cash Flow Hedges | $ | 4 | $ | 1 | $ | 234 | $ | 150 | |||||||||||||||
Total Derivatives | $ | 6 | $ | 1 | $ | 242 | $ | 173 |
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||
As of December 31, 2021 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||||||||
Commodity contracts | (In millions) | ||||||||||||||||
Derivative liabilities | $ | (179) | $ | — | $ | (179) | |||||||||||
Total commodity contracts | $ | (179) | $ | — | $ | (179) | |||||||||||
Interest rate contracts | |||||||||||||||||
Derivative assets | $ | 6 | $ | (5) | $ | 1 | |||||||||||
Derivative liabilities | (63) | 5 | (58) | ||||||||||||||
Total interest rate contracts | $ | (57) | $ | — | $ | (57) | |||||||||||
Total derivative instruments | $ | (236) | $ | — | $ | (236) |
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||
As of December 31, 2017 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||
Commodity contracts: | (In millions) | ||||||||||
Derivative assets | $ | 1 | $ | — | $ | 1 | |||||
Derivative liabilities | (1 | ) | — | (1 | ) | ||||||
Total commodity contracts | — | — | — | ||||||||
Interest rate contracts: | |||||||||||
Derivative assets | 1 | (1 | ) | — | |||||||
Derivative liabilities | (47 | ) | 1 | (46 | ) | ||||||
Total interest rate contracts | (46 | ) | — | (46 | ) | ||||||
Total derivative instruments | $ | (46 | ) | $ | — | $ | (46 | ) |
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||
As of December 31, 2016 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||
Commodity contracts: | (In millions) | ||||||||||
Derivative assets | $ | 2 | $ | — | $ | 2 | |||||
Derivative liabilities | (1 | ) | — | (1 | ) | ||||||
Total commodity contracts | 1 | — | 1 | ||||||||
Interest rate contracts: | |||||||||||
Derivative assets | 1 | (1 | ) | — | |||||||
Derivative liabilities | (78 | ) | 1 | (77 | ) | ||||||
Total interest rate contracts | (77 | ) | — | (77 | ) | ||||||
Total derivative instruments | $ | (76 | ) | $ | — | $ | (76 | ) |
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||
As of December 31, 2020 | Gross Amounts of Recognized Assets/Liabilities | Derivative Instruments | Net Amount | ||||||||||||||
Commodity contracts | (In millions) | ||||||||||||||||
Derivative liabilities | $ | (44) | $ | — | $ | (44) | |||||||||||
Total commodity contracts | $ | (44) | $ | — | $ | (44) | |||||||||||
Interest rate contracts | |||||||||||||||||
Derivative assets | $ | 1 | $ | — | $ | 1 | |||||||||||
Derivative liabilities | (129) | — | (129) | ||||||||||||||
Total interest rate contracts | $ | (128) | $ | — | $ | (128) | |||||||||||
Total derivative instruments | $ | (172) | $ | — | $ | (172) |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||
Accumulated OCL beginning balance | $ | (86 | ) | $ | (99 | ) | $ | (82 | ) | Accumulated OCL beginning balance | $ | (35) | $ | (37) | $ | (45) | ||||||||||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 17 | 17 | 17 | Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 11 | 11 | 22 | |||||||||||||||||||||
Mark-to-market of cash flow hedge accounting contracts | — | (4 | ) | (34 | ) | Mark-to-market of cash flow hedge accounting contracts | 11 | (9) | (14) | |||||||||||||||||||
Accumulated OCL ending balance | (69 | ) | (86 | ) | (99 | ) | Accumulated OCL ending balance | $ | (13) | $ | (35) | $ | (37) | |||||||||||||||
Accumulated OCL attributable to noncontrolling interests | (1 | ) | (1 | ) | (1 | ) | Accumulated OCL attributable to noncontrolling interests | — | (2) | — | ||||||||||||||||||
Accumulated OCL attributable to NRG Yield LLC | $ | (68 | ) | $ | (85 | ) | $ | (98 | ) | |||||||||||||||||||
Accumulated OCL attributable to Clearway Energy LLC | Accumulated OCL attributable to Clearway Energy LLC | $ | (13) | $ | (33) | $ | (37) | |||||||||||||||||||||
Losses expected to be realized from OCL during the next 12 months | $ | 15 | Losses expected to be realized from OCL during the next 12 months | $ | (9) | 0 | 0 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In millions) | |||||||||||||||||
Interest Rate Contracts (Mark-to-market interest expense) | $ | 53 | $ | (38) | $ | (65) | |||||||||||
Commodity Contracts (Mark-to-market for economic hedging activities) (a) | (83) | (4) | (9) |
•Emission Allowances —These intangibles primarily consist of SO2 and NOx emission allowances established with the El Segundo, |
Year ended December 31, 2021 | PPAs | Leasehold Rights | Customer Relationships | Customer Contracts | Emission Allowances | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 | $ | 1,661 | $ | 86 | $ | 66 | $ | 15 | $ | 17 | $ | 12 | $ | 1,857 | |||||||||||||||||||||||||||||||||
Acquisitions (a) | 1,324 | — | — | — | — | 4 | 1,328 | ||||||||||||||||||||||||||||||||||||||||
Reclassified to held for sale (b) | — | — | (66) | (15) | — | — | (81) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | 2,985 | 86 | — | — | 17 | 16 | 3,104 | ||||||||||||||||||||||||||||||||||||||||
Less accumulated amortization | (566) | (30) | — | — | (3) | (6) | (605) | ||||||||||||||||||||||||||||||||||||||||
Net carrying amount | $ | 2,419 | $ | 56 | $ | — | $ | — | $ | 14 | $ | 10 | $ | 2,499 |
Year ended December 31, 2017 | PPAs | Leasehold Rights | Customer Relationships | Customer Contracts | Emission Allowances | Development Rights | Other | Total | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
January 1, 2017 | $ | 1,286 | $ | 86 | $ | 66 | $ | 15 | $ | 9 | $ | 3 | $ | 6 | $ | 1,471 | |||||||||||||||
Asset impairments (a) | (6 | ) | — | — | — | — | — | — | (6 | ) | |||||||||||||||||||||
December 31, 2017 | 1,280 | 86 | 66 | 15 | 9 | 3 | 6 | 1,465 | |||||||||||||||||||||||
Less accumulated amortization | (205 | ) | (13 | ) | (5 | ) | (8 | ) | (3 | ) | (1 | ) | (2 | ) | (237 | ) | |||||||||||||||
Net carrying amount | $ | 1,075 | $ | 73 | $ | 61 | $ | 7 | $ | 6 | $ | 2 | $ | 4 | $ | 1,228 |
Year ended December 31, 2020 | PPAs | Leasehold Rights | Customer Relationships | Customer Contracts | Emission Allowances | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | $ | 1,630 | $ | 86 | $ | 66 | $ | 15 | $ | 17 | $ | 8 | $ | 1,822 | |||||||||||||||||||||||||||||||||
Consolidation of DGPV Holdco Entities | 23 | — | — | — | — | — | 23 | ||||||||||||||||||||||||||||||||||||||||
Other | 8 | — | — | — | — | 4 | 12 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 1,661 | 86 | 66 | 15 | 17 | 12 | 1,857 | ||||||||||||||||||||||||||||||||||||||||
Less accumulated amortization | (431) | (26) | (11) | (11) | (3) | (5) | (487) | ||||||||||||||||||||||||||||||||||||||||
Net carrying amount | $ | 1,230 | $ | 60 | $ | 55 | $ | 4 | $ | 14 | $ | 7 | $ | 1,370 |
Year ended December 31, 2016 | PPAs | Leasehold Rights | Customer Relationships | Customer Contracts | Emission Allowances | Development Rights | Other | Total | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
January 1, 2016 | $ | 1,286 | $ | 86 | $ | 66 | $ | 15 | $ | 15 | $ | 3 | $ | 6 | $ | 1,477 | |||||||||||||||
Other | — | — | — | — | (6 | ) | — | — | (6 | ) | |||||||||||||||||||||
December 31, 2016 | 1,286 | 86 | 66 | 15 | 9 | 3 | 6 | 1,471 | |||||||||||||||||||||||
Less accumulated amortization | (143 | ) | (9 | ) | (4 | ) | (7 | ) | (2 | ) | (1 | ) | (2 | ) | (168 | ) | |||||||||||||||
Net carrying amount | $ | 1,143 | $ | 77 | $ | 62 | $ | 8 | $ | 7 | $ | 2 | $ | 4 | $ | 1,303 |
(In millions) | ||||||||
2022 | $ | 158 | ||||||
2023 | 155 | |||||||
2024 | 153 | |||||||
2025 | 153 | |||||||
2026 | 153 |
December 31, 2017 | December 31, 2016 | Interest rate % (a) | Letters of Credit Outstanding at December 31, 2017 | ||||||||||
(In millions, except rates) | |||||||||||||
2026 Senior Notes | $ | 350 | $ | 350 | 5.000 | ||||||||
2024 Senior Notes | 500 | 500 | 5.375 | ||||||||||
Long-term debt - affiliate, due 2020 | 281 | 281 | 3.325 | ||||||||||
