Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Feb. 24, 2014 | Feb. 25, 2014 | |
Class A common stock [Member] | Class B common stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'PEGI | ' | ' | ' |
Entity Registrant Name | 'Pattern Energy Group Inc. | ' | ' | ' |
Entity Central Index Key | '0001561660 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 35,548,051 | 15,555,000 |
Entity Public Float | ' | $0 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $103,569,000 | $17,574,000 |
Trade receivables | 20,951,000 | 13,715,000 |
Related party receivable | 167,000 | ' |
Reimbursable interconnection costs | 1,455,000 | 51,307,000 |
Derivative assets, current | 13,937,000 | 17,177,000 |
Current deferred tax assets | 573,000 | ' |
Prepaid expenses and other current assets | 13,927,000 | 13,794,000 |
Total current assets | 154,579,000 | 113,567,000 |
Restricted cash | 32,636,000 | 13,904,000 |
Turbine advances | ' | 44,150,000 |
Deferred development costs | ' | 26,544,000 |
Construction in progress | ' | 6,081,000 |
Property, plant and equipment - net of accumulated depreciation | 1,476,142,000 | 1,668,302,000 |
Unconsolidated investments | 107,055,000 | 36,218,000 |
Derivative assets | 82,167,000 | 62,895,000 |
Deferred financing costs - net of accumulated amortization | 35,792,000 | 42,654,000 |
Net deferred tax assets | 2,017,000 | 4,940,000 |
Other assets | 13,243,000 | 16,475,000 |
Total assets | 1,903,631,000 | 2,035,730,000 |
Current liabilities: | ' | ' |
Accounts payable and other accrued liabilities | 15,550,000 | 7,750,000 |
Accrued construction costs | 3,204,000 | 67,206,000 |
Related party payable | 1,245,000 | 198,000 |
Accrued interest | 495,000 | 559,000 |
Dividend payable | 11,103,000 | ' |
Contingent liabilities | ' | 8,001,000 |
Derivative liabilities, current | 16,171,000 | 13,462,000 |
Current portion of long-term debt | 48,851,000 | 137,258,000 |
Total current liabilities | 96,619,000 | 234,434,000 |
Long-term debt | 1,200,367,000 | 1,153,312,000 |
Derivative liabilities | 7,439,000 | 35,326,000 |
Asset retirement obligations | 20,834,000 | 19,056,000 |
Net deferred tax liabilities | 9,930,000 | 3,662,000 |
Other long-term liabilities | 438,000 | 528,000 |
Total liabilities | 1,335,627,000 | 1,446,318,000 |
Equity: | ' | ' |
Additional paid-in capital | 489,388,000 | 1,000 |
Capital | ' | 545,471,000 |
Accumulated (loss) income | -13,336,000 | 2,903,000 |
Accumulated other comprehensive loss | -8,353,000 | -34,264,000 |
Total equity before noncontrolling interest | 468,210,000 | 514,111,000 |
Noncontrolling interest | 99,794,000 | 75,301,000 |
Total equity | 568,004,000 | 589,412,000 |
Total liabilities and equity | 1,903,631,000 | 2,035,730,000 |
Class A common stock [Member] | ' | ' |
Equity: | ' | ' |
Common stock value | 355,000 | ' |
Class B common stock [Member] | ' | ' |
Equity: | ' | ' |
Common stock value | $156,000 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, plant and equipment, accumulated depreciation | $179,778,000 | $100,247,000 |
Deferred financing costs, accumulated amortization | $16,225,000 | $9,311,000 |
Class A common stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 35,530,786 | 100 |
Common stock, shares outstanding | 35,530,786 | 100 |
Class B common stock [Member] | ' | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 20,000,000 | ' |
Common stock, shares issued | 15,555,000 | ' |
Common stock, shares outstanding | 15,555,000 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' |
Electricity sales | $173,270,000 | $101,835,000 | $108,770,000 |
Energy derivative settlements | 16,798,000 | 19,644,000 | 9,512,000 |
Unrealized (loss) gain on energy derivative | -11,272,000 | -6,951,000 | 17,577,000 |
Related party revenue | 911,000 | ' | ' |
Other revenue | 21,866,000 | ' | ' |
Total revenue | 201,573,000 | 114,528,000 | 135,859,000 |
Cost of revenue: | ' | ' | ' |
Project expense | 57,677,000 | 34,843,000 | 31,343,000 |
Depreciation and accretion | 83,180,000 | 49,027,000 | 39,424,000 |
Total cost of revenue | 140,857,000 | 83,870,000 | 70,767,000 |
Gross profit | 60,716,000 | 30,658,000 | 65,092,000 |
Operating expenses: | ' | ' | ' |
Development expense | ' | 174,000 | 704,000 |
General and administrative | 4,819,000 | 858,000 | 866,000 |
Related party general and administrative | 8,169,000 | 10,604,000 | 8,098,000 |
Total operating expenses | 12,988,000 | 11,636,000 | 9,668,000 |
Operating income (loss) | 47,728,000 | 19,022,000 | 55,424,000 |
Other income (expense): | ' | ' | ' |
Interest expense | -63,614,000 | -36,502,000 | -29,404,000 |
Equity in earnings (losses) in unconsolidated investments | 7,846,000 | -40,000 | -205,000 |
Interest rate derivative settlements | -2,099,000 | ' | ' |
Unrealized gain (loss) on derivatives | 15,601,000 | -4,953,000 | -345,000 |
Net gain on transactions | 5,995,000 | 4,173,000 | ' |
Related party income | 665,000 | ' | ' |
Other income, net | 2,496,000 | 1,320,000 | 1,125,000 |
Other income (expense) | -33,110,000 | -36,002,000 | -28,829,000 |
Net income (loss) before income tax | 14,618,000 | -16,980,000 | 26,595,000 |
Tax provision (benefit) | 4,546,000 | -3,604,000 | 689,000 |
Net income (loss) | 10,072,000 | -13,376,000 | 25,906,000 |
Net (loss) income attributable to noncontrolling interest | -6,887,000 | -7,089,000 | 16,981,000 |
Net income (loss) | 16,959,000 | -6,287,000 | 8,925,000 |
Earnings per share information: | ' | ' | ' |
Less: Net income attributable to controlling interest prior to the IPO on October 2, 2013 | -30,295,000 | ' | ' |
Net loss attributable to controlling interest subsequent to the IPO | -13,336,000 | ' | ' |
Unaudited pro forma net loss after tax: | ' | ' | ' |
Net loss before income tax | ' | -16,980,000 | ' |
Pro forma tax provision | ' | 818,000 | ' |
Pro forma net loss | ' | ($17,798,000) | ' |
Class A common stock [Member] | ' | ' | ' |
Weighted average number of shares: | ' | ' | ' |
Basic and diluted common stock | 35,448,056 | ' | ' |
Earnings per share for period subsequent to the IPO | ' | ' | ' |
Basic and diluted loss per share | ($0.17) | ' | ' |
Class B common stock [Member] | ' | ' | ' |
Weighted average number of shares: | ' | ' | ' |
Basic and diluted common stock | 15,555,000 | ' | ' |
Earnings per share for period subsequent to the IPO | ' | ' | ' |
Basic and diluted loss per share | ($0.48) | ' | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | $10,072 | ($13,376) | $25,906 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation, net of tax | -8,309 | 2,749 | -2,406 |
Effective portion of change in fair market value of derivatives, net of tax | 36,875 | -11,170 | -23,667 |
Proportionate share of equity investee's other comprehensive income (loss), net of tax | 2,473 | -1,475 | ' |
Total other comprehensive income (loss), net of tax | 31,039 | -9,896 | -26,073 |
Comprehensive income (loss) | 41,111 | -23,272 | -167 |
Less comprehensive income attributable to noncontrolling interest: | ' | ' | ' |
Net (loss) income attributable to noncontrolling interest | -6,887 | -7,089 | 16,981 |
Effective portion of change in fair market value of derivatives, net of tax | 5,088 | -784 | -6,135 |
Comprehensive (loss) income attributable to noncontrolling interest | -1,799 | -7,873 | 10,846 |
Comprehensive income (loss) | $42,910 | ($15,399) | ($11,013) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Class A common stock [Member] | IPO [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] |
USD ($) | USD ($) | Class A common stock [Member] | USD ($) | Class A common stock [Member] | Class A common stock [Member] | Class A common stock [Member] | Class B common stock [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Capital [Member] | Accumulated Income (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | IPO [Member] | IPO [Member] | IPO [Member] | USD ($) | Capital [Member] | Accumulated Income (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A common stock [Member] | USD ($) | USD ($) | USD ($) | Class A common stock [Member] | Class B common stock [Member] | Additional Paid-in-Capital [Member] | Capital [Member] | Accumulated Income (Deficit) [Member] | Class A common stock [Member] | Class A common stock [Member] | Additional Paid-in-Capital [Member] | USD ($) | USD ($) | USD ($) | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A common stock [Member] | |||||||||||||||||
USD ($) | |||||||||||||||||||||||||
Balance at Dec. 31, 2010 | $335,944,000 | ' | ' | $255,160,000 | ' | ' | ' | ' | ' | ' | $260,109,000 | $265,000 | ($5,214,000) | ' | ' | ' | ' | ' | ' | ' | ' | $80,784,000 | $82,633,000 | $2,474,000 | ($4,323,000) |
Balance, shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution | 232,277,000 | ' | ' | 232,277,000 | ' | ' | ' | ' | ' | ' | 232,277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution | -121,356,000 | ' | ' | -114,198,000 | ' | ' | ' | ' | ' | ' | -114,198,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,158,000 | -7,158,000 | ' | ' |
Net income (loss) | 25,906,000 | ' | ' | 8,925,000 | ' | ' | ' | ' | ' | ' | ' | 8,925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,981,000 | ' | 16,981,000 | ' |
Other comprehensive income (loss), net of tax | -26,073,000 | ' | ' | -19,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | -19,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | -6,135,000 | ' | ' | -6,135,000 |
Balance at Dec. 31, 2011 | 446,698,000 | ' | ' | 362,226,000 | ' | ' | ' | ' | ' | ' | 378,188,000 | 9,190,000 | -25,152,000 | ' | ' | ' | ' | ' | ' | ' | ' | 84,472,000 | 75,475,000 | 19,455,000 | -10,458,000 |
Balance, shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution | 281,519,000 | ' | ' | 281,519,000 | ' | ' | ' | ' | ' | ' | 281,519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution | -115,534,000 | ' | ' | -114,236,000 | ' | ' | ' | ' | ' | ' | -114,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,298,000 | -1,298,000 | ' | ' |
Issuance of common stock | 1,000 | ' | ' | 1,000 | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -13,376,000 | ' | ' | -6,287,000 | ' | ' | ' | ' | ' | ' | ' | -6,287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,089,000 | ' | -7,089,000 | ' |
Other comprehensive income (loss), net of tax | -9,896,000 | ' | ' | -9,112,000 | ' | ' | ' | ' | ' | ' | ' | ' | -9,112,000 | ' | ' | ' | ' | ' | ' | ' | ' | -784,000 | ' | ' | -784,000 |
Balance at Dec. 31, 2012 | 589,412,000 | ' | ' | 514,111,000 | ' | ' | ' | ' | 1,000 | ' | 545,471,000 | 2,903,000 | -34,264,000 | ' | ' | ' | ' | ' | ' | ' | ' | 75,301,000 | 74,177,000 | 12,366,000 | -11,242,000 |
Balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution | 32,677,000 | ' | ' | 32,677,000 | ' | ' | ' | ' | ' | ' | 32,677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution | -106,060,000 | ' | ' | -104,634,000 | ' | ' | ' | ' | ' | ' | -104,634,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,426,000 | -1,426,000 | ' | ' |
Additional paid-in capital | 2,000 | ' | ' | 2,000 | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 29,605,000 | ' | ' | 30,295,000 | ' | ' | ' | ' | ' | ' | ' | 30,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -690,000 | ' | -690,000 | ' |
Other comprehensive income (loss), net of tax | 24,192,000 | ' | ' | 20,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | 20,633,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,559,000 | ' | ' | 3,559,000 |
Balance at Sep. 30, 2013 | 569,828,000 | ' | ' | 493,084,000 | ' | ' | ' | ' | 3,000 | ' | 473,514,000 | 33,198,000 | -13,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | 76,744,000 | 72,751,000 | 11,676,000 | -7,683,000 |
Balance, shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 589,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | -511,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared on Class A common stock | ' | -11,103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 10,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | 31,039,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 568,004,000 | ' | ' | ' | ' | ' | ' | 156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | 15,555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | 2,000 | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 4,244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | 569,828,000 | ' | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Sep. 30, 2013 | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Oct. 02, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in Gulf Wind retained by Pattern Development | ' | ' | ' | -28,584,000 | ' | ' | ' | ' | ' | ' | -18,332,000 | -13,122,000 | 2,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | 28,584,000 | 18,332,000 | 13,122,000 | -2,870,000 |
Assumption of liabilities related to Contribution Transactions | -4,207,000 | ' | ' | -4,207,000 | ' | ' | ' | ' | ' | ' | -4,207,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution | -232,640,000 | ' | ' | -232,640,000 | ' | ' | ' | ' | -232,640,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Class A restricted common stock | 156,000 | ' | ' | 156,000 | ' | 1,000 | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | 93,000 | 317,042,000 | ' | 93,000 | ' | ' | ' | ' | 93,000 | ' | ' | ' | 194,000 | 156,000 | 470,701,000 | -450,975,000 | -20,076,000 | 317,042,000 | 160,000 | 316,882,000 | ' | ' | ' | ' |
Issuance of Class A restricted common stock, shares | ' | ' | ' | ' | ' | 83,183 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | ' | ' | ' | ' | ' | 3,437 | ' | ' | ' | ' | ' | ' | 19,445,000 | 15,555,000 | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' |
Repurchase of shares for employee tax withholding | -24,000 | ' | ' | -24,000 | ' | ' | ' | ' | -24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares for employee tax withholding, shares | ' | ' | ' | ' | ' | -934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 263,000 | ' | ' | 263,000 | ' | ' | ' | ' | 263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared on Class A common stock | -11,103,000 | ' | ' | -11,103,000 | ' | ' | ' | ' | -11,103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition from Pattern Development | -57,852,000 | ' | ' | -57,852,000 | ' | ' | ' | ' | -54,942,000 | ' | ' | ' | -2,910,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution to noncontrolling interest | -866,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -866,000 | -866,000 | ' | ' |
Net income (loss) | -19,533,000 | ' | ' | -13,336,000 | ' | ' | ' | ' | ' | ' | ' | -13,336,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,197,000 | ' | -6,197,000 | ' |
Other comprehensive income (loss), net of tax | 6,847,000 | ' | ' | 5,318,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,318,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,529,000 | ' | ' | 1,529,000 |
Balance at Dec. 31, 2013 | $568,004,000 | ' | ' | $468,210,000 | ' | $355,000 | ' | $156,000 | $489,388,000 | ' | ' | ($13,336,000) | ($8,353,000) | ' | ' | ' | ' | ' | ' | ' | ' | $99,794,000 | $90,217,000 | $18,601,000 | ($9,024,000) |
Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | 35,530,786 | ' | 15,555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income (loss) | $10,072 | ($13,376) | $25,906 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and accretion | 83,180 | 49,027 | 39,424 |
Amortization of financing costs | 6,816 | 2,546 | 1,477 |
Unrealized gain (loss) on derivatives | -4,329 | 11,904 | -17,232 |
Stock-based compensation | 511 | ' | ' |
Net gain on transactions | -5,995 | -4,173 | ' |
Deferred taxes | 4,546 | -3,604 | 809 |
Equity in (earnings) loss in unconsolidated investments | -7,846 | 40 | 205 |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade receivables | -8,721 | -298 | -6,438 |
Reimbursable interconnection receivable | -11 | ' | ' |
Prepaid expenses and other current assets | -2,698 | -5,842 | 2,793 |
Other assets (non current) | -566 | -428 | -422 |
Accounts payable and other accrued liabilities | 3,036 | -379 | 167 |
Income taxes payable | ' | ' | -259 |
Related party receivable/payable | 190 | -100 | 54 |
Accrued interest payable | -33 | -78 | 446 |
Contingent liabilities | ' | -188 | ' |
Net cash provided by operating activities | 78,152 | 35,051 | 46,930 |
Investing activities | ' | ' | ' |
Receipt of ITC Cash Grant | 173,446 | 79,910 | ' |
Payment for acquisition from Pattern Development | -30,070 | ' | ' |
Proceeds from sale of investments and tax credits | 14,254 | 4,173 | ' |
Decrease in restricted cash -interconnect and PPA security | 66,517 | 28,431 | 9,988 |
Increase in restricted cash -interconnect and PPA security | -80,569 | -36,576 | -1,889 |
Capital expenditures | -123,517 | -641,422 | -392,212 |
Deferred development costs | -528 | -7,093 | -17,777 |
Distribution from unconsolidated investments | 10,463 | ' | ' |
Contribution to unconsolidated investments | -9,678 | -22,387 | -13,173 |
Short-term notes receivable | ' | ' | 80,311 |
Reimbursable interconnection receivable | 49,715 | -47,055 | ' |
Other assets (non current) | 2,358 | 3,066 | -6,225 |
Net cash provided by (used in) investing activities | 72,391 | -638,953 | -340,977 |
Financing activities | ' | ' | ' |
Proceeds from IPO, net of expenses | 317,926 | ' | ' |
Repurchase of shares for employee tax withholding | -24 | ' | ' |
Capital distributions-Contribution Transactions | -232,640 | ' | ' |
Payment for acquisition from Pattern Development | -49,430 | ' | ' |
Capital contributions-controlling interest | 32,679 | 281,519 | 232,277 |
Capital distributions | -98,886 | -114,236 | -114,198 |
Capital distributions-noncontrolling interest | -2,292 | -1,298 | -7,158 |
Decrease in restricted cash-debt service reserves | 122,689 | 26,669 | 13,048 |
Increase in restricted cash-debt service reserves | -127,369 | -15,850 | -14,096 |
Payment for deferred financing costs | -294 | -19,989 | -17,001 |
Proceeds from revolving credit facility | 56,000 | ' | ' |
Proceeds from long-term debt | 138,620 | 497,226 | 260,794 |
Repayment of revolving credit facility | -56,000 | ' | ' |
Repayment of long-term debt | -50,324 | -27,546 | -22,330 |
Repayment of construction and grant loans | -114,056 | -53,328 | ' |
Net cash (used in) provided by financing activities | -63,401 | 573,167 | 331,336 |
Effect of exchange rate changes on cash and cash equivalents | -1,147 | 637 | 1,455 |
Net change in cash and cash equivalents | 85,995 | -30,098 | 38,744 |
Cash and cash equivalents - Beginning of period | 17,574 | 47,672 | 8,928 |
Cash and cash equivalents - End of period | 103,569 | 17,574 | 47,672 |
Supplemental disclosure | ' | ' | ' |
Cash payments for interest and commitment fees | 57,505 | 43,474 | 30,648 |
Cash payments for income taxes | ' | ' | 141 |
Schedule of non-cash activities | ' | ' | ' |
Change in fair value of interest rate swaps | 52,244 | -11,173 | -23,667 |
Change in fair value of contingent liabilities | ' | -2,015 | -486 |
Amortization of deferred financing costs-included as construction in progress | 175 | 3,824 | 595 |
Capitalized interest | 4,171 | 9,386 | 3,621 |
Capitalized commitment fee | 39 | 873 | 599 |
Change in property, plant and equipment | -192,461 | 30,154 | -61,338 |
Transfer of capitalized assets to South Kent joint venture | 49,275 | ' | ' |
Non-cash distribution to Pattern Development | -5,748 | ' | ' |
Assumption of liabilities related to Contribution Transactions | -4,207 | ' | ' |
Accrued IPO stock issuance costs | ($884) | ' | ' |
Organization
Organization | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Organization | ' | ||
1 | Organization | ||
Pattern Energy Group Inc. (“Pattern Energy” or the “Company”) was organized in the state of Delaware on October 2, 2012. Pattern Energy issued 100 shares on October 17, 2012 to Pattern Renewables LP, a 100% owned subsidiary of Pattern Energy Group LP (“Pattern Development”). On September 24, 2013, Pattern Energy’s charter was amended, and the number of shares that Pattern Energy is authorized to issue was increased to 620,000,000 total shares; 500,000,000 of which are designated Class A Common Stock, 20,000,000 of which are designated Class B Common Stock, and 100,000,000 of which are designated Preferred Stock. | |||
Pattern Energy is an independent energy generation company focused on constructing, owning and operating energy projects with long-term energy sales contracts located in the United States, Canada and Chile. The Company consists of the consolidated operations of certain entities and assets contributed by Pattern Development. The Company owns 100% of Hatchet Ridge Wind, LLC (Hatchet Ridge), St. Joseph Windfarm Inc. (St. Joseph), Spring Valley Wind LLC (Spring Valley), Pattern Santa Isabel LLC (Santa Isabel) and Ocotillo Express LLC (Ocotillo). The Company owns a controlling interest in Pattern Gulf Wind Holdings LLC (Gulf Wind) and noncontrolling interests in South Kent Wind LP (South Kent), Grand Renewable Wind LP (Grand) and AEI-Pattern Holding Limitada (El Arrayán). The principal business objective of the Company is to produce stable and sustainable cash flows through the generation and sale of energy. | |||
Initial Public Offering and Contribution Transactions | |||
On October 2, 2013, Pattern Energy issued 16,000,000 shares of Class A common stock in an initial public offering (“IPO”) generating net proceeds of approximately $317.0 million. Concurrent with the IPO, Pattern Energy issued 19,445,000 shares of Class A common stock and 15,555,000 shares of Class B common stock to Pattern Development and utilized approximately $232.6 million of the net proceeds of the IPO as a portion of the consideration to Pattern Development for certain entities and assets contributed to Pattern Energy (“Contribution Transactions”) consisting of interests in eight wind power projects, including six projects in operation (Gulf Wind, Hatchet Ridge, St. Joseph, Spring Valley, Santa Isabel and Ocotillo), and two projects under construction (El Arrayán and South Kent). In accordance with ASC 805-50-30-5, Transactions between Entities under Common Control, Pattern Energy recognized the assets and liabilities contributed by Pattern Development at their historical carrying amounts at the date of the Contribution Transactions. On October 8, 2013, Pattern Energy’s underwriters exercised in full their overallotment option to purchase 2,400,000 shares of Class A common stock from Pattern Development, the selling stockholder, pursuant to the overallotment option granted by Pattern Development. | |||
In connection with the Contribution Transactions, Pattern Development retained a 40% portion of the interest in Gulf Wind previously held by it such that, at the completion of the IPO, Pattern Energy, Pattern Development and the joint venture partner held interests of approximately 40%, 27% and 33%, respectively, of the distributable cash flow of Gulf Wind, together with certain allocated tax items. | |||
Effective with Pattern Energy’s IPO, Pattern Development’s project operations and maintenance personnel and certain of its executive officers became Pattern Energy employees and their employment with Pattern Development was terminated. Pattern Development retained those employees whose primary responsibilities relate to project development, legal, financial or other administrative functions. Pattern Energy entered into a bilateral services agreement with Pattern Development, or the “Management Services Agreement”, that provides for Pattern Energy and Pattern Development to benefit, primarily on a cost-reimbursement basis, from the respective management and other professional, technical and administrative personnel of the respective companies, all of whom report to and are managed by Pattern Energy’s executive officers. | |||
Basis of Presentation | |||
Pattern Energy was formed by Pattern Development for the purpose of an IPO and does not have any historical financial operating results. For periods prior to October 2, 2013, Pattern Energy was a shell company, with expenses of less than $10,000 for 2013 and 2012. In accordance with ASC 805-50-30-6, the historical financial statements of Pattern Energy’s predecessor, which consist of the combined financial statements of a combination of entities and assets contributed by Pattern Development to Pattern Energy, are consolidated with Pattern Energy (the “Company”) from the beginning of the earliest period presented. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). They include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest with all significant intercompany accounts and transactions eliminated. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. | |||||||||||||
Unaudited Pro Forma Income Tax | |||||||||||||
In order to present the tax effect of the Contribution Transactions, the Company has presented a 2012 pro forma income tax provision as if the Contribution Transactions occurred effective January 1, 2012 and as if the Company were under control of a Subchapter C-Corporation for U.S. federal income tax purposes. | |||||||||||||
Variable Interest Entities | |||||||||||||
ASC 810, Consolidation of Variable Interest Entities, defines the criteria for determining the existence of Variable Interest Entities (VIEs) and provides guidance for consolidation. The Company consolidates VIEs where the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. | |||||||||||||