Long-term debt - affiliate, due 2019 | 337 | 337 | 3.580 | ||||||||||
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (b) | 55 | — | L+2.500 | 74 | |||||||||
Project-level debt: | |||||||||||||
Agua Caliente Borrower 2, due 2038 | 41 | — | 5.430 | 17 | |||||||||
Alpine, due 2022 | 135 | 145 | L+1.750 | 16 | |||||||||
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 926 | 965 | 5.696 - 7.015 | 119 | |||||||||
CVSR, due 2037 | 746 | 771 | 2.339 - 3.775 | — | |||||||||
CVSR Holdco Notes, due 2037 | 194 | 199 | 4.680 | 13 | |||||||||
El Segundo Energy Center, due 2023 | 400 | 443 | L+1.75 - L+2.375 | 102 | |||||||||
Energy Center Minneapolis, due 2025 | 83 | 96 | 5.950 | — | |||||||||
Energy Center Minneapolis Series D Notes, due 2031 | 125 | 125 | 3.550 | — | |||||||||
Laredo Ridge, due 2028 | 95 | 100 | L+1.875 | 10 | |||||||||
Marsh Landing, due 2023 | 318 | 370 | L+1.875 | 22 | |||||||||
Tapestry, due 2021 | 162 | 172 | L+1.625 | 20 | |||||||||
Utah Solar Portfolio, due 2022 | 278 | 287 | various | 13 | |||||||||
Viento, due 2023 | 163 | 178 | L+3.00 | 27 | |||||||||
Walnut Creek, due 2023 | 267 | 310 | L+1.625 | 41 | |||||||||
Other | 443 | 505 | various | 38 | |||||||||
Subtotal project-level debt | 4,376 | 4,666 | |||||||||||
Total debt | 5,899 | 6,134 | |||||||||||
Less current maturities | (306 | ) | (323 | ) | |||||||||
Less net debt issuance costs | (54 | ) | (65 | ) | |||||||||
Total long-term debt | $ | 5,539 | $ | 5,746 |
December 31, 2021 | December 31, 2020 | Interest rate % (a) | Letters of Credit Outstanding at December 31, 2021 | ||||||||||||||||||||
(In millions, except rates) | |||||||||||||||||||||||
Intercompany Note with Clearway Energy, Inc. | $ | 1 | $ | 1 | 1.490 | ||||||||||||||||||
2025 Senior Notes | — | 600 | 5.750 | ||||||||||||||||||||
2026 Senior Notes | — | 350 | 5.000 | ||||||||||||||||||||
2028 Senior Notes | 850 | 850 | 4.750 | ||||||||||||||||||||
2031 Senior Notes | 925 | — | 3.750 | ||||||||||||||||||||
2032 Senior Notes | 350 | — | 3.750 | ||||||||||||||||||||
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | 245 | — | 1.750 | $ | 83 | ||||||||||||||||||
Bridge Loan, due 2022 (c) | 335 | — | S+1.000 | ||||||||||||||||||||
Project-level debt: | |||||||||||||||||||||||
Agua Caliente Solar LLC, due 2037 | 684 | — | 2.395 - 3.633 | 45 | |||||||||||||||||||
Alta Wind Asset Management LLC, due 2031 | 13 | 14 | L+2.625 | — | |||||||||||||||||||
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | 756 | 800 | 5.696 - 7.015 | 34 | |||||||||||||||||||
Alta Wind Realty Investments LLC, due 2031 | 24 | 25 | 7.000 | — | |||||||||||||||||||
Borrego, due 2024 and 2038 | 54 | 57 | Various | — | |||||||||||||||||||
Buckthorn Solar, due 2025 | 123 | 126 | L+1.750 | 21 | |||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2027 | 136 | 156 | L+1.625 | 62 | |||||||||||||||||||
Carlsbad Energy Holdings LLC, due 2038 | 407 | 407 | 4.120 | — | |||||||||||||||||||
Carlsbad Holdco, due 2038 | 205 | 210 | 4.210 | 6 | |||||||||||||||||||
CVSR, due 2037 | 652 | 675 | 2.339 - 3.775 | — | |||||||||||||||||||
CVSR Holdco Notes, due 2037 | 169 | 176 | 4.680 | 13 | |||||||||||||||||||
DG-CS Master Borrower LLC, due 2040 | 441 | 467 | 3.510 | 30 | |||||||||||||||||||
Duquesne, due 2059 (d) | — | 95 | 4.620 | — | |||||||||||||||||||
El Segundo Energy Center, due 2023 | 193 | 250 | L+1.875 - L+2.500 | 138 | |||||||||||||||||||
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037 (d) | — | 327 | Various | — | |||||||||||||||||||
Kawailoa Solar Portfolio LLC, due 2026 | 78 | 81 | L+1.375 | 14 | |||||||||||||||||||
Laredo Ridge, due 2028 | 72 | 78 | L+2.125 | 3 | |||||||||||||||||||
Marsh Landing, due 2023 | 84 | 146 | L+2.375 | 46 | |||||||||||||||||||
NIMH Solar, due 2024 | 176 | 191 | L+2.000 | 10 | |||||||||||||||||||
Oahu Solar Holdings LLC, due 2026 | 86 | 89 | L+1.375 | 10 | |||||||||||||||||||
Rosie Class B LLC, due 2027 | 78 | 80 | L+1.750 | 17 | |||||||||||||||||||
Tapestry, due 2031 | 85 | 143 | L+1.375 | 12 | |||||||||||||||||||
Utah Solar Holdings, due 2036 | 273 | 290 | 3.590 | 10 | |||||||||||||||||||
Walnut Creek, due 2023 | 74 | 126 | L+1.750 | 116 | |||||||||||||||||||
WCEP Holdings, LLC, due 2023 | 30 | 35 | L+3.000 | — | |||||||||||||||||||
Other | 180 | 199 | Various | 201 | |||||||||||||||||||
Subtotal project-level debt | 5,073 | 5,243 | |||||||||||||||||||||
Total debt | 7,779 | 7,044 | |||||||||||||||||||||
Less current maturities | (773) | (385) | |||||||||||||||||||||
Less net debt issuance costs | (71) | (79) | |||||||||||||||||||||
Add premiums (e) | 4 | 5 | |||||||||||||||||||||
Total long-term debt | $ | 6,939 | $ | 6,585 |
% of Principal | Fixed Interest Rate | Floating Interest Rate | Notional Amount at December 31, 2021 (In millions) | Effective Date | Maturity Date | |||||||||||||||||||||||||||||||||
Avra Valley | 88 | % | 2.33 | % | 3-Month LIBOR | $ | 35 | November 30, 2012 | November 30, 2030 | |||||||||||||||||||||||||||||
Alta Wind Asset Management | 100 | % | 2.47 | % | 3-Month LIBOR | 13 | May 22, 2013 | May 15, 2031 | ||||||||||||||||||||||||||||||
Borrego | 100 | % | 0.476 | % | 3-Month LIBOR | 10 | June 30, 2020 | December 31, 2024 | ||||||||||||||||||||||||||||||
Buckthorn Solar | 81 | % | Various | 3-Month LIBOR | 100 | February 28, 2018 | December 31, 2041 | |||||||||||||||||||||||||||||||
Carlsbad | 100 | % | Various | 3-Month LIBOR | 136 | Various | September 30, 2027 | |||||||||||||||||||||||||||||||
El Segundo | 100 | % | Various | 3-Month LIBOR | 193 | Various | Various | |||||||||||||||||||||||||||||||
Kansas South | 75 | % | 2.368 | % | 6-Month LIBOR | 15 | June 28, 2013 | December 31, 2030 | ||||||||||||||||||||||||||||||
Kawailoa Solar | 94 | % | Various | 3-Month LIBOR | 74 | November 30, 2019 | October 31, 2040 | |||||||||||||||||||||||||||||||
Laredo Ridge | 100 | % | Various | 3-Month LIBOR | 72 | December 17, 2014 | December 31, 2028 | |||||||||||||||||||||||||||||||
Marsh Landing | 100 | % | Various | 3-Month LIBOR | 84 | June 28, 2013 | June 30, 2023 | |||||||||||||||||||||||||||||||
NIMH Solar LLC | 100 | % | Various | 3-Month LIBOR | 176 | September 30, 2020 | Various | |||||||||||||||||||||||||||||||
Oahu Solar | 96 | % | Various | 3-Month LIBOR | 83 | November 30, 2019 | October 31, 2040 | |||||||||||||||||||||||||||||||
Rosie Class B | 95 | % | 1.446 | % | 3-Month LIBOR | 74 | December 31, 2020 | Various | ||||||||||||||||||||||||||||||
South Trent | 90 | % | 3.847 | % | 3-Month LIBOR | 31 | June 14, 2019 | June 30, 2028 | ||||||||||||||||||||||||||||||
Tapestry | 100 | % | Various | 3-Month LIBOR | 85 | Various | Various | |||||||||||||||||||||||||||||||
Viento Funding II | 100 | % | 3.03 | % | 6-Month LIBOR | 29 | Various | Various | ||||||||||||||||||||||||||||||
Viento Funding II | 100 | % | 4.985 | % | 6-Month LIBOR | 21 | July 11, 2023 | June 30, 2028 | ||||||||||||||||||||||||||||||
Walnut Creek Energy | 90 | % | 3.543 | % | 3-Month LIBOR | 66 | June 28, 2013 | May 31, 2023 | ||||||||||||||||||||||||||||||
WCEP Holdings | 97 | % | 4.003 | % | 3-Month LIBOR | 29 | June 28, 2013 | May 31, 2023 | ||||||||||||||||||||||||||||||
Total | $ | 1,326 |
% of Principal | Fixed Interest Rate | Floating Interest Rate | Notional Amount at December 31, 2017 (In millions) | Effective Date | Maturity Date | |||||||||||
Alpine | 85 | % | various | 3-Month LIBOR | $ | 115 | various | various | ||||||||
Avra Valley | 85 | % | 2.333 | % | 3-Month LIBOR | 46 | November 30, 2012 | November 30, 2030 | ||||||||
AWAM | 100 | % | 2.47 | % | 3-Month LIBOR | 17 | May 22, 2013 | May 15, 2031 | ||||||||
Blythe | 75 | % | 3.563 | % | 3-Month LIBOR | 13 | June 25, 2010 | June 25, 2028 | ||||||||
Borrego | 75 | % | 1.125 | % | 3-Month LIBOR | 5 | April 3, 2013 | June 30, 2020 | ||||||||
El Segundo | 75 | % | various | 3-Month LIBOR | 340 | various | various | |||||||||