Investments or joint ventures in which the Company does not have a majority ownership interest and are not VIEs for which the Company is considered the primary beneficiary are accounted for using the equity method. These amounts are included in unconsolidated investments in the consolidated balance sheets. | |||||||||||||
Noncontrolling Interests | |||||||||||||
Noncontrolling interests represent third-party interests in Gulf Wind which resulted from the sale of a noncontrolling interest to an unrelated third party on September 3, 2010 and the interest retained by Pattern Development in connection with the Contribution Transactions on October 2, 2013. The Company has determined that the operating partnership agreement for Gulf Wind does not allocate economic benefits pro rata to its two classes of investors and the appropriate methodology for calculating the noncontrolling interest balance that reflects the substantive profit sharing arrangement is a balance sheet approach using the hypothetical liquidation at book value (HLBV) method. | |||||||||||||
Under the HLBV method, the amounts reported as noncontrolling interest in the consolidated balance sheets and consolidated statements of operations represent the amounts the third party would hypothetically receive at each balance sheet reporting date under the liquidation provisions of the operating partnership agreement assuming the net assets of Gulf Wind were liquidated at recorded amounts determined in accordance with U.S. GAAP and distributed to the investors. The third-party interest in the results of operations of Gulf Wind and the Company’s net income and comprehensive income is determined as the difference in noncontrolling interests in the consolidated balance sheets at the start and end of each reporting period, after taking into account any capital transactions between Gulf Wind and the third party. The noncontrolling interest balance in Gulf Wind is reported as a component of equity in the consolidated balance sheets. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, with resulting foreign currency translation adjustments recorded in other comprehensive income (loss), net of tax in the accompanying consolidated statements of stockholders’ equity and comprehensive income (loss). Revenue and expense amounts are translated at average rates during the period. Where the U.S. dollar is the functional currency, translation adjustments are recorded in other income, net in the accompanying consolidated statements of operations. | |||||||||||||
Gains and losses realized from transactions, including related party balances not considered permanent investments, denominated in currencies other than an entity’s functional currency are included in other income, net in the accompanying consolidated statements of operations. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, trade receivables and derivative assets. The Company places its cash and cash equivalents with high quality institutions. | |||||||||||||
The Company sells electricity and environmental attributes, including renewable energy credits, primarily to creditworthy utilities under long-term, fixed-priced PPAs. The table below presents significant customers who accounted for the following percentages of total revenues: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Manitoba Hydro | 17.62 | % | 32.06 | % | 20.91 | % | |||||||
San Diego Gas & Electric | 17.23 | % | 0.18 | % | 0 | % | |||||||
Pacific Gas & Electric Company | 14.54 | % | 23.12 | % | 20.67 | % | |||||||
Electric Reliability Council of Texas | 12.24 | % | 18.28 | % | 35.23 | % | |||||||
The Company’s derivative assets are placed with counterparties that are creditworthy institutions. A derivative asset was generated from Credit Suisse Energy LLC, the counterparty to a 10-year fixed-for-floating swap related to annual electricity generation at the Company’s Gulf Wind project. The Company’s reimbursements for prepaid interconnect network upgrades are with large creditworthy utility companies. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
ASC 820, Fair Value Measurements, defines fair value as the price at which an asset could be exchanged or a liability transferred in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or derived from such prices. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. See Note 12 on Fair Value Measurements. | |||||||||||||
U.S. Treasury Grants | |||||||||||||
The Company received U.S. Treasury grants on certain wind power projects as defined under Section 1603 of the American Recovery and Reinvestment Act of 2009, as amended by the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of December 2010, upon approval by the U.S. Treasury Department. The Company records the U.S. Treasury grant proceeds as a deduction from the carrying amount of the related asset which results in a reduction of depreciation expense over the life of the asset. The Company records a catch-up adjustment in the period in which the grant is approved to recognize the portion of the grant that proportionally matches the depreciation for the period between the date of placement in service of the wind power project and approval by the U.S. Treasury Department. See Note 5 on Property, Plant and Equipment. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of all cash balances and highly-liquid investments with original maturities of three months or less. The Company maintains cash and cash equivalents, which consist principally of demand deposits with high credit quality financial institutions. The Company has exposure to credit risk to the extent cash and cash equivalent balances, including restricted cash, exceed amounts covered by federal deposit insurance. The Company believes that its credit risk is immaterial. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash consists of cash balances which are restricted as to withdrawal or usage and include cash to collateralize bank letters of credit related primarily to interconnection rights and power purchase agreements (“PPAs”) and for certain reserves required under the Company’s loan agreements. | |||||||||||||
Trade Receivables | |||||||||||||
The Company’s trade receivables are generated by selling energy and renewable energy credits in the California, Texas, Nevada, Manitoba (Canada) and Puerto Rico energy markets. The Company believes that all amounts are collectible and an allowance for doubtful accounts is not required as of December 31, 2013 and 2012. | |||||||||||||
Reimbursable Interconnect Costs | |||||||||||||
During 2013 and 2012, the Company paid to construct interconnect network upgrades for one of its utility customers. The utility owns the interconnect upgrades and reimbursed the Company with interest when the project reached commercial operations in 2013. | |||||||||||||
Turbine Advances | |||||||||||||
Turbine advances represent amounts advanced to turbine suppliers for the manufacture of wind turbines in accordance with turbine supply agreements for the Company’s wind power projects and for which the Company has not taken title. Turbine advances are reclassified to construction in progress when the Company takes legal title to the related turbines and are reclassified to property, plant and equipment when the project achieves commercial operation. Depreciation does not commence until projects enter commercial operation and assets are placed in service. | |||||||||||||
Deferred Development Costs | |||||||||||||
Deferred development costs consist primarily of initial permitting, environmental reviews, land rights and obligations and preliminary design and engineering work. The Company expenses all project development costs until a project is determined to be technically feasible and likely to achieve commercial success. Capitalized deferred project development costs are reclassified to construction in progress upon start of construction and recorded to property, plant and equipment upon commercial operation. | |||||||||||||
Construction in Progress | |||||||||||||
Construction in progress represents the accumulated costs of projects in construction. Construction costs include turbines for which the Company has taken legal title, civil engineering, electrical and other related costs. Other capitalized costs include reclassified deferred development costs, amortization of intangible assets, amortization of deferred financing costs, capitalized interest and other costs required to place a project into commercial operation. Construction in progress is reclassified to property, plant and equipment when the project begins commercial operation. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment represents the costs of completed and operational projects transferred from construction in progress as well as land, computer equipment and software, furniture and fixtures, leasehold improvements and other equipment. Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the assets’ useful lives. Wind farms are depreciated over twenty years and the remaining assets are depreciated over three to five years. Land is not depreciated. Improvements to property, plant and equipment deemed to extend the useful economic life of an asset are capitalized. Repair and maintenance costs are expensed as incurred. | |||||||||||||
Accounting for Impairment of Long-Lived Assets | |||||||||||||
The Company periodically evaluates whether events have occurred that would require revision of the remaining useful life of equipment and improvements and purchased intangible assets or render them not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows. Through December 31, 2013, no impairment charges have been recorded. | |||||||||||||
Derivatives | |||||||||||||
The Company recognizes its derivative instruments as assets or liabilities at fair value in the consolidated balance sheets. Accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated as part of a hedging relationship and on the type of hedging relationship. | |||||||||||||
For derivative instruments that are designated as cash flow hedges the effective portion of change in fair value of the derivative is reported as a component of other comprehensive income (loss) (“OCI”). Changes in the fair value of these derivatives are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of change in fair value is recorded as a component of net income (loss) on the consolidated statement of operations. | |||||||||||||
For undesignated derivative instruments their change in fair value is reported as a component of net income on the consolidated statement of operations. | |||||||||||||
The Company enters into derivative transactions for the purpose of reducing exposure to fluctuations in interest rates and electricity prices. The Company has entered into interest rate swaps, an interest rate cap and an electricity price derivative. | |||||||||||||
Interest rate swaps are instruments used to fix the interest rate on variable interest rate debt. The Company entered into interest rate swaps in 2013, 2012 and 2011. | |||||||||||||
An interest rate cap is an instrument that is used to reduce exposure to future variable interest rates when the related debt is expected to be refinanced. The Company entered into an interest rate cap in 2010. The cap remains in place as of December 31, 2013. | |||||||||||||
The Company entered into an electricity price arrangement, which qualifies as a derivative, that fixes the price of approximately 58% of the electricity expected to be produced and sold by Gulf Wind through April 2019, and which reduces the Company’s exposure to spot electricity prices. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Financing costs incurred in connection with obtaining construction and term financing are deferred and amortized over the lives of the respective loans using the effective-interest method. Amortization of deferred financing costs is capitalized during construction and recorded as interest expense in the consolidated statements of operations following commencement of commercial operation. | |||||||||||||
Income Taxes | |||||||||||||
Prior to October 2, 2013, the Company’s predecessor did not provide for income taxes as it was treated as a pass-through entity for U.S. federal and state income tax purposes, except for several specific circumstances involving its Canadian entities, which are subject to Canadian income taxes, its Chilean entities, which are subject to Chilean income taxes, a U.S. entity that is subject to Puerto Rican taxes and a U.S. entity which became subject to U.S. income taxes in 2012. Federal and state income taxes were assessed at the owner level and each owner was liable for its own tax payments. Certain consolidated entities are corporations or have elected to be taxed as corporations. In these circumstances, income tax was accounted for under the asset and liability method. | |||||||||||||
Subsequent to October 2, 2013, following the Contribution Transactions, the Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company has a policy to classify interest and penalties associated with uncertain tax positions together with the related liability, and the expenses incurred related to such accruals, if any, are included in the provision for income taxes. | |||||||||||||
Contingent Liabilities | |||||||||||||
The Company’s contingent liabilities represent deferred and contingent purchase price obligations related to projects acquired through business combinations and are recorded at fair value at each reporting date. | |||||||||||||
Asset Retirement Obligation | |||||||||||||
The Company records asset retirement obligations for the estimated costs of decommissioning turbines, removing above-ground installations and restoring sites, at the time when a contractual decommissioning obligation materializes. The Company records accretion expense, which represents the increase in the asset retirement obligations, over the remaining or operational life of the associated wind project. Accretion expense is recorded as cost of revenue in the statement of operations using accretion rates based on credit adjusted risk free interest rates. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company sells the electricity it generates under the terms of PPAs or at spot market prices. Revenue is recognized based upon the amount of electricity delivered at rates specified under the contracts, assuming all other revenue recognition criteria are met. The Company evaluates its PPAs to determine whether they are in substance leases or derivatives and, if applicable, recognizes revenue pursuant to ASC 840 Leases and ASC 815 Derivatives and Hedging, respectively. As of December 31, 2013, there were no PPAs that are accounted for as leases or derivatives and revenue is recognized on an accrual basis. | |||||||||||||
The Company also generates renewable energy credits as it produces electricity. Certain of these energy credits are sold independently in an open market and revenue is recognized at the time title to the energy credits is transferred to the buyer. | |||||||||||||
The Company acquired a ten-year energy derivative instrument as part of its acquisition of Gulf Wind in 2010, which fixes approximately 58% of the Project’s expected electricity generation through April 2019. The energy derivative instrument reduces exposure to changes in commodity prices by allowing the Company to lock in a fixed price per MWh for a specified amount of annual electricity generation. The monthly settlement amounts under the energy hedge are accounted for as energy derivative settlements in the consolidated statements of operations. The change in the fair value of the energy hedge is classified as unrealized (loss) gain on energy derivative revenue in the consolidated statements of operations. | |||||||||||||
The Company recognizes revenue for warranty settlements and liquidated damages from turbine manufacturers in other revenue upon resolution of outstanding contingencies. Any cash receipts for amounts subject to future adjustment or repayment are deferred in other liabilities until the final settlement amount is considered fixed and determinable. | |||||||||||||
Cost of Revenue | |||||||||||||
The Company’s cost of revenue is comprised of direct costs of operating and maintaining its wind project facilities, including labor, turbine service arrangements, land lease royalties, depreciation, accretion, property taxes and insurance. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation related to stock options granted to employees by estimating the fair value of the stock-based awards using the Black-Scholes option-pricing model. The fair value of the stock options granted are amortized over the applicable vesting period. The Black-Scholes option pricing model includes assumptions regarding dividend yields, expected volatility, expected option term, expected forfeiture rate and risk-free interest rates. The Company estimates expected volatility based on the historical volatility of comparable publicly traded companies for a period that is equal to the expected term of the options. The risk-free interest rate is based on the U.S. treasury yield curve in effect at the time of grant for a period commensurate with the estimated expected life. The expected term of options granted is derived using the “simplified” method as allowed under the provisions of the ASC 718, Compensation—Stock Compensation, and represents the period of time that options granted are expected to be outstanding. | |||||||||||||
The Company accounts for stock-based compensation related to restricted stock award grants by amortizing the fair value of the restricted stock award grants, which is the grant date market price, over the applicable vesting period. | |||||||||||||
Stock-based compensation expense is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax included in accumulated other comprehensive income (loss) in the accompanying consolidated statements of stockholders’ equity, is comprised of changes in foreign currency translation adjustments and changes in the fair value of derivatives designated as hedges. | |||||||||||||
Segment Data | |||||||||||||
Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the Company’s performance, the Company has determined its wind projects represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. | |||||||||||||
Acquisition_from_Pattern_Devel
Acquisition from Pattern Development | 12 Months Ended | ||
Dec. 31, 2013 | |||
Business Combinations [Abstract] | ' | ||
Acquisition from Pattern Development | ' | ||
3 | Acquisition from Pattern Development | ||
On December 20, 2013, the Company acquired from Pattern Development a 45% equity interest in Grand for $79.5 million, paid in 2013, plus a contingent payment of up to $4.7 million, payable in 2014. Grand is a joint venture established to develop, construct, and own a wind power project located in Ontario, Canada. The project has a 20-year PPA and commenced construction in September 2013. The Company’s investment in Grand was paid from general corporate funds. Grand is accounted for under the equity method of accounting. In accordance with ASC 805-50-30-5, Transactions between Entities under Common Control, the Company recognized the investment at the historical carrying amount at the date of acquisition. |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
4 | Prepaid expenses and other current assets | ||||||||
The following table presents the components of prepaid expenses and other current assets (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 10,132 | $ | 7,202 | |||||
Sales tax | 50 | 3,275 | |||||||
Interconnection network upgrade receivable | 2,512 | 1,854 | |||||||
Other current assets | 1,233 | 1,463 | |||||||
Prepaid expenses and other current assets | $ | 13,927 | $ | 13,794 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
5 | Property, Plant and Equipment | ||||||||
The following presents the categories within property, plant and equipment (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Operating wind farms | $ | 1,652,119 | $ | 1,765,200 | |||||
Furniture, fixtures and equipment | 3,785 | 3,333 | |||||||
Land | 16 | 16 | |||||||
Subtotal | 1,655,920 | 1,768,549 | |||||||
Less: accumulated depreciation | (179,778 | ) | (100,247 | ) | |||||
$ | 1,476,142 | $ | 1,668,302 | ||||||
The Company recorded depreciation expense related to property, plant and equipment of $82.0 million, $48.3 million and $38.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
In June 2013, the Company received $115.9 million and $57.6 million for Ocotillo and Santa Isabel, respectively, under a cash grant in lieu of investment tax credit (Cash Grant) from the U.S. Department of the Treasury. In December 2012, the Company received $79.9 million for Spring Valley under a Cash Grant from the U.S. Department of the Treasury. The Company recorded the cash proceeds as a deduction from the carrying amount of the related wind farm assets which resulted in the assets being recorded at lower amounts. | |||||||||
The Cash Grants received for Ocotillo, Santa Isabel, and Spring Valley reduced depreciation expense recorded in the consolidated statements of operations by approximately $13.0 million and $1.5 million for the years ended December 31, 2013 and 2012, respectively. |
Unconsolidated_Investments
Unconsolidated Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Unconsolidated Investments | ' | ||||||||||||||||
6 | Unconsolidated Investments | ||||||||||||||||
The following presents projects that are accounted for under the equity method of accounting (in thousands): | |||||||||||||||||
Percentage of Ownership | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
South Kent | $ | 59,488 | $ | 17,895 | 50 | % | 50 | % | |||||||||
El Arrayán | 21,103 | 18,323 | 31.5 | % | 31.5 | % | |||||||||||
Grand | 26,464 | — | 45 | % | N/A | ||||||||||||
Unconsolidated investments | $ | 107,055 | $ | 36,218 | |||||||||||||
South Kent | |||||||||||||||||
The Company is a noncontrolling investor in a joint venture established to develop, construct, and own a wind power project located in Ontario, Canada. The project has a 20-year PPA. Construction commenced in March 2013. | |||||||||||||||||
El Arrayán | |||||||||||||||||
The Company is a noncontrolling investor in a joint venture established to develop, construct, and own a wind power project located in Chile. The project has a 20-year PPA and commenced construction in May 2012. | |||||||||||||||||
Grand | |||||||||||||||||
On December 20, 2013, the Company acquired from Pattern Development a 45% equity interest in Grand for $79.5 million, paid in 2013, plus a contingent payment of up to $4.7 million, payable in 2014. Grand is a joint venture established to develop, construct, and own a wind power project located in Ontario, Canada. The project has a 20-year PPA and commenced construction in September 2013. The Company’s investment in Grand was paid from general corporate funds. The Company is a noncontrolling investor in Grand and the investment is accounted for under the equity method of accounting. | |||||||||||||||||
The following summarizes the aggregated balance sheets as of December 31, 2013 and 2012, and operating results of the unconsolidated joint ventures for the years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 78,906 | $ | 33,578 | |||||||||||||
Non-current assets | 1,097,018 | 142,522 | |||||||||||||||
Total assets | $ | 1,175,924 | $ | 176,100 | |||||||||||||
Current liabilities | $ | 128,076 | $ | 5,153 | |||||||||||||
Non-current liabilities | 810,936 | 71,709 | |||||||||||||||
Total liabilities | $ | 939,012 | $ | 76,862 | |||||||||||||
Total equity | $ | 236,912 | $ | 99,238 | |||||||||||||
Total liabilities and equity | $ | 1,175,924 | $ | 176,100 | |||||||||||||
Year ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||||||
Other (income) expense | (13,322 | ) | 275 | 455 | |||||||||||||
Net income (loss) | $ | 13,322 | $ (275) | $ (455) | |||||||||||||
6 | Unconsolidated Investments | ||||||||||||||||
The following presents projects that are accounted for under the equity method of accounting (in thousands): | |||||||||||||||||
Percentage of Ownership | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
South Kent | $ | 59,488 | $ | 17,895 | 50 | % | 50 | % | |||||||||
El Arrayán | 21,103 | 18,323 | 31.5 | % | 31.5 | % | |||||||||||
Grand | 26,464 | — | 45 | % | N/A | ||||||||||||
Unconsolidated investments | $ | 107,055 | $ | 36,218 | |||||||||||||
South Kent | |||||||||||||||||
The Company is a noncontrolling investor in a joint venture established to develop, construct, and own a wind power project located in Ontario, Canada. The project has a 20-year PPA. Construction commenced in March 2013. | |||||||||||||||||
El Arrayán | |||||||||||||||||
The Company is a noncontrolling investor in a joint venture established to develop, construct, and own a wind power project located in Chile. The project has a 20-year PPA and commenced construction in May 2012. | |||||||||||||||||
Grand | |||||||||||||||||
On December 20, 2013, the Company acquired from Pattern Development a 45% equity interest in Grand for $79.5 million, paid in 2013, plus a contingent payment of up to $4.7 million, payable in 2014. Grand is a joint venture established to develop, construct, and own a wind power project located in Ontario, Canada. The project has a 20-year PPA and commenced construction in September 2013. The Company’s investment in Grand was paid from general corporate funds. The Company is a noncontrolling investor in Grand and the investment is accounted for under the equity method of accounting. | |||||||||||||||||
The following summarizes the aggregated balance sheets as of December 31, 2013 and 2012, and operating results of the unconsolidated joint ventures for the years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 78,906 | $ | 33,578 | |||||||||||||
Non-current assets | 1,097,018 | 142,522 | |||||||||||||||
Total assets | $ | 1,175,924 | $ | 176,100 | |||||||||||||
Current liabilities | $ | 128,076 | $ | 5,153 | |||||||||||||
Non-current liabilities | 810,936 | 71,709 | |||||||||||||||
Total liabilities | $ | 939,012 | $ | 76,862 | |||||||||||||
Total equity | $ | 236,912 | $ | 99,238 | |||||||||||||
Total liabilities and equity | $ | 1,175,924 | $ | 176,100 | |||||||||||||
Year ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||||||
Other (income) expense | (13,322 | ) | 275 | 455 | |||||||||||||
Net income (loss) | $ | 13,322 | $ (275) | $ (455) | |||||||||||||
Accounts_Payable_and_Other_Acc
Accounts Payable and Other Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accounts Payable and Other Accrued Liabilities | ' | ||||||||
7 | Accounts payable and other accrued liabilities | ||||||||
The following table presents the components of accounts payable and other accrued liabilities (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 168 | $ | 331 | |||||
Other accrued liabilities | 7,282 | 3,847 | |||||||
Warranty settlement payments | 2,187 | — | |||||||
Payroll liabilities | 2,162 | — | |||||||
Property tax payable | 3,490 | 3,444 | |||||||
Sales tax payable | 261 | 128 | |||||||
Accounts payable and other accrued liabilities | $ | 15,550 | $ | 7,750 | |||||
Long_term_debt
Long term debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Long term debt | ' | ||||||||||||||||||||
8 | Long term debt | ||||||||||||||||||||
The Company’s long term debt as of December 31, 2013 and 2012 is presented below (in thousands): | |||||||||||||||||||||
December 31, | Interest Rate as of | Interest | |||||||||||||||||||
December 31, | Type | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Maturity | |||||||||||||||||
Santa Isabel bridge loan | $ | — | $ | 38,337 | N/A | 2.31 | % | Variable | N/A | ||||||||||||
Ocotillo bridge loan | — | 56,586 | N/A | 3.31 | % | Variable | N/A | ||||||||||||||
Hatchet Ridge term loan | 239,865 | 251,119 | 1.43 | % | 1.43 | % | Imputed | December 2032 | |||||||||||||
Gulf Wind term loan | 166,448 | 174,969 | 3.25 | % | 3.36 | % | Variable | Mar-20 | |||||||||||||
St. Joseph term loan | 215,330 | 238,737 | 5.88 | % | 5.88 | % | Fixed | May-31 | |||||||||||||
Spring Valley term loan | 173,110 | 178,900 | 2.63 | % | 2.62 | % | Variable | Jun-30 | |||||||||||||
Santa Isabel term loan | 115,721 | 119,035 | 4.57 | % | 4.57 | % | Fixed | September 2033 | |||||||||||||
Ocotillo commercial term loan | 230,944 | 160,299 | 3 | % | 3.31 | % | Variable | Aug-20 | |||||||||||||
Ocotillo development term loan | 107,800 | 72,588 | 2.35 | % | 2.41 | % | Variable | Aug-33 | |||||||||||||
1,249,218 | 1,290,570 | ||||||||||||||||||||
Less: current portion | (48,851 | ) | (137,258 | ) | |||||||||||||||||
$ | 1,200,367 | $ | 1,153,312 | ||||||||||||||||||
The following are amounts due for long-term debt as of December 31, 2013 (in thousands): | |||||||||||||||||||||
For the year ending December 31, | |||||||||||||||||||||
2014 | $ | 48,851 | |||||||||||||||||||
2015 | 58,888 | ||||||||||||||||||||
2016 | 60,442 | ||||||||||||||||||||
2017 | 61,571 | ||||||||||||||||||||
2018 | 66,547 | ||||||||||||||||||||
Thereafter | 952,919 | ||||||||||||||||||||
$ | 1,249,218 | ||||||||||||||||||||
Interest and commitment fees incurred, and interest expense recorded in the Company’s consolidated statements of operations are as follows (in thousands): | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Interest and commitment fees incurred | $ | 57,478 | $ | 43,496 | $ | 31,610 | |||||||||||||||
Capitalized interest, commitment fees, and letter of credit fees | (4,210 | ) | (10,259 | ) | (4,220 | ) | |||||||||||||||
Letter of credit fees | 3,530 | 720 | 537 | ||||||||||||||||||
Amortization of financing costs | 6,816 | 2,545 | 1,477 | ||||||||||||||||||
Interest expense | $ | 63,614 | $ | 36,502 | $ | 29,404 | |||||||||||||||
Hatchet Ridge | |||||||||||||||||||||
In December 2010, Hatchet Ridge entered into sale-leaseback transactions to finance the facility for 22 years. In accordance with ASC 840, Leases, Hatchet Ridge accounts for the sale-leaseback as a financing transaction. | |||||||||||||||||||||
Collateral for the sale-leaseback financing includes Hatchet Ridge’s tangible assets and contractual rights and cash on deposit with the depository agent. Its loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict Hatchet Ridge’s ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. | |||||||||||||||||||||
Gulf Wind | |||||||||||||||||||||
The Company acquired Gulf Wind in March 2010. Concurrent with its acquisition, Gulf Wind entered into a $195.4 million credit facility. The Gulf Wind credit facility has a term of ten years. In connection with the facility, Gulf Wind entered into interest rate swaps and cap agreements to reduce its exposure to variable interest rates of the term of the facility and to hedge its exposure to re-financing rate risk. | |||||||||||||||||||||
Collateral for the Gulf Wind credit facility includes Gulf Wind’s tangible assets and contractual rights and cash on deposit with the depository agent. Its loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict Gulf Wind’s ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. | |||||||||||||||||||||
St. Joseph | |||||||||||||||||||||
In March 2010, St. Joseph entered into a $259.5 million construction and term loan facility that was converted to a 20-year term loan in May 2011. | |||||||||||||||||||||
Collateral for the St. Joseph facility includes St. Joseph’s tangible assets and contractual rights and cash on deposit with the depository agent. Its loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict St. Joseph’s ability to incur debt, grant liens, sell or lease certain assets, transfer equity interests, dissolve, make distributions and change its business. | |||||||||||||||||||||
Spring Valley | |||||||||||||||||||||
In August 2011, Spring Valley entered into a $178.9 million construction loan facility and a $53.3 million cash grant bridge loan. Spring Valley reached commercial operations on August 16, 2012 and the construction loan was converted to a term loan on November 16, 2012. The cash grant bridge loan was repaid in December 2012 from funds the Company received under a Cash Grant from the U.S. Department of Treasury following the wind project being placed in service. In connection with the term loan, Spring Valley entered into interest rate swaps for the term of the loan to hedge its exposure to variable interest rates following term conversion of the facility. | |||||||||||||||||||||
Collateral for the loan consists of Spring Valley’s tangible assets and contractual rights, and cash on deposit with the depository agent. Its loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict Spring Valley’s ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. | |||||||||||||||||||||
Santa Isabel | |||||||||||||||||||||
In October 2011, Santa Isabel entered into a $119.0 million construction loan facility and a $57.5 million cash grant bridge loan facility. On December 5, 2012, Santa Isabel achieved commercial operations under the terms of its PPA. The construction loan converted to a term loan on May 15, 2013 and matures on September 30, 2033. The cash grant bridge loan was repaid from funds the Company received under a Cash Grant in May 2013. | |||||||||||||||||||||
Collateral for the Santa Isabel facility consists of Santa Isabel’s tangible assets and contractual rights, and cash on deposit with the depository agent. Its loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict Santa Isabel’s ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. | |||||||||||||||||||||
Ocotillo | |||||||||||||||||||||
In October 2012, Ocotillo entered into a $467.3 million financing agreement comprised of two construction loan facilities totaling $351.5 million, a network upgrade bridge loan facility of $56.6 million and a letter of credit facility of $59.2 million. The two loan facilities consist of a development bank tranche of $110.0 million and a commercial bank tranche of $241.5 million. Ocotillo reached full commercial operations in July 2013, and the two construction loans converted to term loans on September 20, 2013 and mature 20 years and 7 years after the term loan conversion, respectively. The network upgrade bridge loan was repaid in August 2013 from reimbursements received from the utility related to the construction of network upgrade costs. In connection with the financing agreement, the Company entered into interest rate swaps on 90% of the loan commitment. In addition, in September 2013, Ocotillo prepaid $2.2 million of the development bank loan and $5.3 million of the commercial bank loan pursuant to a proposal initiated by Ocotillo and accepted by the lenders. | |||||||||||||||||||||
Collateral under the Ocotillo financing agreement consists of Ocotillo’s tangible assets and contractual rights, and cash on deposit with the depository agent. Its loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict Ocotillo’s ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. | |||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||
On November 15, 2012, the Company entered into a $120.0 million revolving credit agreement for working capital with a four-year term comprised of a revolving loan facility and a letter of credit facility. The revolving credit agreement has an “accordion feature” under which the Company has the right to increase available borrowings by up to $35.0 million if its lenders or other additional lenders are willing to lend on the same terms and meet certain other conditions. As of December 31, 2013 and 2012, letters of credit of $44.8 million and $39.1 million, respectively, have been issued and loans of $56.0 million and zero were drawn and repaid in 2013 and 2012, respectively. As of December 31, 2013 and 2012, there was no outstanding balance on the revolving credit facility. | |||||||||||||||||||||
Loans, when and if drawn, are either base rate loans or Eurodollar rate loans. The base rate loans accrue interest at 2.5% plus the greatest of the (i) the prime rate, (ii) the federal funds rate plus 0.5% and (iii) the Eurodollar rate that would be in effect for a Eurodollar rate loan with an interest period of one month plus 1.0%. The Eurodollar rate loans will accrue interest at a rate per annum equal to LIBOR, as published by Reuters plus 3.5%. Collateral for the revolving credit facility consists of the Company’s membership interests in certain of the Company’s holding company subsidiaries. The revolving credit facility contains a broad range of covenants that, subject to certain exceptions, restrict the Company’s ability to incur debt, grant liens, sell or lease assets, transfer equity interests, dissolve, pay distributions and change its business. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Asset Retirement Obligations | ' | ||||||||||||
9 | Asset Retirement Obligations | ||||||||||||
The Company’s asset retirement obligations represent the estimated cost of decommissioning the turbines, removing above-ground installations and restoring the sites at a date that is 20 years from the commencement of commercial operation of the facility. | |||||||||||||
The following table presents a reconciliation of the beginning and ending aggregate carrying amounts of asset retirement obligations as of December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning asset retirement obligations | $ | 19,056 | $ | 10,342 | $ | 9,365 | |||||||
Additions during the year | 767 | 7,971 | 467 | ||||||||||
Foreign currency translation adjustment | (172 | ) | 59 | (43 | ) | ||||||||
Accretion expense | 1,183 | 684 | 553 | ||||||||||
Ending asset retirement obligations | $ | 20,834 | $ | 19,056 | $ | 10,342 | |||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||
10 | Derivative Instruments | ||||||||||||||||
The Company employs a variety of derivative instruments to manage its exposure to fluctuations in interest rates and electricity prices. The following tables present the amounts that are recorded in the Company’s consolidated balance sheets as of December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||
Undesignated Derivative Instruments Classified as Assets (Liabilities): | |||||||||||||||||
As of | Year ended | ||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||
Derivative Type | Quantity | Maturity | Current | Long-Term | Recognized into | ||||||||||||
Dates | Portion | Portion | Income | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/30 | $ | (3,899 | ) | $ | 14,358 | $ | 15,367 | ||||||||
Interest rate cap | 1 | 12/31/24 | — | 681 | 234 | ||||||||||||
Energy derivative | 1 | 4/30/19 | 13,937 | 54,416 | (11,272 | ) | |||||||||||
$ | 10,038 | $ | 69,455 | $ | 4,329 | ||||||||||||
December 31, 2012 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/30 | $ | (1,980 | ) | $ | (2,931 | ) | $ | (4,909 | ) | ||||||
Interest rate cap | 1 | 12/31/24 | — | 447 | (44 | ) | |||||||||||
Energy derivative | 1 | 4/30/19 | 17,177 | 62,448 | (6,951 | ) | |||||||||||
$ | 15,197 | $ | 59,964 | $ | (11,904 | ) | |||||||||||
December 31, 2011 | |||||||||||||||||
Interest rate cap | 1 | 12/31/24 | $ | — | $ | 491 | $ | (345 | ) | ||||||||
Energy derivative | 1 | 4/30/19 | 18,687 | 67,890 | 17,577 | ||||||||||||
$ | 18,687 | $ | 68,381 | $ | 17,232 | ||||||||||||
Designated Derivative Instruments Classified as Assets ( Liabilities): | |||||||||||||||||
As of | Year ended | ||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||
Derivative Type | Quantity | Maturity | Current | Long-Term | Recognized in | ||||||||||||
Dates | Portion | Portion | OCI | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/33 | $ | (2,105 | ) | $ | 9,625 | $ | 10,434 | ||||||||
Interest rate swaps | 7 | 3/15/20 | (5,289 | ) | (7,439 | ) | 9,398 | ||||||||||
Interest rate swaps | 2 | 6/28/30 | (4,878 | ) | 3,087 | 17,043 | |||||||||||
$ | (12,272 | ) | $ | 5,273 | $ | 36,875 | |||||||||||
December 31, 2012 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/33 | $ | (952 | ) | $ | (1,962 | ) | $ | (2,914 | ) | ||||||
Interest rate swaps | 7 | 3/15/20 | (5,558 | ) | (16,568 | ) | (1,835 | ) | |||||||||
Interest rate swaps | 2 | 6/28/30 | (4,972 | ) | (13,865 | ) | (6,421 | ) | |||||||||
$ | (11,482 | ) | $ | (32,395 | ) | $ | (11,170 | ) | |||||||||
December 31, 2011 | |||||||||||||||||
Interest rate swaps | 7 | 3/15/20 | $ | (4,929 | ) | $ | (15,362 | ) | $ | (11,251 | ) | ||||||
Interest rate swaps | 2 | 6/28/30 | — | (12,416 | ) | (12,416 | ) | ||||||||||
$ | (4,929 | ) | $ | (27,778 | ) | $ | (23,667 | ) | |||||||||
Gulf Wind | |||||||||||||||||
In 2010, Gulf Wind entered into interest rate swaps with each of its lenders to manage exposure to interest rate risk on its long-term debt. The interest rate swaps exchange variable interest rate payments for fixed interest rate payments that were approximately 6.6% for the years ended December 31, 2013, 2012 and 2011. The fixed interest rate is set at 6.6% for years two through eight and 7.1% and 7.6% for the last two years of the loan term, respectively. The interest rate swaps qualify for hedge accounting and were designated as cash flow hedges. No ineffectiveness was recorded for the years ended December 31, 2013, 2012 and 2011. The Company expects to reclassify $5.3 million into earnings from accumulated other comprehensive income (loss) during 2014 as quarterly hedge payments occur. | |||||||||||||||||
In 2010, Gulf Wind also entered into an interest rate cap to manage exposure to future interest rates when its long-term debt is expected to be refinanced at the end of the ten-year term. The cap protects the Company if future interest rates exceed approximately 6.0%. The cap has an effective date of March 31, 2020, terminates on December 31, 2024, and has a notional amount of $42.1 million which reduced quarterly during its term. The cap is a derivative but does not qualify for hedge accounting and has not been designated. The Company recognized unrealized gains (losses) of $0.2 million, zero and ($0.3) million for the years ended December 31, 2013, 2012 and 2011, respectively, in unrealized gain (loss) on derivatives in the consolidated statements of operations. The derivative instrument’s asset value as of December 31, 2013, 2012 and 2011, was approximately $0.7 million, $0.4 million and $0.5 million, respectively. | |||||||||||||||||
In 2010, Gulf Wind acquired an energy derivative instrument to manage its exposure to variable electricity prices. The energy price swap fixes the price of approximately 58% of its electricity generation through April 2019. The energy derivative instrument is a derivative but did not meet the criteria required to adopt hedge accounting. The energy derivative instrument’s fair value as of December 31, 2013, 2012 and 2011 was $68.4 million, $79.6 million and $86.6 million, respectively. Gulf Wind recognized unrealized (losses) gain of ($11.3) million, ($7.0) million, and $17.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, in unrealized (loss) gain on energy derivative in the consolidated statements of operations. | |||||||||||||||||
Spring Valley | |||||||||||||||||
In 2011, Spring Valley entered into interest rate swaps with its lenders to manage exposure to interest rate risk on its long-term debt. The interest rate swaps exchange variable interest rate payments for fixed interest rate payments of approximately 5.5% for the first four years of its term debt and increases by 0.25% every four years, thereafter. The interest rate swaps qualify for hedge accounting and were designated as cash flow hedges. No ineffectiveness was recorded for the years ended December 31, 2013, 2012 and 2011. The Company expects to reclassify $4.9 million into earnings from accumulated other comprehensive income (loss) during 2014 as quarterly swap settlement payments occur. | |||||||||||||||||
Ocotillo | |||||||||||||||||
In October 2012, Ocotillo entered into interest rate swaps with its lenders to manage exposure to interest rate risk on its long-term debt. The interest rate swaps exchange variable interest rate payments for fixed interest rate payments of approximately 2.5% and 2.2% for the development bank term loans and the commercial bank term loans, respectively. The interest rate swaps for the development bank loans qualify for hedge accounting and were designated as cash flow hedges. No ineffectiveness was recorded for the years ended December 31, 2013, 2012 and 2011. The Company expects to reclassify $2.1 million into earnings from accumulated other comprehensive income (loss) during 2014 as quarterly hedge payments occur. The interest rate swaps for the commercial bank loans are undesignated derivatives that are used to mitigate exposure to variable interest rate debt. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
11 | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following table summarizes changes in the accumulated other comprehensive income (loss) balance by component: | |||||||||||||||||
Foreign | Effective Portion of | Proportionate | Total | ||||||||||||||
Currency | Change in Fair Value | Share of Equity | |||||||||||||||
of Derivatives | Investee’s OCI | ||||||||||||||||
Balances at January 1, 2011 | $ | (497 | ) | $ | (9,040 | ) | $ | — | $ | (9,537 | ) | ||||||
Current period other comprehensive loss | (2,406 | ) | (23,667 | ) | — | (26,073 | ) | ||||||||||
Income tax benefit (expense) | — | — | — | — | |||||||||||||
Balances at December 31, 2011 | (2,903 | ) | (32,707 | ) | — | (35,610 | ) | ||||||||||
Current period other comprehensive income (loss) | 2,749 | (11,170 | ) | (1,475 | ) | (9,896 | ) | ||||||||||
Income tax benefit (expense) | — | — | — | — | |||||||||||||
Balances at December 31, 2012 | (154 | ) | (43,877 | ) | (1,475 | ) | (45,506 | ) | |||||||||
Current period other comprehensive income (loss) | (8,309 | ) | 36,875 | 2,621 | 31,187 | ||||||||||||
Income tax expense | — | — | (148 | ) | (148 | ) | |||||||||||
Grand acquisition | — | — | (4,217 | ) | (4,217 | ) | |||||||||||
Income tax benefit—Grand acquisition | — | — | 1,307 | 1,307 | |||||||||||||
Balances at December 31, 2013 | $ | (8,463 | ) | $ | (7,002 | ) | $ | (1,912 | ) | $ | (17,377 | ) | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
12 | Fair Value Measurements | ||||||||||||||||
The Company’s fair value measurements incorporate various factors, including the credit standing and performance risk of the counterparties, the applicable exit market, and specific risks inherent in the instrument. Nonperformance and credit risk adjustments on risk management instruments are based on current market inputs when available, such as credit default hedge spreads. When such information is not available, internal models may be used. | |||||||||||||||||
Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to valuation of these assets or liabilities are as follows: | |||||||||||||||||
Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||||
Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuations technique and the risk inherent in the inputs to the model. | |||||||||||||||||
Short-term financial instruments consist principally of cash, cash equivalents, accounts receivable, notes receivable, accounts payable and other accrued liabilities. Based on the nature and short maturity of these instruments their fair value is approximated using carrying cost and they are presented in the Company’s financial statements at carrying cost. The fair values of cash, cash equivalents and restricted cash are a Level 1 hierarchy. The fair values of accounts receivable, notes receivable, accounts payable and other accrued liabilities are Level 2 hierarchy. | |||||||||||||||||
Long term debt is presented on the consolidated balance sheet at amortized cost. The fair value of variable interest rate long-term debt is approximated by its carrying cost. The fair value of fixed interest rate long-term debt is estimated based on observable market prices or parameters or derived from such prices or parameters (Level 2). Where observable prices or inputs are not available, valuation models are applied, using the net present value of cash flow streams over the term using estimated market rates for similar instruments and remaining terms (Level 3). | |||||||||||||||||
Derivatives and contingent liabilities subject to re-measurement are presented in the financial statements at fair value. The interest rate swaps and interest rate cap were valued by discounting the net cash flows using the forward LIBOR curve with the valuations adjusted by the counterparties’ credit default hedge rate (Level 2). The fair value of contingent liabilities is based upon the time of realization and the probability of the contingent event (Level 3). The energy derivative instrument was valued by discounting the projected net cash flows over the remaining life of the derivative using forward energy curves adjusted by a nonperformance risk factor (Level 3). | |||||||||||||||||
The following tables present the fair values according to each defined level (in thousands): | |||||||||||||||||
Financial assets and (liabilities) measured on a recurring basis: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Interest rate swaps | $ | — | $ | 3,460 | $ | — | |||||||||||
Interest rate cap | — | 681 | — | ||||||||||||||
Energy derivative | — | — | 68,353 | ||||||||||||||
$ | — | $ | 4,141 | $ | 68,353 | ||||||||||||
December 31, 2012 | |||||||||||||||||
Interest rate swaps | $ | — | $ | (48,788 | ) | $ | — | ||||||||||
Interest rate cap | — | 447 | — | ||||||||||||||
Energy derivative | — | — | 79,625 | ||||||||||||||
Contingent liabilities | — | — | (8,001 | ) | |||||||||||||
$ | — | $ | (48,341 | ) | $ | 71,624 | |||||||||||
Reconciliation of energy derivative and contingent liabilities measured at fair value using unobservable inputs (Level 3): | |||||||||||||||||
Contingent | Energy | Total | |||||||||||||||
Liabilities | Derivative | ||||||||||||||||
Balances at January 1, 2012 | $ | (5,986 | ) | $ | 86,577 | $ | 80,591 | ||||||||||
Settlements | — | (19,644 | ) | (19,644 | ) | ||||||||||||
Change in fair value, net of settlements | (2,015 | ) | 12,692 | 10,677 | |||||||||||||
Balances at December 31, 2012 | (8,001 | ) | 79,625 | 71,624 | |||||||||||||
Settlements | 8,001 | (16,798 | ) | (8,797 | ) | ||||||||||||
Change in fair value, net of settlements | — | 5,526 | 5,526 | ||||||||||||||
Balances at December 31, 2013 | $ | — | $ | 68,353 | $ | 68,353 | |||||||||||