Kansas South | 75 | % | 2.368 | % | 6-Month LIBOR | 21 | June 28, 2013 | December 31, 2030 | ||||||||
Laredo Ridge | 75 | % | 2.31 | % | 3-Month LIBOR | 75 | March 31, 2011 | March 31, 2026 | ||||||||
Marsh Landing | 75 | % | 3.244 | % | 3-Month LIBOR | 295 | June 28, 2013 | June 30, 2023 | ||||||||
Roadrunner | 75 | % | 4.313 | % | 3-Month LIBOR | 26 | September 30, 2011 | December 31, 2029 | ||||||||
South Trent | 75 | % | 3.265 | % | 3-Month LIBOR | 40 | June 15, 2010 | June 14, 2020 | ||||||||
South Trent | 75 | % | 4.95 | % | 3-Month LIBOR | 21 | June 30, 2020 | June 14, 2028 | ||||||||
Tapestry | 75 | % | 2.21 | % | 3-Month LIBOR | 146 | December 30, 2011 | December 21, 2021 | ||||||||
Tapestry | 50 | % | 3.57 | % | 3-Month LIBOR | 60 | December 21, 2021 | December 21, 2029 | ||||||||
Utah Solar Portfolio | 80 | % | various | 1-Month LIBOR | 223 | various | September 30, 2036 | |||||||||
Viento Funding II | 90 | % | various | 6-Month LIBOR | 148 | various | various | |||||||||
Viento Funding II | 90 | % | 4.985 | % | 6-Month LIBOR | 65 | July 11, 2023 | June 30, 2028 | ||||||||
Walnut Creek Energy | 75 | % | various | 3-Month LIBOR | 239 | June 28, 2013 | May 31, 2023 | |||||||||
WCEP Holdings | 90 | % | 4.003 | % | 3-Month LIBOR | 45 | June 28, 2013 | May 31, 2023 | ||||||||
Total | $ | 1,940 |
(In millions) | |||||
2022 | $ | 772 | |||
2023 | 709 | ||||
2024 | 392 | ||||
2025 (a) | 369 | ||||
2026 (a) | 422 | ||||
Thereafter (a) | 5,537 | ||||
Total | $ | 8,201 | |||
(In millions) | |||
2018 | $ | 306 | |
2019 | 714 | ||
2020 | 650 | ||
2021 | 455 | ||
2022 | 653 | ||
Thereafter | 3,121 | ||
Total | $ | 5,899 |
Fourth Quarter 2017 | Third Quarter 2017 | Second Quarter 2017 | First Quarter 2017 | Fourth Quarter 2021 | Third Quarter 2021 | Second Quarter 2021 | First Quarter 2021 | |||||||||||||||||||||||||||||||
Distributions per Class A and Class B units | $ | 0.288 | $ | 0.28 | $ | 0.27 | $ | 0.26 | Distributions per Class A and Class B units | $ | 0.3400 | $ | 0.3345 | $ | 0.3290 | $ | 0.3240 | |||||||||||||||||||||
Distributions per Class C and Class D units | $ | 0.288 | $ | 0.28 | $ | 0.27 | $ | 0.26 | Distributions per Class C and Class D units | 0.3400 | 0.3345 | 0.3290 | 0.3240 |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Customer | Conventional | Renewables | Conventional | Renewables | Conventional | Renewables | |||||||||||||||||||||||||||||
SCE | 17% | 16% | 18% | 16% | 21% | 19% | |||||||||||||||||||||||||||||
PG&E | 10% | 13% | 10% | 8% | 12% | 10% |
2017 | 2016 | 2015 | |||||||||
Customer | Conventional (%) | Renewables (%) | Conventional (%) | Renewables (%) | Conventional (%) | Renewables (%) | |||||
SCE | 21% | 20% | 21% | 21% | 22% | 17% | |||||
PG&E | 12% | 11% | 12% | 11% | 12% | 12% |
Year ended December 31, 2017 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 336 | $ | 501 | $ | 172 | $ | — | $ | 1,009 | |||||||||
Cost of operations | 77 | 133 | 116 | — | 326 | ||||||||||||||
Depreciation and amortization | 103 | 210 | 21 | — | 334 | ||||||||||||||
Impairment losses | — | 44 | — | — | 44 | ||||||||||||||
General and administrative | — | — | — | 19 | 19 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 3 | 3 | ||||||||||||||
Operating income (loss) | 156 | 114 | 35 | (22 | ) | 283 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 12 | 59 | — | — | 71 | ||||||||||||||
Other income, net | 1 | 2 | — | 1 | 4 | ||||||||||||||
Loss on debt extinguishment | — | (3 | ) | — | — | (3 | ) | ||||||||||||
Interest expense | (49 | ) | (163 | ) | (10 | ) | (71 | ) | (293 | ) | |||||||||
Net Income (Loss) | $ | 120 | $ | 9 | $ | 25 | $ | (92 | ) | $ | 62 | ||||||||
Balance Sheet | |||||||||||||||||||
Equity investment in affiliates | $ | 102 | $ | 1,076 | $ | — | $ | — | $ | 1,178 | |||||||||
Capital expenditures (a) | 15 | 4 | 16 | — | 35 | ||||||||||||||
Total Assets | $ | 1,897 | $ | 5,811 | $ | 422 | $ | 24 | $ | 8,154 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | ||||||||||||||||||||||||
Operating revenues | $ | 441 | $ | 641 | $ | 204 | $ | — | $ | 1,286 | |||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 90 | 229 | 134 | (2) | 451 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 132 | 354 | 23 | — | 509 | ||||||||||||||||||||||||
Impairment losses | — | 6 | — | — | 6 | ||||||||||||||||||||||||
General and administrative | — | — | 4 | 34 | 38 | ||||||||||||||||||||||||
Transaction and integration costs | — | — | — | 7 | 7 | ||||||||||||||||||||||||
Development costs | — | — | 4 | 2 | 6 | ||||||||||||||||||||||||
Operating income (loss) | 219 | 52 | 39 | (41) | 269 | ||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 6 | 26 | — | — | 32 | ||||||||||||||||||||||||
Other income, net | — | 2 | 1 | — | 3 | ||||||||||||||||||||||||
Loss on debt extinguishment | — | (1) | — | (52) | (53) | ||||||||||||||||||||||||
Interest expense, net | (53) | (142) | (18) | (99) | (312) | ||||||||||||||||||||||||
Income (loss) before income taxes | 172 | (63) | 22 | (192) | (61) | ||||||||||||||||||||||||
Income tax expense | — | 2 | — | — | 2 | ||||||||||||||||||||||||
Net Income (Loss) | 172 | (65) | 22 | (192) | (63) | ||||||||||||||||||||||||
Net Income (Loss) Attributable to Clearway Energy LLC | $ | 172 | $ | 109 | $ | 22 | $ | (193) | $ | 110 | |||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Equity investment in affiliates | $ | 86 | $ | 295 | $ | — | $ | — | $ | 381 | |||||||||||||||||||
Capital expenditures (b) | 12 | 77 | 29 | 1 | 119 | ||||||||||||||||||||||||
Total Assets (c) | $ | 2,442 | $ | 9,603 | $ | 631 | $ | 42 | $ | 12,718 |
Year ended December 31, 2016 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 333 | $ | 532 | $ | 170 | $ | — | $ | 1,035 | |||||||||
Cost of operations | 66 | 128 | 114 | — | 308 | ||||||||||||||
Depreciation and amortization | 80 | 203 | 20 | — | 303 | ||||||||||||||
Impairment losses | — | 185 | — | — | 185 | ||||||||||||||
General and administrative | — | — | — | 14 | 14 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 1 | 1 | ||||||||||||||
Operating income (loss) | 187 | 16 | 36 | (15 | ) | 224 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 13 | 47 | — | — | 60 | ||||||||||||||
Other income, net | 1 | 2 | — | — | 3 | ||||||||||||||
Interest expense | (48 | ) | (151 | ) | (7 | ) | (66 | ) | (272 | ) | |||||||||
Net Income (Loss) | $ | 153 | $ | (86 | ) | $ | 29 | $ | (81 | ) | $ | 15 | |||||||
Balance Sheet | |||||||||||||||||||
Equity investments in affiliates | $ | 106 | $ | 1,046 | $ | — | $ | — | $ | 1,152 | |||||||||
Capital expenditures (a) | 7 | 2 | 14 | — | 23 | ||||||||||||||
Total Assets | $ | 1,993 | $ | 6,114 | $ | 426 | $ | 213 | $ | 8,746 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | ||||||||||||||||||||||||
Operating revenues | $ | 437 | $ | 569 | $ | 193 | $ | — | $ | 1,199 | |||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 90 | 147 | 131 | (2) | 366 | ||||||||||||||||||||||||
Depreciation amortization and accretion | 132 | 264 | 32 | — | 428 | ||||||||||||||||||||||||
Impairment losses | — | 24 | — | — | 24 | ||||||||||||||||||||||||
General and administrative | — | — | 3 | 30 | 33 | ||||||||||||||||||||||||
Transaction and integration costs | — | — | — | 9 | 9 | ||||||||||||||||||||||||
Development costs | — | — | 5 | — | 5 | ||||||||||||||||||||||||
Operating income (loss) | 215 | 134 | 22 | (37) | 334 | ||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 8 | (1) | — | — | 7 | ||||||||||||||||||||||||
Impairment loss on investment | — | (8) | — | — | (8) | ||||||||||||||||||||||||
Gain on sale of unconsolidated affiliates | — | — | — | 49 | 49 | ||||||||||||||||||||||||
Other income, net | 1 | 4 | — | (1) | 4 | ||||||||||||||||||||||||
Loss on debt extinguishment | — | (21) | — | (3) | (24) | ||||||||||||||||||||||||