The change in fair value for the years ended December 31, 2013, 2012 and 2011 related to assets and liabilities still held at the end of the respective period, except for contingent liabilities which were settled during the year ended December 31, 2013. | |||||||||||||||||
The following table presents the carrying amounts and fair values of the Company’s long term debt (in thousands): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Total long term debt | $ | 1,249,218 | $ | 1,165,119 | $ | 1,290,570 | $ | 1,247,449 | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
13 | Income Taxes | ||||||||||||
The following table presents significant components of the provision for income taxes (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
U.S. federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
— | — | — | |||||||||||
Deferred | |||||||||||||
U.S. federal | 2,961 | — | — | ||||||||||
State | — | — | — | ||||||||||
Foreign | 1,585 | (3,604 | ) | 689 | |||||||||
4,546 | (3,604 | ) | 689 | ||||||||||
Total income tax (benefit) provision | $ | 4,546 | $ | (3,604 | ) | $ | 689 | ||||||
The following table presents the domestic and foreign components of net income (loss) before income tax (benefit) expense (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. | $ | 4,022 | $ | (17,810 | ) | $ | 25,957 | ||||||
Foreign | 10,596 | 830 | 638 | ||||||||||
Total | $ | 14,618 | $ | (16,980 | ) | $ | 26,595 | ||||||
The following table presents a reconciliation of the statutory U.S federal income tax rate to the Company’s effective tax rate, as a percentage of income before taxes for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
Book/tax basis difference | — | 27.2 | % | — | |||||||||
Partnership income not subject to taxes | — | (40.9 | )% | (32.4 | )% | ||||||||
Adjustment for income in non-taxable entities allocable to noncontrolling interest | 16.5 | % | — | — | |||||||||
Foreign rate difference | |||||||||||||
Tax rate differential on pre-tax book income, other | 2.1 | % | — | — | |||||||||
Local tax on branch profits/(losses)—Puerto Rico | 13.1 | % | — | — | |||||||||
Permanent book/tax differences (domestic only) | (2.2 | )% | — | — | |||||||||
Valuation allowance | 187.2 | % | — | — | |||||||||
Other | 3.1 | % | — | — | |||||||||
ARRA Section 1603 grant-basis reduction deferred tax assets | (223.7 | )% | — | — | |||||||||
Effective income tax rate | 31.1 | % | 21.3 | % | 2.6 | % | |||||||
The following table presents significant components of the Company’s deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets/liabilities—current | |||||||||||||
Other current deferred tax assets and liabilities | $ | 2,399 | $ | — | |||||||||
Basis difference in derivatives | 2,835 | — | |||||||||||
Total gross deferred tax assets/(liabilities) | 5,234 | — | |||||||||||
Less: valuation allowance | (4,661 | ) | — | ||||||||||
Total net deferred tax assets/(liabilities)—current | 573 | — | |||||||||||
Deferred tax assets/(liabilities)—non-current: | |||||||||||||
Property, plant and equipment | (36,548 | ) | (47,894 | ) | |||||||||
Basis difference in foreign subsidiaries | 40,097 | — | |||||||||||
Partnership interest | (4,917 | ) | — | ||||||||||
Lease Hatchet Ridge | 29,314 | — | |||||||||||
Asset retirement obligation | 4,649 | — | |||||||||||
Equity method | 3,794 | — | |||||||||||
Unrealized loss on derivatives | (5,830 | ) | — | ||||||||||
Net operating loss carryforwards | 61,441 | 45,302 | |||||||||||
Other non current deferred tax assets and liabilities | (4,595 | ) | (690 | ) | |||||||||
Change in tax status | — | 4,599 | |||||||||||
Accruals not currently deductible | — | 443 | |||||||||||
Total gross deferred tax assets/(liabilities)—non-current | 87,405 | 1,760 | |||||||||||
Less: valuation allowance | (95,318 | ) | (482 | ) | |||||||||
Total net deferred tax assets/(liabilities)—non-current | (7,913 | ) | 1,278 | ||||||||||
Total net deferred tax assets/(liabilities) | $ | (7,340 | ) | $ | 1,278 | ||||||||
The deferred tax assets and deferred tax liabilities resulted primarily from temporary differences between book and tax basis of assets and liabilities. The Company regularly assesses the likelihood that future taxable income levels will be sufficient to ultimately realize the tax benefits of the deferred tax assets. Should the Company determine that future realization of the tax benefits is not more likely than not, additional valuation allowance would be established which would increase the Company’s tax provision in the period of such determination. The net deferred tax assets and net deferred tax liabilities as of December 31, 2013 and 2012 are attributed primarily to the Company’s Canadian and Puerto Rico entities. The net change in valuation allowance increased by $99.5 million during year ended December 31, 2013. The net increase is attributable to the contribution transactions of $79.3 million and the three month activity ended December 31, 2013 in the U.S. consolidated filing group of $20.2 million. | |||||||||||||
As of December 31, 2013, the Company had U.S federal and state net operating loss carryforwards of approximately $77.6 million and $77.8 million, respectively. These net operating loss carryforwards are available to reduce future taxable income and will begin to expire commencing in 2033 for federal and state purposes. | |||||||||||||
Internal Revenue Code Section 382 places a limitation ( the “Section 382 Limitation”) on the amount of taxable income that can be offset by net operating loss (“NOL”) carryforwards after a change in control (generally greater than 50% change in ownership) of a loss corporation. California has similar rules. The Company did not have any historic US net operating losses prior to October 2, 2013 except for net operating losses from its Puerto Rico entity which may be subject to Section 382 limitation. | |||||||||||||
The Company is required to recognize in the financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. As of December 31, 2013, the Company does not have any unrecognized tax benefits and does not have any tax positions for which it is reasonably possible that the amount of gross unrecognized tax benefits will increase or decrease within 12 months after the year ended December 31, 2013. | |||||||||||||
The Company files income tax returns in the U.S federal jurisdiction, various state jurisdictions and foreign jurisdictions for its Canadian and Chilean operations. The Company’s U.S and foreign income tax returns for 2009 and forward are subject to examination. | |||||||||||||
The Company has a policy to classify accrued interest and penalties associated with uncertain tax positions together with the related liability, and the expenses incurred related to such accruals are included in the provision for income taxes. The Company did not incur any interest expense or penalties associated with unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
The Company operates under a tax holiday in Puerto Rico which enacted a special tax rate of 4% for business dedicated to the production of energy for consumption through the use of renewal sources. Pursuant to Act 83 as of July 19, 2010, the Green Energy Incentives Act (“GEIA”), promotes the development of green energy projects through economic incentives so as to reduce the island’s dependency on oil. The GEIA provides for a 4% flat income tax rate on green energy income (“GEI”) in lieu of any income tax imposed by the Puerto Rico Code for a 25 year period and is scheduled to terminate on December 31, 2036. The impact of the tax holiday decreased foreign deferred tax benefit by $0.2 million for 2013. The impact of the tax holiday on net income per diluted share was $0.006. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||
Dec. 31, 2013 | |||
Equity [Abstract] | ' | ||
Stockholders' Equity | ' | ||
14 | Stockholders’ Equity | ||
Common Stock | |||
A summary of the rights and preferences of the Company’s Class A and Class B common stock as of December 31, 2013 is as follows: | |||
Voting Rights | |||
The rights of the holders of the Company’s Class A and Class B shares are identical other than in respect of dividends and the conversion rights of the Class B shares. While each Class A and Class B share have one vote on all matters submitted to a vote of the Company’s stockholders, Class B shares have no rights to dividends or distributions (other than upon liquidation). In the case of a proposed amendment to the Company’s amended and restated certificate of incorporation affecting its Class A shares and/or its Class B shares, holders of Class A shares and holders of Class B shares will each be entitled to vote separately as a class to approve such amendment. Upon the later of December 31, 2014 and the date on which its South Kent project has achieved commercial operations (“Conversion Event”), all of the outstanding Class B shares will automatically convert, on a one-for-one basis, into Class A shares. Other than upon occurrence of the Conversion Event, there are no conversion rights attaching to the Class B shares. Other than in certain circumstances involving a take-over bid, tender offer or merger or similar business combination in respect of the Company, in which circumstance a transfer of Class B shares to the acquirer, and subsequently among the acquirer and its officers, employees and affiliates, would be permitted, the Company’s Class B shares will not be transferrable except to and among Pattern Development, the Company and its respective officers, employees and affiliates. No subdivision or consolidation of Class B shares can be made unless the same subdivision or consolidation of the Class A shares is made concurrently. | |||
Dividend Rights | |||
Holders of Class A stock are eligible to receive dividends on common stock held when funds are available and as approved by the Board of Directors. Holders of Class B common stock are not entitled to dividends. In November 2013, the Company’s Board of Directors declared a quarterly cash dividend of $0.3125 per Class A share for the fourth quarter, which represents $1.25 on an annualized basis. The dividend was paid on January 30, 2014 to stockholders of record as of December 31, 2013. | |||
Liquidation Rights | |||
In the event of any liquidation, dissolution or winding-up of the Company, holders of Class A shares will be entitled to share ratably, together with holders of Class B shares, in the Company’s assets that remain after payment or provision for payment of all of its debts and obligations and after liquidation payments to holders of outstanding shares of preferred stock, if any. | |||
Preferred Stock | |||
The Company has 100,000,000 shares of authorized preferred stock issuable in one or more series. The Company’s Board of Directors is authorized to determine the designation, powers, preferences and relative, participating, optional or other special rights of any such series. As of December 31, 2013 and 2012, there was no preferred stock issued and outstanding. |
Equity_Incentive_Award_Plan
Equity Incentive Award Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Equity Incentive Award Plan | ' | ||||||||||||||||
15 | Equity Incentive Award Plan | ||||||||||||||||
In September 2013, the Company adopted the 2013 Equity Incentive Award Plan (“2013 Plan”) , which permits the Company to issue 3,000,000 aggregate number of Class A common shares for equity awards including incentive and nonqualified stock options, restricted stock awards (“RSAs”) and restricted stock units to employees, directors and consultants. RSAs provide the holder with immediate voting rights, but are restricted in all other respects until released. Upon cessation of services to the Company, any unreleased RSAs will be cancelled. All unreleased RSAs accrue dividends and distributions, and are paid in cash upon release. In 2013, the Company made an initial grant of 444,823 stock options and 83,183 RSAs to certain employees in connection with the IPO and additional grants of 3,437 RSAs to certain directors. As of December 31, 2013, 2,468,557 aggregate number of Class A shares were available for issuance under the 2013 Plan. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
The following table summarizes restricted stock awards activity under the 2013 Plan for the year ended December 31, 2013: | |||||||||||||||||
Number of RSAs | Weighted Average | Aggregate | |||||||||||||||
Outstanding | Grant Date | Intrinsic | |||||||||||||||
Fair Value | Value | ||||||||||||||||
Balance at October 2, 2013 | — | $ | — | ||||||||||||||
Granted | 86,620 | 22.71 | |||||||||||||||
Released | (9,424 | ) | 24.15 | ||||||||||||||
Repurchased for employee tax withholding | (934 | ) | 22.53 | ||||||||||||||
Balance at December 31, 2013 | 76,262 | $ | 22.53 | $ | 2,311,501 | ||||||||||||
For the year ended December 31, 2013, the total fair value of restricted stock awards released was $0.2 million, based on the weighted average grant date fair value. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes stock option activity under the 2013 Plan for the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Options | Exercise Price | Remaining | Instrinsic Value | ||||||||||||||
Outstanding | Contractual Life | ||||||||||||||||
(in years) | |||||||||||||||||
Balance at October 2, 2013 | — | $ | — | ||||||||||||||
Granted | 444,823 | 22.00 | |||||||||||||||
Vested | (37,069 | ) | 22 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Balance at December 31, 2013 | 407,754 | $ | 22 | 9.8 | $ | 3,388,436 | |||||||||||
Exercisable at December 31, 2013 | 37,069 | $ | 22 | 9.8 | $ | 308,043 | |||||||||||
Aggregate intrinsic value represents the value of the Company’s closing stock price of $30.31 on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company accounts for stock-based compensation related to stock options granted to employees by estimating the fair value of the stock-based awards using the Black-Scholes option-pricing model. The fair value of the stock options granted are amortized over the applicable vesting period. The Black-Scholes option pricing model includes assumptions regarding dividend yields, expected volatility, expected option term, expected forfeiture rate and risk-free interest rates. The Company estimates expected volatility based on the historical volatility of comparable publicly traded companies for a period that is equal to the expected term of the options. The risk-free interest rate is based on the U.S. treasury yield curve in effect at the time of grant for a period commensurate with the estimated expected life. The expected term of options granted is derived using the “simplified” method as allowed under the provisions of the ASC 718, Compensation—Stock Compensation, due to insufficient historical exercise history data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded. As such, expected term of options represents the period of time that options granted are expected to be outstanding. | |||||||||||||||||
As of December 31, 2013, the fair value of employee stock options was estimated using the Black-Scholes option pricing model. The following weighted average assumptions were used: | |||||||||||||||||
Year ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Stock options: | |||||||||||||||||
Risk-free interest rate | 1.68 | % | |||||||||||||||
Expected life (in years) | 5.8 | ||||||||||||||||
Expected volatility | 36 | % | |||||||||||||||
Expected dividend yield | 5.7 | ||||||||||||||||
The Company measures the fair value of RSAs at the grant date and accounts for stock-based compensation by amortizing the fair value on a straight line basis over the related vesting period. | |||||||||||||||||
The stock-based compensation expense related to stock options and RSAs is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations and totaled $0.5 million for the year ended December 31, 2013. | |||||||||||||||||
As of December 31, 2013, the total unrecorded stock-based compensation expense for unvested restricted stock awards was $1.7 million, which is expected to be amortized over a weighted-average period of 2.8 years. As of December 31, 2013 the total unrecorded stock-based compensation expense for unvested stock options shares was $1.7 million, which is expected to be amortized over a weighted-average period of 2.8 years. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
16 | Earnings Per Share | ||||||||||||
The Company computes earnings per share (EPS) for Class A and Class B common stock using the two-class method for participating securities. The rights, including voting and liquidation rights, of the holders of the Class A and Class B common stock are identical, except with respect to dividends, as the Class B common stock is not entitled to dividends. | |||||||||||||
Basic EPS is computed by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding, for each respective class of stock. Net income attributable to common stockholders is allocated to each class of common stock considering dividends declared or accumulated during the current period that must be paid for the current period and the allocation of undistributed earnings to the extent that each class of stock may share in earnings as if all of the earnings for the period had been distributed. Because our Class B shares are not entitled to dividends, undistributed earnings, if any, would be allocated entirely to the Class A shares. | |||||||||||||
Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares and potentially dilutive common shares outstanding, for each respective class of stock. Potentially dilutive common stock includes the dilutive effect of the common stock underlying in-the-money stock options and is calculated based on the average share price for each period using the treasury stock method. Potentially dilutive common stock also reflects the dilutive effect of unvested restricted stock awards. | |||||||||||||
Class B common stock is a contingently convertible security which is convertible to Class A common stock on a one-to-one basis on the later of December 31, 2014 or commencement of commercial operations of the South Kent wind project. The computation of diluted EPS of Class A common stock would include the impact of the conversion of the Class B common stock, if dilutive for Class A, using the if-converted method once the contingency surrounding the conversion has been met. | |||||||||||||
In periods of net loss, the loss is allocated by first considering any dividends declared or accumulated to Class A common stock. While Class B is not entitled to dividends, because it has the same voting, liquidation and residual rights as Class A, the remaining undistributed loss is allocated equally per share to weighted average Class A and Class B common stock outstanding during the year. For the period from October 2, 2013 to December 31, 2013, potentially dilutive securities were excluded from the diluted EPS calculation as their effect is anti-dilutive. | |||||||||||||
The following table provides a disaggregated presentation of the Company’s consolidated statements of operations before and after its IPO on October 2, 2103: | |||||||||||||
Pattern Energy Group Inc. | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
(In thousands of U.S. dollars, except share data) | |||||||||||||
From October 2, 2013 | From January 1, 2013 | For Year Ended | |||||||||||
to December 31, 2013 | to October 1, 2013 | December 31, 2013 | |||||||||||
Revenue: | |||||||||||||
Electricity sales | $ | 41,836 | $ | 131,434 | $ | 173,270 | |||||||
Energy derivative settlements | 4,035 | 12,763 | 16,798 | ||||||||||
Unrealized loss on energy derivative | (4,916 | ) | (6,356 | ) | (11,272 | ) | |||||||
Related party revenue | 446 | 465 | 911 | ||||||||||
Other revenue | 701 | 21,165 | 21,866 | ||||||||||
Total revenue | 42,102 | 159,471 | 201,573 | ||||||||||
Cost of revenue: | |||||||||||||
Project expense | 15,455 | 42,222 | 57,677 | ||||||||||
Depreciation and accretion | 21,193 | 61,987 | 83,180 | ||||||||||
Total cost of revenue | 36,648 | 104,209 | 140,857 | ||||||||||
Gross profit | 5,454 | 55,262 | 60,716 | ||||||||||
Total operating expenses | 3,456 | 9,532 | 12,988 | ||||||||||
Operating income | 1,998 | 45,730 | 47,728 | ||||||||||
Other expense | (10,217 | ) | (22,893 | ) | (33,110 | ) | |||||||
Net (loss) income before income tax | (8,219 | ) | 22,837 | 14,618 | |||||||||
Tax provision (benefit) | 11,314 | (6,768 | ) | 4,546 | |||||||||
Net (loss) income | (19,533 | ) | 29,605 | 10,072 | |||||||||
Net loss attributable to noncontrolling interest | (6,197 | ) | (690 | ) | (6,887 | ) | |||||||
Net (loss) income attributable to controlling interest | $ | (13,336 | ) | $ | 30,295 | $ | 16,959 | ||||||
Earnings per share information: | |||||||||||||
Less: Net income attributable to controlling interest prior to the IPO on October 2, 2013 | (30,295 | ) | |||||||||||
Net loss attributable to controlling interest subsequent to the IPO | $ | (13,336 | ) | ||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Net earnings (loss) | $ | (13,336 | ) | ||||||||||
Less: dividends declared | |||||||||||||
Class A common stock | (11,103 | ) | |||||||||||
Class B common stock | — | ||||||||||||
$ | (24,439 | ) | |||||||||||
Undistributed earnings (loss) | |||||||||||||
Denominator for basic and diluted earnings (loss) per share: | |||||||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock | 35,448,056 | ||||||||||||
Class B common stock | 15,555,000 | ||||||||||||
Total | 51,003,056 | ||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Class A common stock: | |||||||||||||
Dividends | $ | 0.31 | |||||||||||
Undistributed loss | (0.48 | ) | |||||||||||
Basic and diluted loss per share | $ | (0.17 | ) | ||||||||||
Class B common stock: | |||||||||||||
Dividends | $ | — | |||||||||||
Undistributed loss | (0.48 | ) | |||||||||||
Basic and diluted loss per share | $ | (0.48 | ) | ||||||||||
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Geographic Information | ' | ||||||||||||||||||||
17 | Geographic Information | ||||||||||||||||||||
The table below provides information, by country, about the Company’s consolidated operations. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located (in thousands): | |||||||||||||||||||||
Revenue | Property, Plant and Equipment, net | ||||||||||||||||||||
Year ended December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
United States | $ | 161,505 | $ | 73,089 | $ | 103,773 | $ | 1,210,319 | $ | 1,367,149 | |||||||||||
Canada | 40,068 | 41,439 | 32,086 | 265,823 | 301,153 | ||||||||||||||||
Total | $ | 201,573 | $ | 114,528 | $ | 135,859 | $ | 1,476,142 | $ | 1,668,302 | |||||||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Warranties | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments, Contingencies and Warranties | ' | ||||
18 | Commitments, Contingencies and Warranties | ||||
From time to time, the Company has become involved in claims and legal matters arising in the ordinary course of business. Management is not currently aware of any matters that will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. | |||||
Power Purchase Agreements | |||||
The Company has various PPAs that terminate from 2025 to 2039. The terms of the PPAs generally provide for the annual delivery of a minimum amount of electricity at fixed prices and in some cases include price escalation over the term of the respective PPAs. As of December 31, 2013, under the terms of the PPAs, the Company issued irrevocable letters of credit totaling $57.2 million to ensure its performance for the duration of the PPAs. | |||||
Project Finance Agreements | |||||
The Company has various project finance agreements which obligate the Company to provide certain reserves to enhance its credit worthiness and facilitate the availability of credit. As of December 31, 2013, the Company issued irrevocable letters of credit totaling $91.8 million, of which $44.8 million was from the Company’s revolving credit facility, to ensure performance under these various project finance agreements. | |||||
Turbine Operations and Maintenance | |||||
The following table presents turbine operations and maintenance commitments over the next five years (in thousands): | |||||
For the year ending December 31, | |||||
2014 | $ | 16,465 | |||
2015 | 3,845 | ||||
2016 | 2,188 | ||||
2017 | 1,965 | ||||
2018 | 55 | ||||
Thereafter | 591 | ||||
Total | $ | 25,109 | |||
The Company has six operating projects that have entered into turbine service and maintenance agreements with the turbine supplier or a third party to provide turbine maintenance for terms between two to five years from the in-service date for each of the project’s turbines. Total annualized base fees at December 31, 2013, are approximately $19.4 million, adjusted for inflation. | |||||
Contingent Liabilities | |||||
The Company has recorded contingent purchase price payment obligations related to acquired assets that were recorded at fair value and re-measured at each reporting date. The amount of recorded contingent purchase price obligations was zero and $8.0 million as of December 31, 2013 and 2012, respectively. | |||||
In addition, the Company has unrecorded purchase price payment obligations related to asset acquisitions that are contingent on future events. The amount of unrecorded contingent purchase price obligations was $4.7 million and $2.8 million as of December 31, 2013 and 2012, respectively. | |||||