Interest expense, net | (84) | (216) | (19) | (95) | (414) | ||||||||||||||||||||||||
Net Income (Loss) | 140 | (108) | 3 | (87) | (52) | ||||||||||||||||||||||||
Net Income (Loss) Attributable to Clearway Energy LLC | $ | 140 | $ | 4 | $ | 3 | $ | (86) | $ | 61 | |||||||||||||||||||
Balance Sheet | |||||||||||||||||||||||||||||
Equity investments in affiliates | $ | 90 | $ | 651 | $ | — | $ | — | $ | 741 | |||||||||||||||||||
Capital expenditures (b) | 12 | 44 | 50 | — | 106 | ||||||||||||||||||||||||
Total Assets | $ | 2,575 | $ | 7,157 | $ | 627 | $ | 129 | $ | 10,488 |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate (a) | Total | ||||||||||||||||||||||||
Operating revenues | $ | 346 | $ | 485 | $ | 201 | $ | — | $ | 1,032 | |||||||||||||||||||
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 60 | 143 | 134 | — | 337 | ||||||||||||||||||||||||
Depreciation amortization and accretion | 103 | 271 | 27 | — | 401 | ||||||||||||||||||||||||
Impairment losses | — | 14 | 19 | — | 33 | ||||||||||||||||||||||||
General and administrative | — | 1 | 3 | 23 | 27 | ||||||||||||||||||||||||
Transaction and integration costs | — | — | — | 3 | 3 | ||||||||||||||||||||||||
Development costs | — | — | 5 | — | 5 | ||||||||||||||||||||||||
Operating income (loss) | 183 | 56 | 13 | (26) | 226 | ||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 9 | 74 | — | — | 83 | ||||||||||||||||||||||||
Other income, net | 2 | 6 | — | 1 | 9 | ||||||||||||||||||||||||
Loss on debt extinguishment | — | (1) | — | (15) | (16) | ||||||||||||||||||||||||
Interest expense, net | (59) | (239) | (18) | (87) | (403) | ||||||||||||||||||||||||
Net Income (Loss) | 135 | (104) | (5) | (127) | (101) | ||||||||||||||||||||||||
Net Income (Loss) Attributable to Clearway Energy LLC | $ | 135 | $ | (33) | $ | (5) | $ | (127) | $ | (30) |
Year ended December 31, 2015 | |||||||||||||||||||
(In millions) | Conventional Generation | Renewables | Thermal | Corporate | Total | ||||||||||||||
Operating revenues | $ | 336 | $ | 458 | $ | 174 | $ | — | $ | 968 | |||||||||
Cost of operations | 59 | 138 | 126 | — | 323 | ||||||||||||||
Depreciation and amortization | 81 | 203 | 19 | — | 303 | ||||||||||||||
Impairment losses | — | 1 | — | — | 1 | ||||||||||||||
General and administrative | — | — | — | 10 | 10 | ||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 3 | 3 | ||||||||||||||
Operating income (loss) | 196 | 116 | 29 | (13 | ) | 328 | |||||||||||||
Equity in earnings of unconsolidated affiliates | 14 | 17 | — | — | 31 | ||||||||||||||
Other income, net | 1 | 2 | — | — | 3 | ||||||||||||||
Loss on debt extinguishment | (7 | ) | (2 | ) | — | — | (9 | ) | |||||||||||
Interest expense | (48 | ) | (151 | ) | (7 | ) | (52 | ) | (258 | ) | |||||||||
Net Income (Loss) | $ | 156 | $ | (18 | ) | $ | 22 | $ | (65 | ) | $ | 95 |
(In millions) | |||||
2022 | $ | 7 | |||
2023 | 1 | ||||
2024 | — | ||||
2025 | — | ||||
2026 | — | ||||
Thereafter | — | ||||
Total | $ | 8 |
Period | (In millions) | ||
2018 | $ | 11 | |
2019 | 5 | ||
2020 | 3 | ||
2021 | 3 | ||
2022 | 3 | ||
Thereafter | 16 | ||
Total | $ | 41 |
Quarter Ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||
2017 | |||||||||||||||
(In millions) | |||||||||||||||
Operating Revenues | $ | 231 | $ | 269 | $ | 288 | $ | 221 | |||||||
Operating Revenues (as previously reported) | N/A | 265 | 284 | 218 | |||||||||||
Change | N/A | 4 | 4 | 3 | |||||||||||
Operating Income | 19 | 85 | 124 | 55 | |||||||||||
Operating Income (as previously reported) | N/A | 95 | 122 | 54 | |||||||||||
Change | N/A | (10 | ) | 2 | 1 | ||||||||||
Net (Loss) Income | (38 | ) | 41 | 59 | — | ||||||||||
Net Income (as previously reported) | N/A | 52 | 57 | 1 | |||||||||||
Change | N/A | $ | (11 | ) | $ | 2 | $ | (1 | ) |
Quarter Ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||
2016 | |||||||||||||||
(In millions) | |||||||||||||||
Operating Revenues | $ | 235 | $ | 276 | $ | 287 | $ | 237 | |||||||
Operating Revenues (as previously reported) | 232 | 272 | 283 | 234 | |||||||||||
Change | 3 | 4 | 4 | 3 | |||||||||||
Operating (Loss) Income | (100 | ) | 120 | 130 | 74 | ||||||||||
Operating (Loss) Income (as previously reported) | (99 | ) | 118 | 128 | 73 | ||||||||||
Change | (1 | ) | 2 | 2 | 1 | ||||||||||
Net (Loss) Income | (138 | ) | 68 | 80 | 5 | ||||||||||
Net (Loss) Income (as previously reported) | (137 | ) | 67 | 79 | 6 | ||||||||||
Change | $ | (1 | ) | $ | 1 | $ | 1 | $ | (1 | ) |
(In millions) | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Operating lease cost - Fixed | $ | 27 | $ | 19 | $ | 13 | ||||||||||||||
Operating lease cost - Variable | 15 | 9 | 8 | |||||||||||||||||
Total lease cost | $ | 42 | $ | 28 | $ | 21 |
(In millions, except term and rate) | December 31, 2021 | December 31, 2020 | ||||||||||||
Right-of-use assets - operating leases, net (a) (b) | $ | 550 | $ | 337 | ||||||||||
Short-term lease liability - operating leases (c) | $ | 8 | $ | 8 | ||||||||||
Long-term lease liability - operating leases | 561 | 345 | ||||||||||||
Total lease liabilities (a) (b) | $ | 569 | $ | 353 | ||||||||||
Weighted average remaining lease term (in years) | 28 | 25 | ||||||||||||
Weighted average discount rate | 3.5 | % | 4.3 | % | ||||||||||
Cash paid for operating leases | $ | 26 | $ | 19 |
(In millions) | ||||||||
2022 | $ | 28 | ||||||
2023 | 28 | |||||||
2024 | 28 | |||||||
2025 | 28 | |||||||
2026 | 29 | |||||||
Thereafter | 801 | |||||||
Total lease payments (a) | 942 | |||||||
Less imputed interest | (352) | |||||||
Total lease liability - operating leases | $ | 590 |
Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||||||
December 31, 2021 | (In millions) | |||||||||||||||||||||||||
Energy revenue | $ | 9 | $ | 716 | $ | 2 | $ | 727 | ||||||||||||||||||
Capacity revenue | 455 | — | — | 455 | ||||||||||||||||||||||
Operating revenue | $ | 464 | $ | 716 | $ | 2 | $ | 1,182 |
Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||||||
December 31, 2020 | (In millions) | |||||||||||||||||||||||||
Energy revenue | $ | 10 | $ | 554 | $ | 2 | $ | 566 | ||||||||||||||||||
Capacity revenue | 451 | — | — | 451 | ||||||||||||||||||||||
Operating revenue | $ | 461 | $ | 554 | $ | 2 | $ | 1,017 |
Conventional Generation | Renewables | Thermal | Total | |||||||||||||||||||||||
December 31, 2019 | (In millions) | |||||||||||||||||||||||||
Energy revenue | $ | 5 | $ | 509 | $ | 2 | $ | 516 | ||||||||||||||||||
Capacity revenue | 348 | — | — | 348 | ||||||||||||||||||||||
Operating revenue | $ | 353 | $ | 509 | $ | 2 | $ | 864 |
(In millions) | |||||
2022 | $ | 453 | |||
2023 | 261 | ||||
2024 | 106 | ||||
2025 | 107 | ||||
2026 | 108 | ||||
Thereafter | 1,390 | ||||
Total lease payments | $ | 2,425 |
(In millions) | December 31, 2021 | December 31, 2020 | |||||||||
Property, plant and equipment | $ | 8,981 | $ | 7,201 | |||||||
Accumulated depreciation | (2,827) | (1,964) | |||||||||
Net property, plant and equipment | $ | 6,154 | $ | 5,237 |
Year ended December 31, | |||||||||||||||||
(In millions) | 2021 | 2020 | 2019 | ||||||||||||||
Equity in earnings (losses) of consolidated affiliates | $ | 110 | $ | 61 | $ | (32) | |||||||||||
Other income, net | — | — | 2 | ||||||||||||||
Total other income, net | — | — | 2 | ||||||||||||||
Net Income (Loss) Attributable to Clearway Energy LLC | $ | 110 | $ | 61 | $ | (30) |
December 31, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS | (In millions) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 33 | $ | 119 | |||||||
Investment in consolidated subsidiaries | 1,497 | 1,545 | |||||||||
Total Assets | $ | 1,530 | $ | 1,664 | |||||||
LIABILITIES AND MEMBERS' EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable — affiliates | $ | 5 | $ | 24 | |||||||
Total Liabilities | 5 | 24 | |||||||||
Commitments and Contingencies | |||||||||||
Members' Equity | |||||||||||