Land Leases | |||||
The Company has entered into various long-term land leases. Rent expense, included in project expense in the consolidated statements of operations, was $6.1 million, $4.2 million and $4.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
The future minimum payments related to these leases as of December 31, 2013, are as follows (in thousands): | |||||
For the year ending December 31, | |||||
2014 | $ | 3,713 | |||
2015 | 3,717 | ||||
2016 | 3,725 | ||||
2017 | 3,731 | ||||
2018 | 3,738 | ||||
Thereafter | 91,876 | ||||
Total | $ | 110,500 | |||
Purchase Commitments | |||||
The Company has entered into various commitments with service providers related to the Company’s projects and operations of its business. Outstanding commitments with these vendors, excluding turbine operations and maintenance commitments were $4.1 million and $5.1 million as of December 31, 2013 and 2012, respectively. The Company has open commitments for the purchase of new wind turbines of zero and $1.7 million, as of December 31, 2013 and 2012, respectively, and for construction of zero and $22.3 million as of December 31, 2013 and 2012, respectively. | |||||
Purchase and Sales Agreement | |||||
On December 20, 2013, the Company entered into an agreement with Pattern Development to acquire approximately 80% of the ownership interest in Panhandle 2, a 182 MW wind project being built in Carson County, Texas, for approximately $122.9 million in cash. The acquisition, which includes assumption by the Company of certain tax indemnities, is expected to close in fourth quarter of 2014 upon completion of construction, and the Company expects to fund the purchase with available cash and credit facilities. | |||||
Indemnity | |||||
The Company provides a variety of indemnities in the ordinary course of business to contractual counterparties and to our lenders and other financial partners. Hatchet Ridge agreed to indemnify the lender that provided financing for Hatchet Ridge against certain tax losses in connection with its sale-leaseback financing transaction in December 2010. The indemnity agreement is effective for the duration of the sale-leaseback financing. | |||||
The Company is party to certain indemnities for the benefit of the Spring Valley, Santa Isabel and Ocotillo project finance lenders. These indemnity obligations consist principally of indemnities that protect the project finance lenders from the potential effect of any recapture by the U.S. Department of the Treasury, or “U.S. Treasury,” of any amount of the ITC cash grants previously received by the projects. The ITC cash grant indemnity obligations guarantee amounts of any cash grant made to each of the respective projects that may subsequently be recaptured. In addition, the Company is also party to an indemnity of our Ocotillo project finance lenders in connection with certain legal matters, which is limited to the amount of certain related costs and expenses. | |||||
Santa Isabel agreed to indemnify unrelated third parties against certain tax losses in connection with monetization of tax credits under the Economic Incentives for the Development of Puerto Rico Act of May 28, 2008 for $7.2 million. | |||||
Turbine Availability Warranties | |||||
The Company has various turbine availability warranties from its turbine manufacturers. Pursuant to these warranties, if a turbine operates at less than minimum availability during the warranty period, the turbine manufacturer is obligated to pay as liquidated damages a fee for each percent that the turbine operates below the minimum availability threshold. In addition, also pursuant to certain of these warranties, if a turbine operates at more than a specified availability during the warranty period, the Company has an obligation to pay a bonus to the turbine manufacturer. During 2012 and 2011, no liquidating damages or bonus were recorded by the Company. | |||||
In 2013, the Company entered into warranty settlements with a turbine manufacturer for blade related wind turbine outages. The warranty settlements provide for total liquidated damage payments of approximately $21.9 million for the year ended December 31, 2013. During the year ended December 31, 2013, the Company received payments of $24.1 million in connection with these warranty settlements. The Company estimates the maximum future refund of liquidated damage payments to the turbine manufacturer to be $2.2 million and has recorded an accrued liability for this amount as of December 31, 2013. The warranty settlements received, net of the maximum potential future refund to the wind turbine manufacturer, have been recorded as other revenue in the consolidated statements of operations. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
19 | Related Party Transactions | ||||||||||||
From inception to October 1, 2013, the Company’s project management and administrative activities were provided by Pattern Development. Costs associated with these activities were allocated to the Company and recorded in its consolidated statements of operations. Allocated costs include cash and non-cash compensation, other direct, general and administrative costs, and non-operating costs deemed allocable to the Company. Measurement of allocated costs is based principally on time devoted to the Company by officers and employees of Pattern Development. The Company believes the allocated costs presented in its consolidated statements of operations are a reasonable estimate of actual costs incurred to operate the business. The allocated costs are not the result of arms-length, free-market dealings. | |||||||||||||
Management Services Agreement and Shared Management | |||||||||||||
Effective October 2, 2013, the Company entered into a bilateral Management Services Agreement with Pattern Development which provides for the Company and Pattern Development to benefit, primarily on a cost-reimbursement basis, plus a 5% fee on certain direct costs, from the parties’ respective management and other professional, technical and administrative personnel, all of whom will report to and be managed by the Company’s executive officers. Pursuant to the Management Services Agreement, certain of the Company’s executive officers, including its Chief Executive Officer, will also serve as executive officers of Pattern Development and devote their time to both the Company and Pattern Development as is prudent in carrying out their executive responsibilities and fiduciary duties. The Company refers to the employees who will serve as executive officers of both the Company and Pattern Development as the “shared PEG executives.” The shared PEG executives will have responsibilities for both the Company and Pattern Development and, as a result, these individuals will not devote all of their time to the Company’s business. Under the terms of the Management Services Agreement, Pattern Development is required to reimburse the Company for an allocation of the compensation paid to such shared PEG executives reflecting the percentage of time spent providing services to Pattern Development. | |||||||||||||
The table below presents allocated costs prior to October 2, 2013 and net bilateral management service cost reimbursements on and after October 2, 2013 included in the consolidated statements of operations (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Project expense | $ | 1,995 | $ | 1,998 | $ | 1,139 | |||||||
General and administrative | 7,318 | 10,604 | 8,098 | ||||||||||
Management Services Agreement expense | 851 | — | — | ||||||||||
Management Services Agreement income | (665 | ) | — | — | |||||||||
Other income | (551 | ) | (210 | ) | (199 | ) | |||||||
Total | $ | 8,948 | $ | 12,392 | $ | 9,038 | |||||||
Prior to the Contribution Transactions, the Company had purchase arrangements with Pattern Development under which the latter purchased various services and supplies on behalf of the Company and received reimbursement for these purchases. As of December 31, 2013 and 2012, the amounts payable to Pattern Development for these purchases were $1.2 million and $0.2 million, respectively. | |||||||||||||
Letters of credit, indemnities and guarantees | |||||||||||||
Pattern Development provided letters of credit that secure the Company’s obligations under PPAs and interconnection agreements. There were no letters of credit outstanding as of December 31, 2013 and 2012, respectively. | |||||||||||||
Pattern Development agreed to guarantee $14.0 million of El Arrayán’s payment obligations to a lender that has provided a $20 million credit facility for financing of El Arrayán’s recoverable, construction-period value added tax payments. The remaining $6.0 million of the credit facility has been guaranteed by another investor in El Arrayán. | |||||||||||||
Purchase and Sales Agreements | |||||||||||||
On December 20, 2013, the Company entered into an agreement with Pattern Development to acquire approximately 80% of the ownership interest in Panhandle 2, a 182 MW wind project being built in Carson County, Texas, for approximately $122.9 million in cash. The acquisition is expected to close in fourth quarter of 2014 upon completion of construction, and the Company expects to fund the purchase with available cash and credit facilities. | |||||||||||||
On December 20, 2013, the Company acquired a 45.0% equity interest in Grand from Pattern Development. Subject to the terms of this agreement, the Company may make an additional contingent payment of up to $4.7 million to Pattern Development in 2014. | |||||||||||||
Puerto Rico Electric Power Authority (PREPA) | |||||||||||||
The Company’s Santa Isabel project was in a dispute with PREPA over the appropriate rate being charged to the project for the electric services it uses. During the year ended December 31, 2013, the difference between what the Company believes is the appropriate monthly charge and PREPA’s bill was resolved in principle, and billing is now per the understanding between the parties. Pattern Development provided the Company with an indemnity to mitigate the economic impact on the Company of this dispute. | |||||||||||||
Management fees | |||||||||||||
The Company provides operations and management services and receives a fee for such services under agreements with South Kent, Grand and El Arrayán, its joint venture investees. Management fees of $0.9 million were recorded as related party revenue in the consolidated statements of operations for the year ended December 31, 2013 and a related party receivable of $0.2 million was recorded in the consolidated balance sheet as of December 31, 2013. The Company eliminates the intercompany profit from management fees related to its ownership interest in South Kent. | |||||||||||||
Employee Savings Plan | |||||||||||||
The Company participates in a 401(k) plan sponsored and maintained by Pattern Development, established on August 3, 2009 and restated on October 3, 2013. The Company also sponsors a Canadian Registered Retirement Savings Plan (“RRSP”), established on October 2, 2013. Participants in the plans are allowed to defer a portion of their compensation, not to exceed the respective Internal Revenue Service (IRS) or Canada Revenue Agency (CRA) annual allowance contribution guidelines, and are 100% vested in their respective deferrals and earnings. Participants may choose from a variety of investment options. The Company contributes 5% of base compensation to each employee’s 401(k) or RRSP account, up to the annual compensation limit. For the year ended December 31, 2013, the Company contributed $0.1 million which was recorded in the consolidated statements of operations as either general and administrative expense or cost of revenue. No such contributions were made during the years ended December 31, 2012 and 2011. | |||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||
20 | Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following tables summarize the Company’s unaudited quarterly consolidated statements of operations for each of the eight quarters in the period ended December 31, 2013. The quarterly consolidated statements of operations data were prepared on a basis consistent with the audited consolidated financial statements included in Part III, Item 14, “Financial Statements and Supplementary Data” in this Annual Report on Form 10-K. | |||||||||||||||||
Quarterly financial data in thousands, except for share data: | |||||||||||||||||
Three months ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Revenue | $ | 41,767 | $ | 57,257 | $ | 58,712 | $ | 43,837 | |||||||||
Gross profit | 4,729 | 21,471 | 26,222 | 8,294 | |||||||||||||
Net (loss) income | (19,376 | ) | 4,244 | 43,988 | (18,784 | ) | |||||||||||
Net (loss) income attributable to noncontrolling interest | (6,197 | ) | 3,248 | (359 | ) | (3,579 | ) | ||||||||||
Net (loss) income attributable to controlling interest | (13,179 | ) | 996 | 44,347 | (15,205 | ) | |||||||||||
Basic and diluted loss per share—Class A | $ | (0.17 | ) | N/A | N/A | N/A | |||||||||||
Basic and diluted loss per share—Class B | $ | (0.48 | ) | N/A | N/A | N/A | |||||||||||
Three months ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Revenue | $ | 34,345 | $ | 16,903 | $ | 24,939 | $ | 38,341 | |||||||||
Gross profit (loss) | 10,086 | (5,213 | ) | 6,175 | 19,610 | ||||||||||||
Net (loss) income | (4,455 | ) | (16,913 | ) | (575 | ) | 8,567 | ||||||||||
Net (loss) income attributable to noncontrolling interest | (1,147 | ) | (7,494 | ) | (2,928 | ) | 4,480 | ||||||||||
Net (loss) income attributable to controlling interest | (3,308 | ) | (9,419 | ) | 2,353 | 4,087 | |||||||||||
Basic and diluted loss per share—Class A | N/A | N/A | N/A | N/A | |||||||||||||
Basic and diluted loss per share—Class B | N/A | N/A | N/A | N/A |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
21 | Subsequent Events | ||
None. |
Schedule_ICondensed_ParentComp
Schedule I-Condensed Parent-Company Financial Statements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Schedule I-Condensed Parent-Company Financial Statements | ' | ||||||||
Schedule I—Condensed Parent-Company Financial Statements | |||||||||
Pattern Energy Group Inc. | |||||||||
Condensed Financial Information of Parent | |||||||||
Balance Sheets | |||||||||
(In thousands of U.S. dollars, except share data) | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 75,776 | $ | 1 | |||||
Related party receivable | 1,000 | — | |||||||
Prepaid expenses and other current assets | 446 | — | |||||||
Total current assets | 77,222 | 1 | |||||||
Investments in subsidiaries | 407,271 | 514,117 | |||||||
Net deferred tax assets | 573 | — | |||||||
Total assets | $ | 485,066 | $ | 514,118 | |||||
Liabilities and equity | |||||||||
Current liabilities: | |||||||||
Accounts payable and other accrued liabilities | $ | 4,513 | $ | 7 | |||||
Related party payable | 667 | — | |||||||
Dividend payable | 11,103 | — | |||||||
Total current liabilities | 16,283 | 7 | |||||||
Net deferred tax liabilities | 573 | — | |||||||
Total liabilities | 16,856 | 7 | |||||||
Equity: | |||||||||
Class A common stock, $0.01 par value per share: | |||||||||
500,000,000 shares authorized; 35,530,786 and 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 355 | — | |||||||
Class B common stock, $0.01 par value per share: | |||||||||
20,000,000 shares authorized; 15,555,000 shares issued and outstanding at December 31, 2013 | 156 | — | |||||||
Additional paid-in capital | 461,828 | 1 | |||||||
Capital | — | 551,109 | |||||||
Accumulated income (loss) | 14,224 | (2,735 | ) | ||||||
Accumulated other comprehensive loss | (8,353 | ) | (34,264 | ) | |||||
Total equity | 468,210 | 514,111 | |||||||
Total liabilities and equity | $ | 485,066 | $ | 514,118 | |||||
Pattern Energy Group Inc. | |||||||||
Condensed Financial Information of Parent | |||||||||
Statements of Operations and Comprehensive Income (Loss) | |||||||||
(In thousands of U.S. dollars) | |||||||||
Year ended | October 17, 2012 | ||||||||
December 31, 2013 | (initial capitalization) | ||||||||
to December 31, 2012 | |||||||||
Revenue | $ | — | $ | — | |||||
Expenses | 3,630 | 7 | |||||||
Operating loss | (3,630 | ) | (7 | ) | |||||
Other income (expense): | |||||||||
Equity in earnings (loss) from subsidiaries | 20,487 | (2,728 | ) | ||||||
Related party income | 665 | — | |||||||
Other expense, net | (563 | ) | — | ||||||
Other income (expense) | 20,589 | (2,728 | ) | ||||||
Net income (loss) before income tax | 16,959 | (2,735 | ) | ||||||
Tax (benefit) provision | — | — | |||||||
Net income (loss) | 16,959 | (2,735 | ) | ||||||
Other comprehensive income (loss), net of tax | |||||||||
Foreign currency translation, net of tax | (8,309 | ) | 777 | ||||||
Effective portion of change in fair market value of derivatives, net of tax | 31,787 | 1,099 | |||||||
Proportionate share of equity investee’s other comprehensive loss, net of tax | 2,473 | — | |||||||
Total other comprehensive income (loss), net of tax | 25,951 | 1,876 | |||||||
Comprehensive income (loss) | $ | 42,910 | $ | (859 | ) | ||||
Pattern Energy Group Inc. | |||||||||
Condensed Financial Information of Parent | |||||||||
Condensed Statements of Cash Flows | |||||||||
(In thousands of U.S. dollars) | |||||||||
Year ended | October 17, 2012 | ||||||||
December 31, 2013 | (initial capitalization) | ||||||||
to December 31, 2012 | |||||||||
Operating activities | |||||||||
Net income (loss) | $ | 16,959 | $ | (2,735 | ) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||
Stock-based compensation | 511 | — | |||||||
Equity in (earnings) loss from subsidiaries | (20,487 | ) | 2,728 | ||||||
Changes in operating assets and liabilities: | |||||||||
Prepaid expenses and other current assets | (446 | ) | — | ||||||
Accounts payable and other accrued liabilities | 93 | 7 | |||||||
Related party receivable/payable | (1,007 | ) | — | ||||||
Net cash used in operating activities | (4,377 | ) | — | ||||||
Investing activities | |||||||||
Distributions from subsidiaries | 233,226 | — | |||||||
Contributions to subsidiaries | (172,130 | ) | — | ||||||
Net cash provided by investing activities | 61,096 | — | |||||||
Financing activities | |||||||||
Repurchase of shares for employee tax withholding | (24 | ) | |||||||
Capital contributions | 32,678 | 1 | |||||||
Proceeds from IPO, net of expenses | 317,926 | — | |||||||
Capital distributions | (98,884 | ) | — | ||||||
Capital distributions—Contribution Transactions | (232,640 | ) | — | ||||||
Net cash provided by financing activities | 19,056 | 1 | |||||||
Net change in cash and cash equivalents | 75,775 | 1 | |||||||
Cash and cash equivalents at beginning of period | 1 | — | |||||||
Cash and cash equivalents at end of period | $ | 75,776 | $ | 1 | |||||
Schedule of non-cash activities | |||||||||
Investments in subsidiaries | $ | — | $ | 514,117 | |||||
Schedule_II_Supplemental_Finan
Schedule II - Supplemental Financial Statements - South Kent Wind LP | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule II - Supplemental Financial Statements - South Kent Wind LP | ' | ||||||||||||||||||||||||||||
February 21,2014 | |||||||||||||||||||||||||||||
Independent Auditor’s Report | |||||||||||||||||||||||||||||
To the Partners of | |||||||||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
We have audited the accompanying statement of financial position of South Kent Wind LP as of December 31, 2013 and the related statement of operations and comprehensive income, changes in partners’ capital and cash flows for the year then ended. Management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit. | |||||||||||||||||||||||||||||
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Our audit of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We were not engaged to perform an audit of the company’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provide a reasonable basis for our opinions. | |||||||||||||||||||||||||||||
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Kent Wind LP as of December 31, 2013 and the results of its operations and their cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. | |||||||||||||||||||||||||||||
Chartered Professional Accountants, Licensed Public Accountants | |||||||||||||||||||||||||||||
March 14, 2013 | |||||||||||||||||||||||||||||
Independent Auditor’s Report | |||||||||||||||||||||||||||||
To the Partners of | |||||||||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
We have audited the accompanying financial statements of South Kent Wind LP, which comprise the balance sheets as at December 31, 2012 and December 31, 2011 and the statements of income, changes in partners’ capital and cash flows for the years then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. | |||||||||||||||||||||||||||||
Management’s responsibility for the financial statements | |||||||||||||||||||||||||||||
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. | |||||||||||||||||||||||||||||
Auditor’s responsibility | |||||||||||||||||||||||||||||
Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. | |||||||||||||||||||||||||||||
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. | |||||||||||||||||||||||||||||
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. | |||||||||||||||||||||||||||||
Opinion | |||||||||||||||||||||||||||||
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Kent Wind LP as at December 31, 2012 and December 31, 2011 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. | |||||||||||||||||||||||||||||
Chartered Professional Accountants, Licensed Public Accountants | |||||||||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||||
(expressed in Canadian dollars) | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 139,346 | $ | 415,032 | |||||||||||||||||||||||||
Restricted cash (note 3) | 26,888,466 | — | |||||||||||||||||||||||||||
Sales tax recoverable | 13,590,640 | 260,784 | |||||||||||||||||||||||||||
Other current assets (note 4) | 1,515,511 | 54,527 | |||||||||||||||||||||||||||
42,133,963 | 730,343 | ||||||||||||||||||||||||||||
Non-current assets | |||||||||||||||||||||||||||||
Restricted cash (note 3) | — | 5,400,000 | |||||||||||||||||||||||||||
Advance payment | 19,520,025 | — | |||||||||||||||||||||||||||
Deferred development costs (note 5) | — | 32,334,346 | |||||||||||||||||||||||||||
Construction-in-progress (note 5) | 625,636,458 | — | |||||||||||||||||||||||||||
Property, plant and equipment - net of accumulated depreciation of $86,934 (2012 - $47,582) (note 6) | 115,915 | 82,188 | |||||||||||||||||||||||||||
Intangible assets - net of accumulated amortization of $592,315 (2012 - $385,980) (note 7) | 430,584 | 82,388 | |||||||||||||||||||||||||||
Deferred financing costs - net of accumulated amortization of $1,056,079 (2012 - $nil) | 19,361,860 | — | |||||||||||||||||||||||||||
Derivative assets (note 12) | 26,757,264 | — | |||||||||||||||||||||||||||
$ | 733,956,069 | $ | 38,629,265 | ||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 43,155,372 | $ | 712,771 | |||||||||||||||||||||||||
Current portion of construction facility loan (note 9) | 1,914,367 | — | |||||||||||||||||||||||||||
Current portion of long-term contingent liabilities (note 14) | 1,564,600 | 1,346,000 | |||||||||||||||||||||||||||
Derivative liability - current portion (note 12) | 7,814,992 | — | |||||||||||||||||||||||||||
Other current liabilities (note 8) | 1,030,657 | — | |||||||||||||||||||||||||||
55,479,988 | 2,058,771 | ||||||||||||||||||||||||||||
Non-current liabilities | |||||||||||||||||||||||||||||
Construction facility loan (note 9) | 542,717,827 | — | |||||||||||||||||||||||||||
Long-term contingent liabilities (note 14) | 9,500,000 | 1,064,600 | |||||||||||||||||||||||||||
Asset retirement obligation (note 11) | 5,833,484 | — | |||||||||||||||||||||||||||
613,531,299 | 3,123,371 | ||||||||||||||||||||||||||||
Partners’ capital | |||||||||||||||||||||||||||||
Contributions (note 10) | 103,164,191 | 35,440,000 | |||||||||||||||||||||||||||
Accumulated net income | 17,260,579 | 65,894 | |||||||||||||||||||||||||||
120,424,770 | 35,505,894 | ||||||||||||||||||||||||||||
$ | 733,956,069 | $ | 38,629,265 | ||||||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
(expressed in Canadian dollars) | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||
Professional fees | (341,110 | ) | — | — | |||||||||||||||||||||||||
General and administrative | (320,281 | ) | (27,048 | ) | — | ||||||||||||||||||||||||
General and administrative - related party | (555,588 | ) | — | — | |||||||||||||||||||||||||
Depreciation and amortization | (32,863 | ) | — | — | |||||||||||||||||||||||||
Operating loss | (1,249,842 | ) | (27,048 | ) | — | ||||||||||||||||||||||||
Unrealized gain on derivatives (note 12) | 18,942,272 | — | — | ||||||||||||||||||||||||||
Other (expenses) income | (497,745 | ) | 92,942 | — | |||||||||||||||||||||||||
Net income and comprehensive income | $ | 17,194,685 | $ | 65,894 | $ | — | |||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
Statement of Changes in Partners’ Capital | |||||||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
(expressed in Canadian dollars) | |||||||||||||||||||||||||||||
Partners’ | Accumulated | Total | |||||||||||||||||||||||||||
capital | net income | ||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Cash initial contribution | 10,000 | — | 10,000 | ||||||||||||||||||||||||||
Cash contribution | 22,410,000 | — | 22,410,000 | ||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 22,420,000 | $ | — | $ | 22,420,000 | |||||||||||||||||||||||
Cash contribution | 13,020,000 | — | 13,020,000 | ||||||||||||||||||||||||||
Net income | — | 65,894 | 65,894 | ||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 35,440,000 | $ | 65,894 | $ | 35,505,894 | |||||||||||||||||||||||
Cash contribution | 9,016,022 | — | 9,016,022 | ||||||||||||||||||||||||||
Cash distribution | (21,393,091 | ) | — | (21,393,091 | ) | ||||||||||||||||||||||||
Non-cash contribution | 80,101,260 | — | 80,101,260 | ||||||||||||||||||||||||||
Net income | — | 17,194,685 | 17,194,685 | ||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 103,164,191 | $ | 17,260,579 | $ | 120,424,770 | |||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||||||||
(expressed in Canadian dollars) | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||||||
Net income (loss) for the period | $ | 17,194,685 | $ | 65,894 | $ | — | |||||||||||||||||||||||
Adjustment to reconcile net income (loss) to net cash used in operating activities | |||||||||||||||||||||||||||||
Unrealized gain on derivatives | (18,942,272 | ) | — | — | |||||||||||||||||||||||||
Non-cash activities | 100,879 | (38,984 | ) | — | |||||||||||||||||||||||||
Bad debt expense | 300,000 | — | — | ||||||||||||||||||||||||||
(1,346,708 | ) | 26,910 | — | ||||||||||||||||||||||||||
Investing activities | |||||||||||||||||||||||||||||
Consideration paid for the acquisition of project assets | (1,346,000 | ) | — | (15,215,910 | ) | ||||||||||||||||||||||||
Construction costs paid | (478,425,665 | ) | — | — | |||||||||||||||||||||||||
Purchase of property, plant and equipment and intangible assets | (627,610 | ) | (178,184 | ) | (162,482 | ) | |||||||||||||||||||||||
Deferred development costs paid | — | (12,748,484 | ) | (1,346,818 | ) | ||||||||||||||||||||||||
Payment for restricted cash | (21,488,466 | ) | — | (5,400,000 | ) | ||||||||||||||||||||||||
(501,887,741 | ) | (12,926,668 | ) | (22,125,210 | ) | ||||||||||||||||||||||||
Financing activities | |||||||||||||||||||||||||||||
Partner contribution | 9,016,022 | — | — | ||||||||||||||||||||||||||
Construction facility loan proceeds | 535,753,771 | — | — | ||||||||||||||||||||||||||
Deferred financing costs paid | (20,417,939 | ) | — | — | |||||||||||||||||||||||||
Distribution to partners | (21,393,091 | ) | 13,020,000 | 22,420,000 | |||||||||||||||||||||||||
502,958,763 | 13,020,000 | 22,420,000 | |||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents during the period | (275,686 | ) | 120,242 | 294,790 | |||||||||||||||||||||||||
Cash and cash equivalents - Beginning of period | 415,032 | 294,790 | — | ||||||||||||||||||||||||||
Cash and cash equivalents - End of period | $ | 139,346 | $ | 415,032 | $ | 294,790 | |||||||||||||||||||||||
Supplemental non-cash activities disclosure | |||||||||||||||||||||||||||||
Transfer to Construction-in-progress from deferred development costs | $ | 32,334,346 | $ | — | $ | — | |||||||||||||||||||||||
Accrued construction costs | $ | 42,442,601 | $ | — | $ | — | |||||||||||||||||||||||
Non-monetary contribution from partners | $ | 80,101,260 | $ | — | $ | — | |||||||||||||||||||||||
Construction loan - capitalized interest | $ | 8,878,422 | $ | — | $ | — | |||||||||||||||||||||||
Depreciation and amortization | $ | 1,200,887 | $ | 257,093 | $ | 176,469 | |||||||||||||||||||||||
Community fund commitment | $ | 10,000,000 | $ | — | $ | — | |||||||||||||||||||||||
South Kent Wind LP | |||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(expressed in Canadian dollars) | |||||||||||||||||||||||||||||
1 | General information | ||||||||||||||||||||||||||||
The Partnership | |||||||||||||||||||||||||||||
South Kent Wind LP (the Partnership), a limited partnership under the laws of the Province of Ontario, was formed on January 10, 2011, as a joint venture project between Samsung Renewable Energy Inc. (Samsung) and Pattern South Kent LP Holdings LP, a subsidiary of Pattern Renewable Holdings Canada ULC (PRHC), each as 49.99% limited partners of the Partnership, and South Kent Wind GP Inc. (the GP), as the 0.02% general partner of the Partnership. The terms of the Partnership initially were governed by the Limited Partnership Agreement of the Partnership, dated January 10, 2011, which was subsequently superseded in its entirety by the Amended and Restated Limited Partnership Agreement of the Partnership, dated February 22, 2013. The Partnership was created to develop, build and operate a wind power project in the Regional Municipality of Chatham-Kent that is expected to generate 270 megawatts (MW) of power (the Project). The Project is part of Phase 1 of the Green Energy Investment Agreement that Samsung C&T Corp., a parent company of Samsung, entered into with the Government of Ontario in January 2010, subsequently amended in June 20, 2013. | |||||||||||||||||||||||||||||
On February 24, 2013, Samsung transferred its LP interest in the Partnership to SRE SKW LP Holdings LP, an affiliate of Samsung. | |||||||||||||||||||||||||||||
On October 2, 2013, in a series of transactions: (i) Pattern South Kent GP Holdings Inc., a wholly owned subsidiary of PRHC, transferred all of the general partner interests in Pattern South Kent LP Holdings LP to PRHC, causing Pattern South Kent LP Holdings LP to be dissolved by operation of law and PRHC to acquire the LP interests in the Partnership that previously were held by Pattern South Kent LP Holdings LP; (ii) PRHC transferred its LP interest in the Partnership and its ownership interest in Pattern South Kent GP Holdings Inc., which owned PRHC’s ownership interest in the GP, to Pattern Canada Operations Holdings ULC, an affiliate of Pattern Energy Group Inc. (Pattern); and (iii) Pattern South Kent GP Holdings Inc. was dissolved, so that Pattern Canada Operations Holdings ULC now holds Pattern’s (a) LP interests in the Partnership and (b) ownership interests in the GP. | |||||||||||||||||||||||||||||
The Partnership is controlled by its general partner, the GP, also a joint venture controlled by affiliates of Samsung and Pattern. The GP is governed by the Amended and Restated Unanimous Shareholder Agreement of the GP, dated March 6, 2013 (the Shareholder Agreement). As at December 31, 2013 and 2012, the Partnership’s ownership interests were distributed as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
SRE SKW LP Holdings LP | 49.99% | — % | |||||||||||||||||||||||||||
Pattern Canada Operations Holdings ULC | 49.99% | — % | |||||||||||||||||||||||||||
Samsung Renewable Energy Inc. | — % | 49.99% | |||||||||||||||||||||||||||
Pattern South Kent LP Holdings LP | — % | 49.99% | |||||||||||||||||||||||||||
South Kent Wind GP Inc. | 0.02% | 0.02% | |||||||||||||||||||||||||||
100.00% | 100.00% | ||||||||||||||||||||||||||||
The Project | |||||||||||||||||||||||||||||
The Project is a 270 MW wind project consisting of 124 Siemens wind turbine generators located in the Regional Municipality of Chatham-Kent, Ontario. | |||||||||||||||||||||||||||||
On August 2, 2011, the Partnership entered into a power purchase agreement (PPA) with the Ontario Power Authority (OPA) related to the sale of 100% of the electrical output of the Project at prescribed electricity rates for a period of 20 years following Commercial Operation Date (COD), which is expected to be in the second quarter of 2014 (note 14). | |||||||||||||||||||||||||||||
On June 15, 2012, the Project received the final approval in the permitting process, known as the Renewable Energy Approval process. On December 5, 2012, decisions by the Environmental Review Tribunal on all appeals were made in favour of the Project. The Partnership secured sufficient land rights and commitments to construct the Project, including turbine locations, roads, collector system, substation and the transmission line. | |||||||||||||||||||||||||||||
2 | Summary of significant accounting policies | ||||||||||||||||||||||||||||
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to the period presented, unless otherwise stated. | |||||||||||||||||||||||||||||
Basis of preparation | |||||||||||||||||||||||||||||
The accompanying financial statements are presented using accounting principles generally accepted in the United States of America (U.S. GAAP). The preparation of U.S. GAAP financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Because the use of estimates is inherent in the financial reporting process, actual results could differ from those estimates. | |||||||||||||||||||||||||||||
In recording transactions and balances resulting from business operations, the Partnership uses estimates based on the best information available. Estimates are used for such items as asset retirement obligation valuation of derivative contracts and acquisition contingencies. | |||||||||||||||||||||||||||||
These financial statements do not include assets, liabilities, revenue and expenses of the GP and limited partners. The financial statements of the Partnership reflect no provision or liability for income taxes because profits and losses of the Partnership are allocated to the partners and are included in the income tax returns of partners. Income and losses for tax purposes may differ from the financial statement amounts and the partners’ capital reflected in the financial statements does not necessarily reflect their tax basis. | |||||||||||||||||||||||||||||
Functional and presentation currency | |||||||||||||||||||||||||||||
Items included in the financial statements of the Partnership are measured using the currency of the primary economic environment in which the Partnership operates (the functional currency). The financial statements are presented in Canadian dollars, which is the Partnership’s functional and presentation currency. | |||||||||||||||||||||||||||||
Fair value of financial instruments | |||||||||||||||||||||||||||||
ASC 820, Fair Value Measurements, defines fair value as the price at which an asset could be exchanged or a liability transferred in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or derived from such prices. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||
Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. | |||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||
Restricted cash consists of cash balances required to collateralize commercial bank letter of credit facilities related primarily to interconnect rights and power purchase agreements (PPAs) and for reserves required under the Partnership’s loan agreements (note 3). | |||||||||||||||||||||||||||||
Concentration of credit risk | |||||||||||||||||||||||||||||
Financial instruments that potentially subject the Partnership to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Partnership places its cash and cash equivalents and restricted cash with high-quality institutions. | |||||||||||||||||||||||||||||
Deferred development costs | |||||||||||||||||||||||||||||
The Partnership developed and is now constructing a wind power plant for its own use. There are two phases to the development of the wind power plant: first, a feasibility stage where all costs are expensed; and second, a construction phase where capitalization is appropriate, subject to the appropriate criteria (note 5). | |||||||||||||||||||||||||||||
Judgment needs to be exercised for each situation. The Partnership determines whether or not the wind power plant can be built to its proposed specifications and in compliance with the respective regulations. During the feasibility stage, it is uncertain whether the wind power plant will be completed and whether future economic benefits will flow to the Partnership. During the development stage, the Partnership will build the wind power plants. It can reliably measure the cost of development and it is probable that future economic benefits will flow to the Partnership. Certain costs incurred during the development stage should be recognized as an item of deferred development costs. | |||||||||||||||||||||||||||||
An evaluation of the circumstances surrounding the development of the Project and in particular the provisions of the Green Energy Investment Agreement, which provide for the issuance of a PPA and support through the permitting process, support the conclusion that the Project moved beyond the feasibility stage prior to the date of inception of the Partnership. Accordingly, all development costs have been capitalized. | |||||||||||||||||||||||||||||
Other development expenditures that do not meet the criteria are recognized as an expense when incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. | |||||||||||||||||||||||||||||
Development costs of $32,334,346 incurred during the development stage including $17,369,038 of asset acquired costs through the asset purchase agreements (APA), which had been capitalized and recorded as deferred development costs in the statement of financial position, were transferred and recorded as construction-in-progress as the construction commenced on March 8, 2013. | |||||||||||||||||||||||||||||
Construction-in-progress | |||||||||||||||||||||||||||||
Construction-in-progress represents the accumulated costs of projects in construction. Construction costs include turbines for which the Partnership has taken legal title, civil engineering, electrical and other related costs. Other capitalized costs include reclassified deferred development costs, amortization of intangible assets, amortization of deferred financing costs, capitalized interest and other costs required to place a project into commercial operation. Construction-in-progress is reclassified to property, plant and equipment when the project begins commercial operations. | |||||||||||||||||||||||||||||
Advance payments | |||||||||||||||||||||||||||||
Advance payments represent amounts advanced to turbine and other suppliers for the manufacture of wind turbines and other plant assets in accordance with supply agreements for the Partnership’s wind power project and for which the Project has not taken title. Advance payments are reclassified to Construction-in-progress when the Partnership takes legal title to the related turbines and other plant assets and they are reclassified to property, plant and equipment when the project achieves commercial operation. Depreciation does not commence until projects enter commercial operation and assets are placed in service. | |||||||||||||||||||||||||||||
Property, plant and equipment | |||||||||||||||||||||||||||||
Property, plant and equipment are stated at historical cost, less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. | |||||||||||||||||||||||||||||
Asset retirement obligations included in property, plant and equipment are stated at the present value of future cash flows of asset retirement obligations. | |||||||||||||||||||||||||||||
Subsequent costs are included in the asset’s carrying value or recognized as separate assets, as appropriate, only when it is probable the future economic benefits associated with the item will flow to the Partnership and the cost of the item can be measured reliably. | |||||||||||||||||||||||||||||
Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives. The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. | |||||||||||||||||||||||||||||
Intangible assets (lease options) | |||||||||||||||||||||||||||||
Lease options are recognized at fair value at the acquisition date and subsequently accounted for at cost. Lease options have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of lease options over the period of expected future benefit (i.e., the contract period of each lease option). Separately acquired lease options are capitalized on the basis of the costs incurred to enter into the respective contract considering legal fees and service fees. | |||||||||||||||||||||||||||||
Impairment of long-lived assets | |||||||||||||||||||||||||||||
The Partnership periodically evaluates whether events have occurred that would require revision of the remaining useful life of equipment and improvements and purchased intangible assets or render them not recoverable. If such circumstances arise, the Partnership uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows. | |||||||||||||||||||||||||||||
Interest capitalization | |||||||||||||||||||||||||||||
The Partnership capitalizes interest and related financing fees from non-recourse debt used to finance projects in construction. Capitalization is discontinued when a project goes into commercial operation. | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
The Partnership recognizes its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it qualifies and has been designated as part of a hedging relationship and, further, on the type of hedging relationship. | |||||||||||||||||||||||||||||
For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that are attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (OCI). Changes in the fair value of these derivatives are subsequently reclassified into earnings in the period the hedged transaction affects earnings. The ineffective portion of changes in fair value is recorded as a component of net income in the statement of comprehensive income. | |||||||||||||||||||||||||||||
For undesignated derivative instruments, their change in fair value is reported as a component of net income in the statement of operations and comprehensive income. | |||||||||||||||||||||||||||||
The Partnership enters into derivative transactions for the purpose of reducing exposure to fluctuations in interest rates. The Partnership entered into interest rate swaps. Interest rate swaps are instruments used to fix the interest rate on variable interest rate debt. | |||||||||||||||||||||||||||||
Deferred financing costs | |||||||||||||||||||||||||||||
Financing costs incurred in connection with obtaining construction and term financing, which include direct financing, legal and other upfront costs of borrowing, are deferred and amortized over the lives of the respective loans using the effective-interest method. Amortization of deferred financing costs is capitalized during construction or expensed following commencement of commercial operation. | |||||||||||||||||||||||||||||
Accounts payable and other accrued liabilities | |||||||||||||||||||||||||||||
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables with payment terms extended beyond one year from the statement of financial position date are presented as non-current liabilities. | |||||||||||||||||||||||||||||
Contingent liabilities | |||||||||||||||||||||||||||||
Contingent liabilities for environmental restoration, restructuring costs and other legal obligations are recognized when: the Partnership has a present legal obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reasonably estimated. | |||||||||||||||||||||||||||||
Asset retirement obligation | |||||||||||||||||||||||||||||
The Partnership records an asset retirement obligation for the estimated costs of decommissioning turbines, removing above-ground installations and restoring sites, at the time when a contractual decommissioning obligation materializes. The Partnership records accretion expense, which represents the increase in the asset retirement obligation, over the remaining life of the associated wind project. Accretion expense is recorded as cost of revenue in the statement of comprehensive income using accretion rates based on credit adjusted risk free interest rates of 5.54%. | |||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||
Comprehensive income consists of net income and other comprehensive income. | |||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||
Contributions from joint venture partners are classified as equity. | |||||||||||||||||||||||||||||
3 | Restricted cash | ||||||||||||||||||||||||||||
The following table presents the components of restricted cash: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Security deposit for letter of guarantee to OPA | $ | 8,100,000 | $ | 5,400,000 | |||||||||||||||||||||||||
Security deposit for letter of guarantee to Municipality of Chatham-Kent | 2,614,000 | — | |||||||||||||||||||||||||||
Security deposit for letter of guarantee - others | 82,338 | — | |||||||||||||||||||||||||||
10% holdback account for contractors | 16,092,128 | — | |||||||||||||||||||||||||||
$ | 26,888,466 | $ | 5,400,000 | ||||||||||||||||||||||||||
The Partnership maintains term deposits with Korea Exchange Bank of Canada that are restricted as security for the letter of guarantee to the OPA, and provided as the initial and incremental security under the PPA. The Partnership classifies these balances as restricted cash in current assets in the statement of financial position as the restrictions are anticipated to be released on COD of the Project, which is expected to be in the second quarter of 2014 (note 2). | |||||||||||||||||||||||||||||
4 | Other current assets | ||||||||||||||||||||||||||||
The following table presents the components of other current assets: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Mortgage debt receivable, net of bad debt provision of $300,000 | $ | 828,386 | $ | — | |||||||||||||||||||||||||
Refundable deposit on COD | 86,000 | — | |||||||||||||||||||||||||||
Prepaid expenses | 484,477 | 15,544 | |||||||||||||||||||||||||||
Accrued interest income | 116,648 | 38,983 | |||||||||||||||||||||||||||
$ | 1,515,511 | $ | 54,527 | ||||||||||||||||||||||||||
5 | Deferred development costs and construction-in-progress | ||||||||||||||||||||||||||||
The following table presents the components of deferred development costs and construction-in-progress: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Deferred development costs | $ | — | $ | 32,334,346 | |||||||||||||||||||||||||
Construction-in-progress | $ | 625,636,458 | $ | — | |||||||||||||||||||||||||
Deferred development costs of $32,334,346 incurred were transferred to construction-in-progress on March 8, 2013, the date the project commenced construction. | |||||||||||||||||||||||||||||
Construction-in-progress includes capitalized interest expense of $12,583,514 and $nil as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
6 | Property, plant and equipment | ||||||||||||||||||||||||||||
The following table reflects the categories within property, plant and equipment at historical cost: | |||||||||||||||||||||||||||||
December 31, | Depreciable | ||||||||||||||||||||||||||||
2013 | 2012 | life (years) | |||||||||||||||||||||||||||
Machinery and equipment | $ | 202,849 | $ | 129,770 | 5 | ||||||||||||||||||||||||
Subtotal | 202,849 | 129,770 | |||||||||||||||||||||||||||
Less: Accumulated depreciation | (86,934 | ) | (47,582 | ) | |||||||||||||||||||||||||
$ | 115,915 | $ | 82,188 | ||||||||||||||||||||||||||
Depreciation expense of $6,489 (2012 - $47,582) has been charged to deferred development costs in the statement of financial position and $32,863 (2012 - $nil) has been charged to the statement of operations and comprehensive income. | |||||||||||||||||||||||||||||
7 | Intangible assets | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Beginning net book value | $ | 82,388 | $ | 135,343 | |||||||||||||||||||||||||
Additions | 554,531 | 178,184 | |||||||||||||||||||||||||||
Amortization expense | (206,335 | ) | (231,139 | ) | |||||||||||||||||||||||||
Closing net book value | $ | 430,584 | $ | 82,388 | |||||||||||||||||||||||||
Cost | $ | 1,022,899 | $ | 468,368 | |||||||||||||||||||||||||
Accumulated amortization | (592,315 | ) | (385,980 | ) | |||||||||||||||||||||||||
Net book value | $ | 430,584 | $ | 82,388 | |||||||||||||||||||||||||
Amortization of $206,355 (2012 -$231,139) is included in deferred development costs in the statements of financial position. | |||||||||||||||||||||||||||||
8 | Other current liabilities | ||||||||||||||||||||||||||||
The following table presents the components of accounts payable and other accrued liabilities: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Accrued expenses | $ | 856,084 | $ | — | |||||||||||||||||||||||||
Accrued interest - construction facility loan | 174,573 | — | |||||||||||||||||||||||||||
$ | 1,030,657 | $ | — | ||||||||||||||||||||||||||
9 | Long-term debt | ||||||||||||||||||||||||||||
On March 8, 2013, the Partnership signed a credit facility agreement with a syndicate of lenders consisting of 15 different financial institutions for a term of construction period plus seven years at a rate of Canadian Dealer Offered Rate (CDOR) plus 2.5% per annum for the first four years and CDOR plus 2.75% per annum thereafter. The credit facilities under the agreement include a $683,817,047 construction facility, letter of credit facility and an interest rate hedge facility. The funds from these facilities will be utilized to finance the construction of the Project and to run the project operations thereafter. | |||||||||||||||||||||||||||||
For the periods ended December 31, 2013 and December 31, 2012, the credit facilities incurred capitalized interest charges of $8,878,422 and $nil, respectively. Interest payments on the construction facility are currently deferred and will be added to the loan principal on term conversion. | |||||||||||||||||||||||||||||