Contributed capital | 1,495 | 1,723 | |||||||||
Retained earnings (Accumulated deficit) | 43 | (50) | |||||||||
Accumulated other comprehensive loss | (13) | (33) | |||||||||
Total Members' Equity | 1,525 | 1,640 | |||||||||
Total Liabilities and Members’ Equity | $ | 1,530 | $ | 1,664 |
Years ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In millions) | |||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net Cash Provided by Operating Activities | $ | — | $ | — | $ | — | |||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Investments in consolidated affiliates | 202 | 306 | (211) | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 202 | 306 | (211) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Transfer of funds under intercompany cash management arrangement | (20) | (65) | (5) | ||||||||||||||
Proceeds from issuance of Class C units | — | 62 | 100 | ||||||||||||||
Payments of distributions | (268) | (211) | (155) | ||||||||||||||
Net Cash Used in Financing Activities | (288) | (214) | (60) | ||||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (86) | 92 | (271) | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 119 | 27 | 298 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 33 | $ | 119 | $ | 27 | |||||||||||
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(b) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 21 | $ | 988 | $ | 1 | $ | (1 | ) | $ | 1,009 | ||||||||||
Operating Costs and Expenses | — | ||||||||||||||||||||||
Cost of operations | — | 14 | 312 | 1 | (1 | ) | 326 | ||||||||||||||||
Depreciation and amortization | — | 5 | 329 | — | — | 334 | |||||||||||||||||
Impairment losses | — | — | 44 | — | — | 44 | |||||||||||||||||
General and administrative | — | — | — | 19 | — | 19 | |||||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 3 | — | 3 | |||||||||||||||||
Total operating costs and expenses | — | 19 | 685 | 23 | (1 | ) | 726 | ||||||||||||||||
Operating (Loss) Income | — | 2 | 303 | (22 | ) | — | 283 | ||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings (losses) of consolidated affiliates | 136 | (16 | ) | — | 126 | (246 | ) | — | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | 22 | 21 | 28 | — | 71 | |||||||||||||||||
Other income, net | 1 | — | 3 | — | — | 4 | |||||||||||||||||
Loss on debt extinguishment | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||
Interest expense | — | — | (222 | ) | (71 | ) | — | (293 | ) | ||||||||||||||
Total other income (expense), net | 137 | 6 | (201 | ) | 83 | (246 | ) | (221 | ) | ||||||||||||||
Net Income | 137 | 8 | 102 | 61 | (246 | ) | 62 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (5 | ) | (75 | ) | 5 | (75 | ) | ||||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 137 | $ | 8 | $ | 107 | $ | 136 | $ | (251 | ) | $ | 137 |
NRG Yield LLC (a) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(b) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | 137 | $ | 8 | $ | 102 | $ | 61 | $ | (246 | ) | $ | 62 | ||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives | 17 | 1 | 16 | 17 | (34 | ) | 17 | ||||||||||||||||
Other comprehensive income | 17 | 1 | 16 | 17 | (34 | ) | 17 | ||||||||||||||||
Comprehensive Income | 154 | 9 | 118 | 78 | (280 | ) | 79 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (5 | ) | (75 | ) | 5 | (75 | ) | ||||||||||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 154 | $ | 9 | $ | 123 | $ | 153 | $ | (285 | ) | $ | 154 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(b) | Consolidated | |||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 22 | $ | — | $ | 124 | $ | — | $ | — | $ | 146 | ||||||||||||
Restricted cash | — | — | 168 | — | — | 168 | ||||||||||||||||||
Accounts receivable — trade | 1 | 2 | 92 | 1 | — | 96 | ||||||||||||||||||
Inventory | — | 1 | 38 | — | — | 39 | ||||||||||||||||||
Notes receivable — current | — | — | 13 | — | — | 13 | ||||||||||||||||||
Prepayments and other current assets | — | — | 18 | 1 | — | 19 | ||||||||||||||||||
Total current assets | 23 | 3 | 453 | 2 | — | 481 | ||||||||||||||||||
Property, plant and equipment, net | — | 58 | 5,146 | — | — | 5,204 | ||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,823 | 460 | — | 3,177 | (5,460 | ) | — | |||||||||||||||||
Equity investments in affiliates | — | 233 | 577 | 368 | — | 1,178 | ||||||||||||||||||
Intangible assets, net | — | 55 | 1,173 | — | — | 1,228 | ||||||||||||||||||
Other non-current assets | — | — | 63 | — | — | 63 | ||||||||||||||||||
Total other assets | 1,823 | 748 | 1,813 | 3,545 | (5,460 | ) | 2,469 | |||||||||||||||||
Total Assets | $ | 1,846 | $ | 809 | $ | 7,412 | $ | 3,547 | $ | (5,460 | ) | $ | 8,154 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Eliminations(b) | Consolidated | |||||||||||||||||||
LIABILITIES AND MEMBERS' EQUITY | (In millions) | |||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Current portion of long-term debt — external | $ | — | $ | — | $ | 306 | $ | — | $ | — | $ | 306 | ||||||||||||
Accounts payable — trade | — | 2 | 25 | — | — | 27 | ||||||||||||||||||
Accounts payable — affiliate | — | 5 | 27 | 16 | — | 48 | ||||||||||||||||||
Derivative instruments | — | — | 17 | — | — | 17 | ||||||||||||||||||
Accrued expenses and other current liabilities | — | 1 | 61 | 25 | — | 87 | ||||||||||||||||||
Total current liabilities | — | 8 | 436 | 41 | — | 485 | ||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-term debt — external | — | — | 4,025 | 896 | — | 4,921 | ||||||||||||||||||
Long-term debt — affiliate | — | — | — | 618 | — | 618 | ||||||||||||||||||
Derivative instruments | — | — | 31 | — | — | 31 | ||||||||||||||||||
Other non-current liabilities | — | — | 84 | 7 | — | 91 | ||||||||||||||||||
Total non-current liabilities | — | — | 4,140 | 1,521 | — | 5,661 | ||||||||||||||||||
Total Liabilities | — | 8 | 4,576 | 1,562 | — | 6,146 | ||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Members' Equity | ||||||||||||||||||||||||
Contributed capital | 1,897 | 863 | 2,871 | 2,097 | (5,831 | ) | 1,897 | |||||||||||||||||
Retained earnings (accumulated deficit) | 17 | (61 | ) | (21 | ) | (206 | ) | 288 | 17 | |||||||||||||||
Accumulated other comprehensive loss | (68 | ) | (1 | ) | (71 | ) | (68 | ) | 140 | (68 | ) | |||||||||||||
Noncontrolling interest | — | — | 57 | 162 | (57 | ) | 162 | |||||||||||||||||
Total Members' Equity | 1,846 | 801 | 2,836 | 1,985 | (5,460 | ) | 2,008 | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 1,846 | $ | 809 | $ | 7,412 | $ | 3,547 | $ | (5,460 | ) | $ | 8,154 |
NRG Yield LLC (a) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries | NRG Yield Operating LLC (Note Issuer) | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | — | $ | 58 | $ | 529 | $ | (71 | ) | $ | 516 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Changes in investments in consolidated subsidiaries | (15 | ) | — | — | 15 | — | ||||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | — | — | — | (250 | ) | (250 | ) | |||||||||||||
Capital expenditures | — | (4 | ) | (27 | ) | — | (31 | ) | ||||||||||||
Cash receipts from notes receivable | — | — | 17 | — | 17 | |||||||||||||||
Return of investment from unconsolidated affiliates | — | 10 | 14 | 23 | 47 | |||||||||||||||
Investments in unconsolidated affiliates | — | (64 | ) | (7 | ) | (2 | ) | (73 | ) | |||||||||||
Other | — | — | 7 | — | 7 | |||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (15 | ) | (58 | ) | 4 | (214 | ) | (283 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Net contributions from noncontrolling interests | — | — | 2 | 11 | 13 | |||||||||||||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | — | (13 | ) | (7 | ) | (20 | ) | ||||||||||||
Transfer of funds under intercompany cash management arrangement | (5 | ) | — | (1 | ) | 6 | — | |||||||||||||