The terms and conditions of outstanding borrowings were as follows: | |||||||||||||||||||||||||||||
December 31, | Interest rate as of | Interest | Loan | ||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | type | type | Maturity | |||||||||||||||||||||||
Construction facility loan | $ | 544,632,194 | $ | — | 3.75 | % | — | % | Variable | Project | March 8, 2021 | ||||||||||||||||||
financing | |||||||||||||||||||||||||||||
Current portion | (1,914,367 | ) | — | ||||||||||||||||||||||||||
$ | 542,717,827 | $ | — | ||||||||||||||||||||||||||
The following are the amounts due for long-term debt as of December 31, 2013: | |||||||||||||||||||||||||||||
2014 | $ | 1,914,367 | |||||||||||||||||||||||||||
2015 | 23,185,104 | ||||||||||||||||||||||||||||
2016 | 22,109,351 | ||||||||||||||||||||||||||||
2017 | 25,773,416 | ||||||||||||||||||||||||||||
2018 | 26,819,083 | ||||||||||||||||||||||||||||
Thereafter | 444,830,873 | ||||||||||||||||||||||||||||
$ | 544,632,194 | ||||||||||||||||||||||||||||
10 | Contributions from/distributions to joint venture partners | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
SRE SKW LP | Pattern | South Kent | Total | ||||||||||||||||||||||||||
Holdings LP1 | Canada | Wind GP | |||||||||||||||||||||||||||
Operations | Inc. | ||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
ULC2 | |||||||||||||||||||||||||||||
Balance - Beginning of year | $ | 17,716,456 | $ | 17,716,456 | $ | 7,088 | $ | 35,440,000 | |||||||||||||||||||||
Subsequent cash contribution on | |||||||||||||||||||||||||||||
Jan. 3, 2013 | 1,699,660 | 1,699,660 | 680 | 3,400,000 | |||||||||||||||||||||||||
Jan. 11, 2013 | 1,449,710 | 1,449,710 | 580 | 2,900,000 | |||||||||||||||||||||||||
Feb. 5, 2013 | 1,349,730 | 1,349,730 | 540 | 2,700,000 | |||||||||||||||||||||||||
Feb. 22, 2013 | — | — | 3,943 | 3,943 | |||||||||||||||||||||||||
Mar. 6, 2013 | — | — | 11,802 | 11,802 | |||||||||||||||||||||||||
Mar. 6, 2013 | — | — | 277 | 277 | |||||||||||||||||||||||||
4,499,100 | 4,499,100 | 17,822 | 9,016,022 | ||||||||||||||||||||||||||
Subsequent cash distribution | |||||||||||||||||||||||||||||
Mar. 7, 2013 | (1,126,037 | ) | (1,126,037 | ) | (451 | ) | (2,252,525 | ) | |||||||||||||||||||||
Mar. 8, 2013 | (9,568,369 | ) | (9,568,369 | ) | (3,828 | ) | (19,140,566 | ) | |||||||||||||||||||||
(10,694,406 | ) | (10,694,406 | ) | (4,279 | ) | (21,393,091 | ) | ||||||||||||||||||||||
Non-cash contribution - vend in | |||||||||||||||||||||||||||||
Feb. 22, 2013 | 9,856,843 | 9,856,843 | — | 19,713,686 | |||||||||||||||||||||||||
Mar. 6, 2013 | 29,500,000 | 29,500,000 | — | 59,000,000 | |||||||||||||||||||||||||
Mar. 7, 2013 | 693,787 | 693,787 | — | 1,387,574 | |||||||||||||||||||||||||
40,050,630 | 40,050,630 | — | 80,101,260 | ||||||||||||||||||||||||||
Balance - End of year | $ | 51,571,780 | $ | 51,571,780 | $ | 20,631 | $ | 103,164,191 | |||||||||||||||||||||
1 | On February 24, 2013, Samsung Renewable Energy Inc. transferred its ownership interest to SRE SKW LP Holdings LP at fair value, which approximates net book value. | ||||||||||||||||||||||||||||
2 | On October 2, 2013, Pattern South Kent LP Holdings LP, in a series of transactions, transferred its ownership interest in South Kent Wind LP to Pattern Canada Operations Holdings ULC at fair value, which approximates net book value. | ||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
SRE SKW LP | Pattern | South Kent | Total | ||||||||||||||||||||||||||
Holdings LP1 | Canada | Wind GP | |||||||||||||||||||||||||||
Operations | Inc. | ||||||||||||||||||||||||||||
Holdings | |||||||||||||||||||||||||||||
ULC2 | |||||||||||||||||||||||||||||
Balance - Beginning of year | $ | 11,207,758 | $ | 11,207,758 | $ | 4,484 | $ | 22,420,000 | |||||||||||||||||||||
Subsequent contributions on | |||||||||||||||||||||||||||||
May 4, 2012 | 3,459,308 | 3,459,308 | 1,384 | 6,920,000 | |||||||||||||||||||||||||
August 31, 2012 | 1,809,638 | 1,809,638 | 724 | 3,620,000 | |||||||||||||||||||||||||
November 20, 2012 | 439,912 | 439,912 | 176 | 880,000 | |||||||||||||||||||||||||
November 28, 2012 | 799,840 | 799,840 | 320 | 1,600,000 | |||||||||||||||||||||||||
6,508,698 | 6,508,698 | 2,604 | 13,020,000 | ||||||||||||||||||||||||||
Balance - End of year | $ | 17,716,456 | $ | 17,716,456 | $ | 7,088 | $ | 35,440,000 | |||||||||||||||||||||
Pursuant to an agreement dated February 19, 2013 between the Partnership, Samsung, PRHC and certain of their respective affiliates, certain project development costs in the amount of $19,713,686 incurred by Pattern were contributed to the Partnership. In order to maintain the equal ownership within the Partnership, Samsung acquired an additional interest in the Partnership for consideration payable to PRHC in cash and through exchange of ownership interest in another partnership entity related to both Samsung and PRHC. This transaction has no impact on the Partnership. | |||||||||||||||||||||||||||||
Pursuant to a series of Assignment and Assumption Agreements dated March 6, 2013 between and/or among Samsung, PRHC, the Partnership, and various affiliates of Samsung and PRHC, a construction deposit of $59,000,000 was placed with an affiliate of Siemens AG by Samsung and Pattern were contributed to the Partnership in accordance with a Memorandum of Understanding (MOU) signed on October 30, 2012 on behalf of the Partnership. | |||||||||||||||||||||||||||||
Pursuant to a series of Assignment and Assumption Agreements dated March 6, 2013 between and/or among Samsung, PRHC, the Partnership, and various affiliates of Samsung and PRHC, certain project development costs, which were not part of the previous contribution on February 19, 2013, in the amount of $1,387,574 incurred by Pattern were contributed to the Partnership. Afterward, Samsung acquired additional interest in the Partnership for a cash consideration payable to an affiliate of PRHC. This transaction has no impact on the Partnership. | |||||||||||||||||||||||||||||
Prior to financial close, Korea Electric Power Corporation (KEPCO), another party of Korean Consortium of the Green Energy Investment Agreement, is entitled to participate as an equity investor in the Project, where the purchase price shall be equal to the proportionate share of the Project’s fair market value. The interest of the Partnership to be held by KEPCO shall not be greater than 20%. KEPCO’s entitlement to participate in the Project shall expire on achieving financial close of the project financing for construction of the Project. On February 14, 2013, KEPCO abandoned its entitlement to participate in the Project by signing an amending agreement. | |||||||||||||||||||||||||||||
11 | Asset retirement obligation | ||||||||||||||||||||||||||||
The Partnership’s asset retirement obligation represents the estimated cost of decommissioning the turbines, removing above-ground installations and restoring the sites at a date that is 20 years from the commencement of commercial operations. | |||||||||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending aggregate carrying amounts of the asset retirement obligation: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Asset retirement obligation, beginning balance | $ | — | $ | — | |||||||||||||||||||||||||
Additions during the year | 5,833,484 | — | |||||||||||||||||||||||||||
Accretion expense | — | — | |||||||||||||||||||||||||||
Asset retirement obligation, end of year | $ | 5,833,484 | $ | — | |||||||||||||||||||||||||
12 | Derivatives | ||||||||||||||||||||||||||||
On March 14, 2013, the Partnership entered into interest rate swaps to manage exposure to interest rate risk on its long-term debt. The interest rate swaps are undesignated derivatives that are used to mitigate exposure to variable interest rate debt by exchanging variable interest rate payments for fixed rate payments of 5.54%. | |||||||||||||||||||||||||||||
The following table presents the amounts that are recorded in the Partnership’s statement of financial position as of December 31, 2013: | |||||||||||||||||||||||||||||
Undesignated derivative instruments classified as assets (liabilities) | |||||||||||||||||||||||||||||
As of December 31, 2013 | For the period ended | ||||||||||||||||||||||||||||
Fair market value | Gain | Gain | |||||||||||||||||||||||||||
recognized | recognized | ||||||||||||||||||||||||||||
Derivative type | Quantity | Maturity | Current | Non-current | into | into | |||||||||||||||||||||||
date | portion | portion | earnings | OCI | |||||||||||||||||||||||||
Interest rate swaps | 13 | March 31, 2032 | $ | (7,814,992 | ) | $ | 26,757,264 | $ | 18,942,272 | $ | — | ||||||||||||||||||
13 | Fair value measurement | ||||||||||||||||||||||||||||
The Partnership’s fair value measurements incorporate various factors, including the credit standing and performance risk of the counterparties, the applicable exit market, and specific risks inherent in the instrument. Non-performance and credit risk adjustments on risk management instruments are based on current market inputs when available, such as credit default swap spreads. When such information is not available, internal models are used. | |||||||||||||||||||||||||||||
Assets and liabilities recorded at fair value in the financial statements are categorized based on the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to valuation of these assets or liabilities are as follows: | |||||||||||||||||||||||||||||
Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||||||||||||||||
Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |||||||||||||||||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities and which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | |||||||||||||||||||||||||||||
Short-term financial instruments consist principally of cash and cash equivalents, restricted cash, accounts payable, current derivative liability and other accrued liabilities. Based on the nature and short maturity of these instruments their fair value is approximated using carrying cost and they are presented in the financial statements at carrying cost. | |||||||||||||||||||||||||||||
Long-term debt is presented on the statement of financial position at amortized cost. The fair value of variable interest rate long-term debt is approximated by its carrying cost. | |||||||||||||||||||||||||||||
Derivatives are presented in the financial statements at fair value. The interest rate swaps were valued by discounting the net cash flows using the forward CDOR curve with the valuations adjusted by the counterparties’ credit default swap rate. | |||||||||||||||||||||||||||||
The following table presents the fair values according to each defined level. | |||||||||||||||||||||||||||||
Financial assets and liabilities measured on a recurring basis: | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 18,942,272 | $ | — | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | |||||||||||||||||||||||
14 | Commitments and contingencies | ||||||||||||||||||||||||||||
Power purchase agreement | |||||||||||||||||||||||||||||
The Partnership entered into a PPA with the OPA on August 2, 2011. The contract capacity of the PPA is defined as 270 MW and the term of the PPA is 20 years from the COD. Under the PPA, the electrical output | |||||||||||||||||||||||||||||
from the Project is sold at an electricity price equal to $135 per MWh (on the base date as at September 30, 2009), with 80% of the price fixed and 20% escalating at the Consumer Price Index. The Partnership obtained NTP under the PPA on January 7, 2013. The Partnership has provided to the OPA initial security of $20 per kW of contract capacity. In addition, the Partnership will deliver to the OPA the additional amount of incremental NTP security defined as $10 per kW of contract capacity after receiving the NTP. Both initial and incremental security will be returned to the Partnership after the COD. As at December 31, 2013, the Partnership provided a letter of guarantee amounting to $8,100,000 (2012—$5,400,000) to the OPA, as the initial and incremental security agreed within the PPA. Korea Exchange Bank of Canada issued the letter of guarantee due on July 31, 2014 for the Partnership, based on a restricted term deposit of $8,100,000 (2012 - $5,400,000). | |||||||||||||||||||||||||||||
On January 29, 2013 and August 22, 2013, the Partnership amended the PPA by way of an amending agreement with the OPA in connection with announced changes in the market rules governing the dispatch of certain intermittent generators, including those connected to the IESO-controlled grid. Among other provisions, the amendment will limit the amount of economic curtailment to which the Project is subject. | |||||||||||||||||||||||||||||
Contingent payment under APA | |||||||||||||||||||||||||||||
Per certain Asset Purchase Agreements between the GP, in its capacity as general partner and on behalf of the Partnership, and Northland Power Inc., dated March 4, 2011, and between the GP, in its capacity as general partner of the Partnership, and Suncor Energy Products Inc., dated March 22, 2011, the Partnership is liable to pay $675,000 and $389,600, respectively, once the Project reaches commercial operation under the PPA. | |||||||||||||||||||||||||||||
Community Fund Agreement | |||||||||||||||||||||||||||||
On April 17, 2013, the GP, in its capacity as general partner and on behalf of the Partnership, entered into a South Kent Wind Community Fund Agreement with Chatham-Kent Community Foundation, in which the Partnership committed to twenty annual contributions of $500,000 plus an initial contribution of $1,000,000 million. In April 2013, the initial $1,000,000 was paid on close of construction financing and recorded as construction-in-progress. The remaining $10,000,000 was recorded as a liability. | |||||||||||||||||||||||||||||
Operational Incentive Agreement | |||||||||||||||||||||||||||||
On March 8, 2013, an Operational Incentive Agreement was entered into between Samsung, an affiliate of PRHC and Siemens Canada Limited to define operational objectives and the terms and conditions upon which the Partnership may pay operational incentive payments to Siemens for achieving one or more of such operational objectives under the turbine supply agreements of certain projects under development by Samsung and affiliates of PRHC, including the Project. Siemens earned an initial payment of $1,078,996 for having satisfied a Peak Capacity Objective defined under the agreement. | |||||||||||||||||||||||||||||
The operational incentive payment shall not exceed any of the applicable maximums of (a) $20 per kW of the agreed de-rated capacity of wind turbines purchased under the TSA for the Project, and (b) an aggregate of $15,000,000 under all TSAs for all projects subject to the Operational Incentive Agreement, including the Project, and the South Kent, K2, and Armow wind projects. | |||||||||||||||||||||||||||||
Land Lease Agreement | |||||||||||||||||||||||||||||
The Partnership has acquired various lease option agreements with landowners through the APAs, and subsequently the Partnership exercised most of the options to execute lease agreements with landowners during the year. | |||||||||||||||||||||||||||||
The lease payment including amortization of lease option in the prior year was capitalized to Construction-in-progress and deferred development costs. The capitalized lease payments and amortization of land options are $713,605 and $177,184 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
The future minimum payments related to these leases as of December 31, 2013 are as follows: | |||||||||||||||||||||||||||||
2014 | $ | 1,017,943 | |||||||||||||||||||||||||||
2015 | 1,222,133 | ||||||||||||||||||||||||||||
2016 | 1,295,059 | ||||||||||||||||||||||||||||
2017 | 1,302,068 | ||||||||||||||||||||||||||||
2018 | 1,312,842 | ||||||||||||||||||||||||||||
Thereafter | 39,463,763 | ||||||||||||||||||||||||||||
Total | $ | 45,613,807 | |||||||||||||||||||||||||||
Other commitments | |||||||||||||||||||||||||||||
The Partnership has entered into an agreement to purchase turbine related consumable supplies, components, materials, equipment and items required for the Project. The purchase commitment outstanding for these items at December 31, 2013 is $50,266,877. | |||||||||||||||||||||||||||||
The Partnership also has other project related contract, and the contract commitment outstanding at December 31, 2013 is $23,967,910. | |||||||||||||||||||||||||||||
15 | Related party transactions | ||||||||||||||||||||||||||||
The Partnership is controlled by the GP, which is jointly controlled by Samsung and Pattern in accordance with the terms of the Shareholder Agreement. Certain terms of the Samsung Pattern Joint Venture Wind Development Agreement, entered into between Samsung and an affiliate of PRHC on July 27, 2010, directed the responsibilities of Samsung and PRHC during the development of the Project. | |||||||||||||||||||||||||||||
The following transactions were carried out with related parties: | |||||||||||||||||||||||||||||
a) | Management, Operation, and Maintenance Agreement (MOMA) | ||||||||||||||||||||||||||||
On March 8, 2013, the Partnership entered into MOMA with Pattern Operators Canada ULC, which is 100% owned by an affiliate of Pattern to operate and manage the maintenance of the wind plant and to perform certain other services pertaining to the wind plant in accordance with the terms and conditions set in the MOMA. | |||||||||||||||||||||||||||||
The fixed annual fee for the service is $855,000 pro-rated for the period from March 8, 2013 until the COD and thereafter the annual fee will be increased to $1,425,000 until the end of the term (20 years from the COD). The Partnership paid $627,252 during the year, which is capitalized and recorded to construction-in-progress in the statement of financial position. | |||||||||||||||||||||||||||||
b) | Engineering Procurement and Construction Contract (EPC Contract) | ||||||||||||||||||||||||||||
On March 8, 2013, the Partnership entered into an EPC contract with SRE SKW EPC LP, which is 100% owned by Samsung, to build the balance of plant. $184,067,045 has been invoiced to the Partnership as of December 31, 2013, which was capitalized and recorded in construction-in-progress in the statements of financial position. | |||||||||||||||||||||||||||||
c) | Project Administration Agreement (PAA) | ||||||||||||||||||||||||||||
On March 8, 2013, the Partnership entered into the PAA with SRE Wind PA LP (PA), which is 100% owned by Samsung to supply project administrative services. | |||||||||||||||||||||||||||||
The fixed annual fee for the service is $350,000 retroactively pro-rated for the period from June 15, 2012 until the COD and thereafter the annual fee will be increased to $500,000. The Partnership paid $555,588 during the year, which is recorded in the statement of operations and comprehensive income. | |||||||||||||||||||||||||||||
d) | Deferred development costs transferred to the Project by Samsung and PRHC (note 10) | ||||||||||||||||||||||||||||
Siemens deposits paid and certain development cost incurred by Samsung and an affiliate of PRHC were transferred to the Partnership at carrying value in March 2013. | |||||||||||||||||||||||||||||
Samsung | PRHC | Total | |||||||||||||||||||||||||||
Siemens deposit | $ | 29,500,000 | $ | 29,500,000 | $ | 59,000,000 | |||||||||||||||||||||||
Development costs | — | 20,950,417 | 20,950,417 | ||||||||||||||||||||||||||
$ | 29,500,000 | $ | 50,450,417 | $ | 79,950,417 | ||||||||||||||||||||||||
e) | The Partnership recorded the following balances and transactions with related parties: | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Related party payable | $ | 42,811,950 | $ | — | |||||||||||||||||||||||||
Deferred development costs transferred | $ | 79,450,417 | $ | — | |||||||||||||||||||||||||
16 | Subsequent events | ||||||||||||||||||||||||||||
On January 26, 2014, the Environmental Review Tribunal dismissed a challenge to the Project modifying the position and rated capacity of two turbines. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). They include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest with all significant intercompany accounts and transactions eliminated. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements. | |||||||||||||
Unaudited Pro Forma Income Tax | ' | ||||||||||||
Unaudited Pro Forma Income Tax | |||||||||||||
In order to present the tax effect of the Contribution Transactions, the Company has presented a 2012 pro forma income tax provision as if the Contribution Transactions occurred effective January 1, 2012 and as if the Company were under control of a Subchapter C-Corporation for U.S. federal income tax purposes. | |||||||||||||
Variable Interest Entities | ' | ||||||||||||
Variable Interest Entities | |||||||||||||
ASC 810, Consolidation of Variable Interest Entities, defines the criteria for determining the existence of Variable Interest Entities (VIEs) and provides guidance for consolidation. The Company consolidates VIEs where the Company is the primary beneficiary. The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. | |||||||||||||
Investments or joint ventures in which the Company does not have a majority ownership interest and are not VIEs for which the Company is considered the primary beneficiary are accounted for using the equity method. These amounts are included in unconsolidated investments in the consolidated balance sheets. | |||||||||||||
Noncontrolling Interests | ' | ||||||||||||
Noncontrolling Interests | |||||||||||||
Noncontrolling interests represent third-party interests in Gulf Wind which resulted from the sale of a noncontrolling interest to an unrelated third party on September 3, 2010 and the interest retained by Pattern Development in connection with the Contribution Transactions on October 2, 2013. The Company has determined that the operating partnership agreement for Gulf Wind does not allocate economic benefits pro rata to its two classes of investors and the appropriate methodology for calculating the noncontrolling interest balance that reflects the substantive profit sharing arrangement is a balance sheet approach using the hypothetical liquidation at book value (HLBV) method. | |||||||||||||
Under the HLBV method, the amounts reported as noncontrolling interest in the consolidated balance sheets and consolidated statements of operations represent the amounts the third party would hypothetically receive at each balance sheet reporting date under the liquidation provisions of the operating partnership agreement assuming the net assets of Gulf Wind were liquidated at recorded amounts determined in accordance with U.S. GAAP and distributed to the investors. The third-party interest in the results of operations of Gulf Wind and the Company’s net income and comprehensive income is determined as the difference in noncontrolling interests in the consolidated balance sheets at the start and end of each reporting period, after taking into account any capital transactions between Gulf Wind and the third party. The noncontrolling interest balance in Gulf Wind is reported as a component of equity in the consolidated balance sheets. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation | |||||||||||||
The assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, with resulting foreign currency translation adjustments recorded in other comprehensive income (loss), net of tax in the accompanying consolidated statements of stockholders’ equity and comprehensive income (loss). Revenue and expense amounts are translated at average rates during the period. Where the U.S. dollar is the functional currency, translation adjustments are recorded in other income, net in the accompanying consolidated statements of operations. | |||||||||||||
Gains and losses realized from transactions, including related party balances not considered permanent investments, denominated in currencies other than an entity’s functional currency are included in other income, net in the accompanying consolidated statements of operations. | |||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||
Concentrations of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, trade receivables and derivative assets. The Company places its cash and cash equivalents with high quality institutions. | |||||||||||||
The Company sells electricity and environmental attributes, including renewable energy credits, primarily to creditworthy utilities under long-term, fixed-priced PPAs. The table below presents significant customers who accounted for the following percentages of total revenues: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Manitoba Hydro | 17.62 | % | 32.06 | % | 20.91 | % | |||||||
San Diego Gas & Electric | 17.23 | % | 0.18 | % | 0 | % | |||||||
Pacific Gas & Electric Company | 14.54 | % | 23.12 | % | 20.67 | % | |||||||
Electric Reliability Council of Texas | 12.24 | % | 18.28 | % | 35.23 | % | |||||||
The Company’s derivative assets are placed with counterparties that are creditworthy institutions. A derivative asset was generated from Credit Suisse Energy LLC, the counterparty to a 10-year fixed-for-floating swap related to annual electricity generation at the Company’s Gulf Wind project. The Company’s reimbursements for prepaid interconnect network upgrades are with large creditworthy utility companies. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