Proceeds from the issuance of Class C units | 33 | — | — | — | 33 | |||||||||||||||
(Payments of) proceeds from distributions | (202 | ) | — | (220 | ) | 220 | (202 | ) | ||||||||||||
Proceeds from the revolving credit facility | — | — | — | 55 | 55 | |||||||||||||||
Proceeds from issuance of long-term debt | — | — | 41 | — | 41 | |||||||||||||||
Payments of debt issuance costs | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Payments for long-term debt — external | — | — | (332 | ) | — | (332 | ) | |||||||||||||
Net Cash (Used in) Provided by Financing Activities | (174 | ) | — | (527 | ) | 285 | (416 | ) | ||||||||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (189 | ) | — | 6 | — | (183 | ) | |||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 211 | — | 286 | — | 497 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 22 | $ | — | $ | 292 | $ | — | $ | 314 |
NRG Yield LLC (a) (c) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (c) | NRG Yield Operating LLC (Note Issuer) (c) | Eliminations(b) (c) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 22 | $ | 1,013 | $ | 1 | $ | (1 | ) | $ | 1,035 | ||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations | — | 14 | 294 | 1 | (1 | ) | 308 | ||||||||||||||||
Depreciation and amortization | — | 5 | 298 | — | — | 303 | |||||||||||||||||
Impairment losses | — | — | 185 | — | — | 185 | |||||||||||||||||
General and administrative | 2 | — | — | 12 | — | 14 | |||||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 1 | — | 1 | |||||||||||||||||
Total operating costs and expenses | 2 | 19 | 777 | 14 | (1 | ) | 811 | ||||||||||||||||
Operating Income (Loss) | (2 | ) | 3 | 236 | (13 | ) | — | 224 | |||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings (losses) of consolidated affiliates | 128 | 10 | — | 66 | (204 | ) | — | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | 9 | 21 | 30 | — | 60 | |||||||||||||||||
Other income, net | — | — | 3 | — | — | 3 | |||||||||||||||||
Interest expense | — | — | (206 | ) | (66 | ) | — | (272 | ) | ||||||||||||||
Total other income (expense) | 128 | 19 | (182 | ) | 30 | (204 | ) | (209 | ) | ||||||||||||||
Net Income | 126 | 22 | 54 | 17 | (204 | ) | 15 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (1 | ) | (111 | ) | 1 | (111 | ) | ||||||||||||||
Net Income Attributable to NRG Yield LLC | $ | 126 | $ | 22 | $ | 55 | $ | 128 | $ | (205 | ) | $ | 126 |
NRG Yield LLC (a) (c) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (c) | NRG Yield Operating LLC (Note Issuer) (c) | Eliminations(b) (c) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | 126 | $ | 22 | $ | 54 | $ | 17 | $ | (204 | ) | $ | 15 | ||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Unrealized gain on derivatives | 13 | 1 | 10 | 13 | (24 | ) | 13 | ||||||||||||||||
Other comprehensive income | 13 | 1 | 10 | 13 | (24 | ) | 13 | ||||||||||||||||
Comprehensive Income | 139 | 23 | 64 | 30 | (228 | ) | 28 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (1 | ) | (111 | ) | 1 | (111 | ) | ||||||||||||||
Comprehensive Income Attributable to NRG Yield LLC | $ | 139 | $ | 23 | $ | 65 | $ | 141 | $ | (229 | ) | $ | 139 |
NRG Yield LLC (a)(c) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (c) | NRG Yield Operating LLC (Note Issuer) (c) | Eliminations(b)(c) | Consolidated | |||||||||||||||||||
ASSETS | (In millions) | |||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 211 | $ | — | $ | 110 | $ | — | $ | — | $ | 321 | ||||||||||||
Restricted cash | — | — | 176 | — | — | 176 | ||||||||||||||||||
Accounts receivable — trade | — | 2 | 94 | — | — | 96 | ||||||||||||||||||
Inventory | — | 2 | 37 | — | — | 39 | ||||||||||||||||||
Notes receivable — current | — | — | 16 | — | — | 16 | ||||||||||||||||||
Prepayments and other current assets | — | — | 21 | 1 | — | 22 | ||||||||||||||||||
Total current assets | 211 | 4 | 454 | 1 | — | 670 | ||||||||||||||||||
Property, plant and equipment, net | — | 59 | 5,495 | — | — | 5,554 | ||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
Investment in consolidated subsidiaries | 1,927 | 527 | — | 3,272 | (5,726 | ) | — | |||||||||||||||||
Equity investments in affiliates | — | 171 | 600 | 381 | — | 1,152 | ||||||||||||||||||
Intangible assets, net | — | 56 | 1,247 | — | — | 1,303 | ||||||||||||||||||
Other non-current assets | — | — | 66 | 1 | — | 67 | ||||||||||||||||||
Total other assets | 1,927 | 754 | 1,913 | 3,654 | (5,726 | ) | 2,522 | |||||||||||||||||
Total Assets | $ | 2,138 | $ | 817 | $ | 7,862 | $ | 3,655 | $ | (5,726 | ) | $ | 8,746 |
NRG Yield LLC (a) (c) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (c) | NRG Yield Operating LLC (Note Issuer) (c) | Eliminations (b) (c) | Consolidated | |||||||||||||||||||
LIABILITIES AND MEMBERS' EQUITY | (In millions) | |||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Current portion of long-term debt — external | $ | — | $ | — | $ | 323 | $ | — | $ | — | $ | 323 | ||||||||||||
Accounts payable — trade | — | 2 | 18 | 3 | — | 23 | ||||||||||||||||||
Accounts payable — affiliate | — | 7 | 15 | 18 | — | 40 | ||||||||||||||||||
Derivative instruments | — | — | 33 | — | — | 33 | ||||||||||||||||||
Accrued expenses and other current liabilities | — | 1 | 60 | 24 | — | 85 | ||||||||||||||||||
Total current liabilities | — | 10 | 449 | 45 | — | 504 | ||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-term debt — external | — | — | 4,289 | 839 | — | 5,128 | ||||||||||||||||||
Long-term debt — affiliate | — | — | — | 618 | — | 618 | ||||||||||||||||||
Accounts payable — affiliate | — | — | 9 | — | — | 9 | ||||||||||||||||||
Derivative instruments | — | — | 46 | — | — | 46 | ||||||||||||||||||
Other non-current liabilities | — | — | 77 | — | — | 77 | ||||||||||||||||||
Total non-current liabilities | — | — | 4,421 | 1,457 | — | 5,878 | ||||||||||||||||||
Total Liabilities | — | 10 | 4,870 | 1,502 | — | 6,382 | ||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Members' Equity | ||||||||||||||||||||||||
Contributed capital | 2,179 | 874 | 2,972 | 2,155 | (6,001 | ) | 2,179 | |||||||||||||||||
Retained earnings (accumulated deficit) | 44 | (65 | ) | 43 | (143 | ) | 165 | 44 | ||||||||||||||||
Accumulated other comprehensive loss | (85 | ) | (2 | ) | (87 | ) | (85 | ) | 174 | (85 | ) | |||||||||||||
Noncontrolling interest | — | — | 64 | 226 | (64 | ) | 226 | |||||||||||||||||
Total Members' Equity | 2,138 | 807 | 2,992 | 2,153 | (5,726 | ) | 2,364 | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 2,138 | $ | 817 | $ | 7,862 | $ | 3,655 | $ | (5,726 | ) | $ | 8,746 |
NRG Yield LLC (a) (b) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (b) | NRG Yield Operating LLC (Note Issuer) (b) | Consolidated | ||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | — | $ | 62 | $ | 554 | $ | (39 | ) | $ | 577 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Changes in investments in consolidated subsidiaries | 325 | — | (21 | ) | (304 | ) | — | |||||||||||||
Acquisition of Drop Down Assets | — | — | — | (77 | ) | (77 | ) | |||||||||||||
Capital expenditures | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Cash receipts from notes receivable | — | — | 17 | — | 17 | |||||||||||||||
Return of investment from unconsolidated affiliates | — | 16 | — | 12 | 28 | |||||||||||||||
Investments in unconsolidated affiliates | — | (80 | ) | (3 | ) | — | (83 | ) | ||||||||||||
Other | — | — | 4 | — | 4 | |||||||||||||||
Net Cash Used in Investing Activities | 325 | (64 | ) | (23 | ) | (369 | ) | (131 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Transfer of funds under intercompany cash management arrangement | 44 | 2 | — | (46 | ) | — | ||||||||||||||
Net contributions from noncontrolling interests | — | — | — | 5 | 5 | |||||||||||||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | — | (174 | ) | (10 | ) | (184 | ) | ||||||||||||
(Payments of) proceeds from distributions | (173 | ) | — | (420 | ) | 420 | (173 | ) | ||||||||||||
Proceeds from the revolving credit facility | — | — | — | 60 | 60 | |||||||||||||||
Payments for the revolving credit facility | — | — | — | (366 | ) | (366 | ) | |||||||||||||
Proceeds from the issuance of long-term debt - external | — | — | 390 | 350 | 740 | |||||||||||||||
Payments of debt issuance costs | — | — | (10 | ) | (5 | ) | (15 | ) | ||||||||||||
Payments for long-term debt — external | — | — | (269 | ) | — | (269 | ) | |||||||||||||
Net Cash Provided by (Used in) Financing Activities | (129 | ) | 2 | (483 | ) | 408 | (202 | ) | ||||||||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | 196 | — | 48 | — | 244 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 15 | — | 238 | — | 253 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 211 | $ | — | $ | 286 | $ | — | $ | 497 |
NRG Yield LLC (a) (c) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (c) | NRG Yield Operating LLC (Note Issuer) (c) | Eliminations(b) (c) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Total operating revenues | $ | — | $ | 21 | $ | 937 | $ | 10 | $ | — | $ | 968 | |||||||||||
Operating Costs and Expenses | |||||||||||||||||||||||
Cost of operations | — | 14 | 309 | — | — | 323 | |||||||||||||||||
Depreciation and amortization | — | 4 | 299 | — | — | 303 | |||||||||||||||||
Impairment losses | — | — | 1 | — | — | 1 | |||||||||||||||||
General and administrative | — | — | — | 10 | — | 10 | |||||||||||||||||
Acquisition-related transaction and integration costs | — | — | — | 3 | — | 3 | |||||||||||||||||
Total operating costs and expenses | — | 18 | 609 | 13 | — | 640 | |||||||||||||||||
Operating Income (Loss) | — | 3 | 328 | (3 | ) | — | 328 | ||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Equity in earnings (losses) of consolidated affiliates | 157 | (43 | ) | — | 125 | (239 | ) | — | |||||||||||||||
Equity in (losses) earnings of unconsolidated affiliates | — | (2 | ) | 8 | 25 | — | 31 | ||||||||||||||||
Other income, net | — | — | 3 | — | — | 3 | |||||||||||||||||
Loss on debt extinguishment | — | — | (9 | ) | — | — | (9 | ) | |||||||||||||||
Interest expense | — | — | (206 | ) | (52 | ) | — | (258 | ) | ||||||||||||||
Total other income (expense), net | 157 | (45 | ) | (204 | ) | 98 | (239 | ) | (233 | ) | |||||||||||||
Net Income (Loss) | 157 | (42 | ) | 124 | 95 | (239 | ) | 95 | |||||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (2 | ) | (62 | ) | 2 | (62 | ) | ||||||||||||||
Net Income (Loss) Attributable to NRG Yield LLC | $ | 157 | $ | (42 | ) | $ | 126 | $ | 157 | $ | (241 | ) | $ | 157 |
NRG Yield LLC (a) (c) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (c) | NRG Yield Operating LLC (Note Issuer) (c) | Eliminations (b) (c) | Consolidated | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income (Loss) | $ | 157 | $ | (42 | ) | $ | 124 | $ | 95 | $ | (239 | ) | $ | 95 | |||||||||
Other Comprehensive Loss | |||||||||||||||||||||||
Unrealized loss on derivatives | (16 | ) | — | (16 | ) | (17 | ) | 32 | (17 | ) | |||||||||||||
Other comprehensive loss | (16 | ) | — | (16 | ) | (17 | ) | 32 | (17 | ) | |||||||||||||
Comprehensive Income (Loss) | 141 | (42 | ) | 108 | 78 | (207 | ) | 78 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (2 | ) | (63 | ) | 2 | (63 | ) | ||||||||||||||
Comprehensive Income (Loss) Attributable to NRG Yield LLC | $ | 141 | $ | (42 | ) | $ | 110 | $ | 141 | $ | (209 | ) | $ | 141 |
NRG Yield LLC (a) (b) | Other Guarantor Subsidiaries | Non-Guarantor Subsidiaries (b) | NRG Yield Operating LLC (Note Issuer) (b) | Consolidated | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | $ | — | $ | 19 | $ | 423 | $ | (18 | ) | $ | 424 | |||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Changes in investments in consolidated subsidiaries | (464 | ) | — | 285 | 179 | — | ||||||||||||||
Acquisition of businesses, net of cash acquired | — | — | — | (37 | ) | (37 | ) | |||||||||||||
Acquisition of Drop Down Assets, net of cash acquired | — | — | — | (698 | ) | (698 | ) | |||||||||||||
Capital expenditures | — | — | (29 | ) | — | (29 | ) | |||||||||||||
Cash receipts from notes receivable | — | — | 17 | — | 17 | |||||||||||||||
Return of investment from unconsolidated affiliates | — | — | — | 42 | 42 | |||||||||||||||
Investments in unconsolidated affiliates | — | (28 | ) | — | — | (374 | ) | (402 | ) | |||||||||||
Other | — | — | 9 | — | 9 | |||||||||||||||
Net Cash (Used in) Provided by Investing Activities | (464 | ) | (28 | ) | 282 | (888 | ) | (1,098 | ) | |||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Transfer of funds under intercompany cash management arrangement | (309 | ) | 9 | — | 300 | — | ||||||||||||||
Net contributions from noncontrolling interests | — | — | — | 122 | 122 | |||||||||||||||
Net distributions and return of capital to NRG prior to the acquisition of Drop Down Assets | — | — | (79 | ) | — | (79 | ) | |||||||||||||
Proceeds from the issuance of Class C units | 599 | — | — | — | 599 | |||||||||||||||
(Payments of) proceeds from distributions | (139 | ) | — | (392 | ) | 392 | (139 | ) | ||||||||||||
Proceeds from the revolving credit facility | — | — | — | 551 | 551 | |||||||||||||||
Payments for the revolving credit facility | — | — | — | (245 | ) | (245 | ) | |||||||||||||
Proceeds from issuance of long-term debt — external | — | — | 6 | — | 6 | |||||||||||||||
Proceeds from issuance of long-term debt — affiliate | — | — | — | 281 | 281 | |||||||||||||||
Payments for long-term debt — external | — | — | (241 | ) | (494 | ) | (735 | ) | ||||||||||||
Payment of debt issuance costs | — | — | (6 | ) | (1 | ) | (7 | ) | ||||||||||||
Net Cash Provided by (Used in) Financing Activities | 151 | 9 | (712 | ) | 906 | 354 | ||||||||||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (313 | ) | — | (7 | ) | — | (320 | ) | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 328 | — | 245 | — | 573 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 15 | $ | — | $ | 238 | $ | — | $ | 253 |
Number | Description | Method of Filing | |||||||||||||||
Incorporated herein by reference to Exhibit 2.10 to | |||||||||||||||||
Incorporated herein by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K, filed on December 9, 2019. | |||||||||||||||||
2.3 | Incorporated herein by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on November 20, 2020. | ||||||||||||||||
3.1 | Incorporated herein by reference to Exhibit 3.01(a) to the Company's Registration Statement on Form S-4 filed on April 13, 2015. | ||||||||||||||||
3.2 | Incorporated herein by reference to Exhibit 3.01(b) to the Company's Registration Statement on Form S-4 filed on April 13, 2015. | ||||||||||||||||
3.3 | Incorporated herein by reference to Exhibit | ||||||||||||||||
3.4 | Incorporated herein by reference to Exhibit 3.03(a) to the Company's Registration Statement on Form S-4 filed on April 13, 2015. | ||||||||||||||||
3.5 | Incorporated herein by reference to Exhibit 3.03(b) to the Company's Registration Statement on Form S-4 filed on April 13, 2015. | ||||||||||||||||
3.6 | Incorporated herein by reference to Exhibit | ||||||||||||||||
4.1 |
Incorporated herein by reference to Exhibit 4.1 to the | |||||||||||||||||
Incorporated herein by reference to Exhibit | |||||||||||||||||
Incorporated herein by reference to Exhibit 4.3 to the | |||||||||||||||||
4.4 | Incorporated herein by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on March 3, 2020. | ||||||||||||||||
4.5 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on July 21, 2020. | ||||||||||||||||
4.6 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on August | ||||||||||||||||
Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on November 19, 2020. | |||||||||||||||||
4.8 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on December 4, 2020. | ||||||||||||||||
4.9 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on December 29, | ||||||||||||||||
4.10 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on February 5, 2021. | ||||||||||||||||
4.11 | Incorporated herein by reference to Exhibit 4.1 to the | ||||||||||||||||
Incorporated herein by reference to Exhibit 4.2 to the |
Incorporated herein by reference to Exhibit | |||||||||||||||||
Incorporated herein by reference to Exhibit | |||||||||||||||||
Incorporated herein by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on October 1, 2021. | |||||||||||||||||
4.16 | Incorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on October 1, 2021. | ||||||||||||||||
4.17 | Incorporated herein by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on October 8, 2021. | ||||||||||||||||
4.18 | Incorporated herein by reference to Exhibit 4.3 to the Company's Current Report on Form 8-K filed on October 8, 2021. | ||||||||||||||||
4.19 | Incorporated herein by reference to Exhibit 4.4 to the Company's Current Report on Form 8-K filed on October 8, 2021. | ||||||||||||||||
10.1 | Incorporated herein by reference to Exhibit 10.5 to Clearway Energy, Inc.'s Current Report on Form 8-K filed on September 5, 2018. | ||||||||||||||||
10.2.1 | Incorporated herein by reference to Exhibit 10.3 to | ||||||||||||||||
10.2.2 | Incorporated herein by reference to Exhibit 10.1 to Clearway Energy, Inc.'s Current Report on Form 8-K filed on February | ||||||||||||||||
Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 6, 2019. | |||||||||||||||||
10.2.4 | Incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 9, 2019. | ||||||||||||||||
10.3 | Incorporated herein by reference to Exhibit 10.1 to Clearway Energy, Inc. | ||||||||||||||||
10.4 | Incorporated herein by reference to Exhibit | ||||||||||||||||
10.5 | Incorporated herein by reference to Exhibit | ||||||||||||||||
5, 2018. | |||||||||||||||||
Incorporated by reference to Exhibit 10.1 to | |||||||||||||||||
Incorporated herein by reference to Exhibit 10.9 to | |||||||||||||||||
Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 12, 2018. | |||||||||||||||||
Incorporated herein by reference to Exhibit | |||||||||||||||||
Incorporated herein by reference to Exhibit | ||||||||||||||||||
Incorporated herein by reference to Exhibit | ||||||||||||||||||
Incorporated herein by reference to Exhibit | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.1 to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.2 to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.1 to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.2 to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.3 to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.1 to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.30 to the Company's Annual Report on Form 10-K filed on February 28, 2019. | ||||||||||||||||||
10.14 | Incorporated herein by reference to Exhibit 10.1 to | |||||||||||||||||
Incorporated herein by reference to Exhibit | ||||||||||||||||||
10.16† | Incorporated by reference to Exhibit 10.19 to the Company's Annual Report on Form 10-K, filed on March 1, | |||||||||||||||||
Incorporated | ||||||||||||||||||
Incorporated herein by reference to | ||||||||||||||||||
Incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on April 20, 2020. | ||||||||||||||||||
10.20*^ | Incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on April 20, 2020. | |||||||||||||||||
10.21 | Incorporated herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on November 5, 2020. |
10.22†* | Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 22, 2020. | ||||||||||||||||
10.23†* | Incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 22, 2020. | ||||||||||||||||
10.24†* | Incorporated herein by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on December 22, 2020. | ||||||||||||||||
10.25*^ | Incorporated by reference to Exhibit 10.31 to the Company's Annual Report on Form 10-K, filed on March 1, 2021. | ||||||||||||||||
10.26 | Incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed on August 3, 2021. | ||||||||||||||||
10.27 | Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on August 23, 2021. | ||||||||||||||||
10.28 | Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on September 23, 2021. | ||||||||||||||||
10.29 | Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on October 26, 2021. | ||||||||||||||||
10.30 | Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on December 1, 2021. | ||||||||||||||||
10.31*^ | Incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 18, 2022. | ||||||||||||||||
10.32*^ | Incorporated herein by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on January 18, 2022. | ||||||||||||||||
16.1 | Incorporated herein by reference to Exhibit 16.1 to the Company’s Current Report on Form 8-K filed on March 15, 2021. | ||||||||||||||||
21.1 | Filed herewith. | ||||||||||||||||
Included on the signature page of this Annual Report on Form 10-K. | |||||||||||||||||
31.1 | Filed herewith. | ||||||||||||||||
31.2 | Filed herewith. | ||||||||||||||||
31.3 | Filed herewith. | ||||||||||||||||
32 | Furnished herewith. | ||||||||||||||||
101 INS | Inline XBRL Instance Document. | Filed herewith. | |||||||||||||||
101 SCH | Inline XBRL Taxonomy Extension Schema. | Filed herewith. | |||||||||||||||
101 CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | Filed herewith. | |||||||||||||||
101 DEF | Inline XBRL Taxonomy Extension Definition Linkbase. | Filed herewith. | |||||||||||||||
101 LAB | Inline XBRL Taxonomy Extension Label Linkbase. | Filed herewith. | |||||||||||||||
101 PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | Filed herewith. | |||||||||||||||
104 | Cover Page Interactive Data File (the cover page interactive data file does not appear in Exhibit 104 because its Inline XBRL tags are embedded within the Inline XBRL document) |
† | Indicates exhibits that constitute compensatory plans or arrangements. | |||||||
* | This filing excludes schedules pursuant to Item | |||||||
^ |
(Registrant) | ||||||||||||||
/s/ CHRISTOPHER S. SOTOS | ||||||||||||||
Christopher S. Sotos | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
Date: | ||||||||||||||
Signatures | Title | |||||||||||||
/s/ CHRISTOPHER S. SOTOS | President and Chief Executive Officer | |||||||||||||
Christopher S. Sotos | of Clearway Energy LLC (Principal Executive Officer) | |||||||||||||
Date: | February 25, 2022 | |||||||||||||
/s/ CHAD PLOTKIN | ||||||||||||||
Chad Plotkin | of | |||||||||||||
Date: | ||||||||||||||
/s/ SARAH RUBENSTEIN | Senior Vice President and Chief Accounting Officer | |||||||||||||
Sarah Rubenstein | of Clearway Energy LLC (Principal Accounting Officer) | |||||||||||||
Date: | February 25, 2022 | |||||||||||||
CLEARWAY ENERGY, INC. | Sole Managing Member | |||||||||||||
/s/ | President and Chief Executive Officer | |||||||||||||
Christopher S. Sotos | of Clearway Energy, Inc. | |||||||||||||
Date: | February 25, 2022 |
Signature | Title | Date | ||||||||||||
/s/ NATHANIEL ANSCHUETZ | Director of | |||||||||||||
Sole Managing Member of | ||||||||||||||
/s/ | Director of | |||||||||||||
Sole Managing Member of | ||||||||||||||
/s/ | Director of | |||||||||||||
Sole Managing Member of | ||||||||||||||
/s/ | Director of | |||||||||||||
Sole Managing Member of | ||||||||||||||
/s/ | Director of | |||||||||||||
Sole Managing Member of | ||||||||||||||
/s/ | Director of | |||||||||||||
Sole Managing Member of | ||||||||||||||
/s/ E. STANLEY O'NEAL | Director of Clearway Energy, Inc. | February 25, 2022 | ||||||||||||
E. Stanley O'Neal | Sole Managing Member of Clearway Energy LLC | |||||||||||||
/s/ CHRISTOPHER S. SOTOS | Director of | |||||||||||||
Christopher S. Sotos | Sole Managing Member of | |||||||||||||