ASC 820, Fair Value Measurements, defines fair value as the price at which an asset could be exchanged or a liability transferred in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or derived from such prices. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. See Note 12 on Fair Value Measurements. | |||||||||||||
U.S. Treasury Grants | ' | ||||||||||||
U.S. Treasury Grants | |||||||||||||
The Company received U.S. Treasury grants on certain wind power projects as defined under Section 1603 of the American Recovery and Reinvestment Act of 2009, as amended by the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of December 2010, upon approval by the U.S. Treasury Department. The Company records the U.S. Treasury grant proceeds as a deduction from the carrying amount of the related asset which results in a reduction of depreciation expense over the life of the asset. The Company records a catch-up adjustment in the period in which the grant is approved to recognize the portion of the grant that proportionally matches the depreciation for the period between the date of placement in service of the wind power project and approval by the U.S. Treasury Department. See Note 5 on Property, Plant and Equipment. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of all cash balances and highly-liquid investments with original maturities of three months or less. The Company maintains cash and cash equivalents, which consist principally of demand deposits with high credit quality financial institutions. The Company has exposure to credit risk to the extent cash and cash equivalent balances, including restricted cash, exceed amounts covered by federal deposit insurance. The Company believes that its credit risk is immaterial. | |||||||||||||
Restricted Cash | ' | ||||||||||||
Restricted Cash | |||||||||||||
Restricted cash consists of cash balances which are restricted as to withdrawal or usage and include cash to collateralize bank letters of credit related primarily to interconnection rights and power purchase agreements (“PPAs”) and for certain reserves required under the Company’s loan agreements. | |||||||||||||
Trade Receivables | ' | ||||||||||||
Trade Receivables | |||||||||||||
The Company’s trade receivables are generated by selling energy and renewable energy credits in the California, Texas, Nevada, Manitoba (Canada) and Puerto Rico energy markets. The Company believes that all amounts are collectible and an allowance for doubtful accounts is not required as of December 31, 2013 and 2012. | |||||||||||||
Reimbursable Interconnect Costs | ' | ||||||||||||
Reimbursable Interconnect Costs | |||||||||||||
During 2013 and 2012, the Company paid to construct interconnect network upgrades for one of its utility customers. The utility owns the interconnect upgrades and reimbursed the Company with interest when the project reached commercial operations in 2013. | |||||||||||||
Turbine Advances | ' | ||||||||||||
Turbine Advances | |||||||||||||
Turbine advances represent amounts advanced to turbine suppliers for the manufacture of wind turbines in accordance with turbine supply agreements for the Company’s wind power projects and for which the Company has not taken title. Turbine advances are reclassified to construction in progress when the Company takes legal title to the related turbines and are reclassified to property, plant and equipment when the project achieves commercial operation. Depreciation does not commence until projects enter commercial operation and assets are placed in service. | |||||||||||||
Deferred Development Costs | ' | ||||||||||||
Deferred Development Costs | |||||||||||||
Deferred development costs consist primarily of initial permitting, environmental reviews, land rights and obligations and preliminary design and engineering work. The Company expenses all project development costs until a project is determined to be technically feasible and likely to achieve commercial success. Capitalized deferred project development costs are reclassified to construction in progress upon start of construction and recorded to property, plant and equipment upon commercial operation. | |||||||||||||
Construction in Progress | ' | ||||||||||||
Construction in Progress | |||||||||||||
Construction in progress represents the accumulated costs of projects in construction. Construction costs include turbines for which the Company has taken legal title, civil engineering, electrical and other related costs. Other capitalized costs include reclassified deferred development costs, amortization of intangible assets, amortization of deferred financing costs, capitalized interest and other costs required to place a project into commercial operation. Construction in progress is reclassified to property, plant and equipment when the project begins commercial operation. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment represents the costs of completed and operational projects transferred from construction in progress as well as land, computer equipment and software, furniture and fixtures, leasehold improvements and other equipment. Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the assets’ useful lives. Wind farms are depreciated over twenty years and the remaining assets are depreciated over three to five years. Land is not depreciated. Improvements to property, plant and equipment deemed to extend the useful economic life of an asset are capitalized. Repair and maintenance costs are expensed as incurred. | |||||||||||||
Accounting for Impairment of Long-Lived Assets | ' | ||||||||||||
Accounting for Impairment of Long-Lived Assets | |||||||||||||
The Company periodically evaluates whether events have occurred that would require revision of the remaining useful life of equipment and improvements and purchased intangible assets or render them not recoverable. If such circumstances arise, the Company uses an estimate of the undiscounted value of expected future operating cash flows to determine whether the long-lived assets are impaired. If the aggregate undiscounted cash flows are less than the carrying amount of the assets, the resulting impairment charge to be recorded is calculated based on the excess of the carrying value of the assets over the fair value of such assets, with the fair value determined based on an estimate of discounted future cash flows. Through December 31, 2013, no impairment charges have been recorded. | |||||||||||||
Derivatives | ' | ||||||||||||
Derivatives | |||||||||||||
The Company recognizes its derivative instruments as assets or liabilities at fair value in the consolidated balance sheets. Accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated as part of a hedging relationship and on the type of hedging relationship. | |||||||||||||
For derivative instruments that are designated as cash flow hedges the effective portion of change in fair value of the derivative is reported as a component of other comprehensive income (loss) (“OCI”). Changes in the fair value of these derivatives are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of change in fair value is recorded as a component of net income (loss) on the consolidated statement of operations. | |||||||||||||
For undesignated derivative instruments their change in fair value is reported as a component of net income on the consolidated statement of operations. | |||||||||||||
The Company enters into derivative transactions for the purpose of reducing exposure to fluctuations in interest rates and electricity prices. The Company has entered into interest rate swaps, an interest rate cap and an electricity price derivative. | |||||||||||||
Interest rate swaps are instruments used to fix the interest rate on variable interest rate debt. The Company entered into interest rate swaps in 2013, 2012 and 2011. | |||||||||||||
An interest rate cap is an instrument that is used to reduce exposure to future variable interest rates when the related debt is expected to be refinanced. The Company entered into an interest rate cap in 2010. The cap remains in place as of December 31, 2013. | |||||||||||||
The Company entered into an electricity price arrangement, which qualifies as a derivative, that fixes the price of approximately 58% of the electricity expected to be produced and sold by Gulf Wind through April 2019, and which reduces the Company’s exposure to spot electricity prices. | |||||||||||||
Deferred Financing Costs | ' | ||||||||||||
Deferred Financing Costs | |||||||||||||
Financing costs incurred in connection with obtaining construction and term financing are deferred and amortized over the lives of the respective loans using the effective-interest method. Amortization of deferred financing costs is capitalized during construction and recorded as interest expense in the consolidated statements of operations following commencement of commercial operation. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Prior to October 2, 2013, the Company’s predecessor did not provide for income taxes as it was treated as a pass-through entity for U.S. federal and state income tax purposes, except for several specific circumstances involving its Canadian entities, which are subject to Canadian income taxes, its Chilean entities, which are subject to Chilean income taxes, a U.S. entity that is subject to Puerto Rican taxes and a U.S. entity which became subject to U.S. income taxes in 2012. Federal and state income taxes were assessed at the owner level and each owner was liable for its own tax payments. Certain consolidated entities are corporations or have elected to be taxed as corporations. In these circumstances, income tax was accounted for under the asset and liability method. | |||||||||||||
Subsequent to October 2, 2013, following the Contribution Transactions, the Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company has a policy to classify interest and penalties associated with uncertain tax positions together with the related liability, and the expenses incurred related to such accruals, if any, are included in the provision for income taxes. | |||||||||||||
Contingent Liabilities | ' | ||||||||||||
Contingent Liabilities | |||||||||||||
The Company’s contingent liabilities represent deferred and contingent purchase price obligations related to projects acquired through business combinations and are recorded at fair value at each reporting date. | |||||||||||||
Asset Retirement Obligation | ' | ||||||||||||
Asset Retirement Obligation | |||||||||||||
The Company records asset retirement obligations for the estimated costs of decommissioning turbines, removing above-ground installations and restoring sites, at the time when a contractual decommissioning obligation materializes. The Company records accretion expense, which represents the increase in the asset retirement obligations, over the remaining or operational life of the associated wind project. Accretion expense is recorded as cost of revenue in the statement of operations using accretion rates based on credit adjusted risk free interest rates. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company sells the electricity it generates under the terms of PPAs or at spot market prices. Revenue is recognized based upon the amount of electricity delivered at rates specified under the contracts, assuming all other revenue recognition criteria are met. The Company evaluates its PPAs to determine whether they are in substance leases or derivatives and, if applicable, recognizes revenue pursuant to ASC 840 Leases and ASC 815 Derivatives and Hedging, respectively. As of December 31, 2013, there were no PPAs that are accounted for as leases or derivatives and revenue is recognized on an accrual basis. | |||||||||||||
The Company also generates renewable energy credits as it produces electricity. Certain of these energy credits are sold independently in an open market and revenue is recognized at the time title to the energy credits is transferred to the buyer. | |||||||||||||
The Company acquired a ten-year energy derivative instrument as part of its acquisition of Gulf Wind in 2010, which fixes approximately 58% of the Project’s expected electricity generation through April 2019. The energy derivative instrument reduces exposure to changes in commodity prices by allowing the Company to lock in a fixed price per MWh for a specified amount of annual electricity generation. The monthly settlement amounts under the energy hedge are accounted for as energy derivative settlements in the consolidated statements of operations. The change in the fair value of the energy hedge is classified as unrealized (loss) gain on energy derivative revenue in the consolidated statements of operations. | |||||||||||||
The Company recognizes revenue for warranty settlements and liquidated damages from turbine manufacturers in other revenue upon resolution of outstanding contingencies. Any cash receipts for amounts subject to future adjustment or repayment are deferred in other liabilities until the final settlement amount is considered fixed and determinable. | |||||||||||||
Cost of Revenue | ' | ||||||||||||
Cost of Revenue | |||||||||||||
The Company’s cost of revenue is comprised of direct costs of operating and maintaining its wind project facilities, including labor, turbine service arrangements, land lease royalties, depreciation, accretion, property taxes and insurance. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation related to stock options granted to employees by estimating the fair value of the stock-based awards using the Black-Scholes option-pricing model. The fair value of the stock options granted are amortized over the applicable vesting period. The Black-Scholes option pricing model includes assumptions regarding dividend yields, expected volatility, expected option term, expected forfeiture rate and risk-free interest rates. The Company estimates expected volatility based on the historical volatility of comparable publicly traded companies for a period that is equal to the expected term of the options. The risk-free interest rate is based on the U.S. treasury yield curve in effect at the time of grant for a period commensurate with the estimated expected life. The expected term of options granted is derived using the “simplified” method as allowed under the provisions of the ASC 718, Compensation—Stock Compensation, and represents the period of time that options granted are expected to be outstanding. | |||||||||||||
The Company accounts for stock-based compensation related to restricted stock award grants by amortizing the fair value of the restricted stock award grants, which is the grant date market price, over the applicable vesting period. | |||||||||||||
Stock-based compensation expense is recorded as a component of general and administrative expenses in the Company’s consolidated statements of operations. | |||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||
Comprehensive Income (Loss) | |||||||||||||
Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax included in accumulated other comprehensive income (loss) in the accompanying consolidated statements of stockholders’ equity, is comprised of changes in foreign currency translation adjustments and changes in the fair value of derivatives designated as hedges. | |||||||||||||
Segment Data | ' | ||||||||||||
Segment Data | |||||||||||||
Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer. Based on the financial information presented to and reviewed by the chief operating decision maker in deciding how to allocate the resources and in assessing the Company’s performance, the Company has determined its wind projects represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Percentages of Total Revenues from Significant Customers | ' | ||||||||||||
The table below presents significant customers who accounted for the following percentages of total revenues: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Manitoba Hydro | 17.62 | % | 32.06 | % | 20.91 | % | |||||||
San Diego Gas & Electric | 17.23 | % | 0.18 | % | 0 | % | |||||||
Pacific Gas & Electric Company | 14.54 | % | 23.12 | % | 20.67 | % | |||||||
Electric Reliability Council of Texas | 12.24 | % | 18.28 | % | 35.23 | % |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Components of Prepaid Expenses and Other Current Assets | ' | ||||||||
The following table presents the components of prepaid expenses and other current assets (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 10,132 | $ | 7,202 | |||||
Sales tax | 50 | 3,275 | |||||||
Interconnection network upgrade receivable | 2,512 | 1,854 | |||||||
Other current assets | 1,233 | 1,463 | |||||||
Prepaid expenses and other current assets | $ | 13,927 | $ | 13,794 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
The following presents the categories within property, plant and equipment (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Operating wind farms | $ | 1,652,119 | $ | 1,765,200 | |||||
Furniture, fixtures and equipment | 3,785 | 3,333 | |||||||
Land | 16 | 16 | |||||||
Subtotal | 1,655,920 | 1,768,549 | |||||||
Less: accumulated depreciation | (179,778 | ) | (100,247 | ) | |||||
$ | 1,476,142 | $ | 1,668,302 | ||||||
Unconsolidated_Investments_Tab
Unconsolidated Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Schedule of Projects Accounted under Equity Method of Accounting | ' | ||||||||||||||||
The following presents projects that are accounted for under the equity method of accounting (in thousands): | |||||||||||||||||
Percentage of Ownership | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
South Kent | $ | 59,488 | $ | 17,895 | 50 | % | 50 | % | |||||||||
El Arrayán | 21,103 | 18,323 | 31.5 | % | 31.5 | % | |||||||||||
Grand | 26,464 | — | 45 | % | N/A | ||||||||||||
Unconsolidated investments | $ | 107,055 | $ | 36,218 | |||||||||||||
Summary of Aggregated Balance Sheets and Operating Results of Unconsolidated Joint Ventures | ' | ||||||||||||||||
The following summarizes the aggregated balance sheets as of December 31, 2013 and 2012, and operating results of the unconsolidated joint ventures for the years ended December 31, 2013, 2012 and 2011, respectively (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Current assets | $ | 78,906 | $ | 33,578 | |||||||||||||
Non-current assets | 1,097,018 | 142,522 | |||||||||||||||
Total assets | $ | 1,175,924 | $ | 176,100 | |||||||||||||
Current liabilities | $ | 128,076 | $ | 5,153 | |||||||||||||
Non-current liabilities | 810,936 | 71,709 | |||||||||||||||
Total liabilities | $ | 939,012 | $ | 76,862 | |||||||||||||
Total equity | $ | 236,912 | $ | 99,238 | |||||||||||||
Total liabilities and equity | $ | 1,175,924 | $ | 176,100 | |||||||||||||
Year ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||||||
Other (income) expense | (13,322 | ) | 275 | 455 | |||||||||||||
Net income (loss) | $ | 13,322 | $ (275) | $ (455) | |||||||||||||
Accounts_Payable_and_Other_Acc1
Accounts Payable and Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Components of Accounts Payable and Other Accrued Liabilities | ' | ||||||||
The following table presents the components of accounts payable and other accrued liabilities (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Accounts payable | $ | 168 | $ | 331 | |||||
Other accrued liabilities | 7,282 | 3,847 | |||||||
Warranty settlement payments | 2,187 | — | |||||||
Payroll liabilities | 2,162 | — | |||||||
Property tax payable | 3,490 | 3,444 | |||||||
Sales tax payable | 261 | 128 | |||||||
Accounts payable and other accrued liabilities | $ | 15,550 | $ | 7,750 | |||||
Long_term_debt_Tables
Long term debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Long Term Debt | ' | ||||||||||||||||||||
The Company’s long term debt as of December 31, 2013 and 2012 is presented below (in thousands): | |||||||||||||||||||||
December 31, | Interest Rate as of | Interest | |||||||||||||||||||
December 31, | Type | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Maturity | |||||||||||||||||
Santa Isabel bridge loan | $ | — | $ | 38,337 | N/A | 2.31 | % | Variable | N/A | ||||||||||||
Ocotillo bridge loan | — | 56,586 | N/A | 3.31 | % | Variable | N/A | ||||||||||||||
Hatchet Ridge term loan | 239,865 | 251,119 | 1.43 | % | 1.43 | % | Imputed | December 2032 | |||||||||||||
Gulf Wind term loan | 166,448 | 174,969 | 3.25 | % | 3.36 | % | Variable | Mar-20 | |||||||||||||
St. Joseph term loan | 215,330 | 238,737 | 5.88 | % | 5.88 | % | Fixed | May-31 | |||||||||||||
Spring Valley term loan | 173,110 | 178,900 | 2.63 | % | 2.62 | % | Variable | Jun-30 | |||||||||||||
Santa Isabel term loan | 115,721 | 119,035 | 4.57 | % | 4.57 | % | Fixed | September 2033 | |||||||||||||
Ocotillo commercial term loan | 230,944 | 160,299 | 3 | % | 3.31 | % | Variable | Aug-20 | |||||||||||||
Ocotillo development term loan | 107,800 | 72,588 | 2.35 | % | 2.41 | % | Variable | Aug-33 | |||||||||||||
1,249,218 | 1,290,570 | ||||||||||||||||||||
Less: current portion | (48,851 | ) | (137,258 | ) | |||||||||||||||||
$ | 1,200,367 | $ | 1,153,312 | ||||||||||||||||||
Summary of Amounts Due for Long Term Debt | ' | ||||||||||||||||||||
The following are amounts due for long-term debt as of December 31, 2013 (in thousands): | |||||||||||||||||||||
For the year ending December 31, | |||||||||||||||||||||
2014 | $ | 48,851 | |||||||||||||||||||
2015 | 58,888 | ||||||||||||||||||||
2016 | 60,442 | ||||||||||||||||||||
2017 | 61,571 | ||||||||||||||||||||
2018 | 66,547 | ||||||||||||||||||||
Thereafter | 952,919 | ||||||||||||||||||||
$ | 1,249,218 | ||||||||||||||||||||
Schedule of Commitment Fees Incurred and Interest Expense Recorded | ' | ||||||||||||||||||||
Interest and commitment fees incurred, and interest expense recorded in the Company’s consolidated statements of operations are as follows (in thousands): | |||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Interest and commitment fees incurred | $ | 57,478 | $ | 43,496 | $ | 31,610 | |||||||||||||||
Capitalized interest, commitment fees, and letter of credit fees | (4,210 | ) | (10,259 | ) | (4,220 | ) | |||||||||||||||
Letter of credit fees | 3,530 | 720 | 537 | ||||||||||||||||||
Amortization of financing costs | 6,816 | 2,545 | 1,477 | ||||||||||||||||||
Interest expense | $ | 63,614 | $ | 36,502 | $ | 29,404 | |||||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Beginning and Ending Aggregate Carrying Amounts of Asset Retirement Obligations | ' | ||||||||||||
The following table presents a reconciliation of the beginning and ending aggregate carrying amounts of asset retirement obligations as of December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning asset retirement obligations | $ | 19,056 | $ | 10,342 | $ | 9,365 | |||||||
Additions during the year | 767 | 7,971 | 467 | ||||||||||
Foreign currency translation adjustment | (172 | ) | 59 | (43 | ) | ||||||||
Accretion expense | 1,183 | 684 | 553 | ||||||||||
Ending asset retirement obligations | $ | 20,834 | $ | 19,056 | $ | 10,342 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments Classified as Assets and Liabilities | ' | ||||||||||||||||
Undesignated Derivative Instruments Classified as Assets (Liabilities): | |||||||||||||||||
As of | Year ended | ||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||
Derivative Type | Quantity | Maturity | Current | Long-Term | Recognized into | ||||||||||||
Dates | Portion | Portion | Income | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/30 | $ | (3,899 | ) | $ | 14,358 | $ | 15,367 | ||||||||
Interest rate cap | 1 | 12/31/24 | — | 681 | 234 | ||||||||||||
Energy derivative | 1 | 4/30/19 | 13,937 | 54,416 | (11,272 | ) | |||||||||||
$ | 10,038 | $ | 69,455 | $ | 4,329 | ||||||||||||
December 31, 2012 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/30 | $ | (1,980 | ) | $ | (2,931 | ) | $ | (4,909 | ) | ||||||
Interest rate cap | 1 | 12/31/24 | — | 447 | (44 | ) | |||||||||||
Energy derivative | 1 | 4/30/19 | 17,177 | 62,448 | (6,951 | ) | |||||||||||
$ | 15,197 | $ | 59,964 | $ | (11,904 | ) | |||||||||||
December 31, 2011 | |||||||||||||||||
Interest rate cap | 1 | 12/31/24 | $ | — | $ | 491 | $ | (345 | ) | ||||||||
Energy derivative | 1 | 4/30/19 | 18,687 | 67,890 | 17,577 | ||||||||||||
$ | 18,687 | $ | 68,381 | $ | 17,232 | ||||||||||||
Designated Derivative Instruments Classified as Assets ( Liabilities): | |||||||||||||||||
As of | Year ended | ||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||
Derivative Type | Quantity | Maturity | Current | Long-Term | Recognized in | ||||||||||||
Dates | Portion | Portion | OCI | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/33 | $ | (2,105 | ) | $ | 9,625 | $ | 10,434 | ||||||||
Interest rate swaps | 7 | 3/15/20 | (5,289 | ) | (7,439 | ) | 9,398 | ||||||||||
Interest rate swaps | 2 | 6/28/30 | (4,878 | ) | 3,087 | 17,043 | |||||||||||
$ | (12,272 | ) | $ | 5,273 | $ | 36,875 | |||||||||||
December 31, 2012 | |||||||||||||||||
Interest rate swaps | 6 | 6/30/33 | $ | (952 | ) | $ | (1,962 | ) | $ | (2,914 | ) | ||||||
Interest rate swaps | 7 | 3/15/20 | (5,558 | ) | (16,568 | ) | (1,835 | ) | |||||||||
Interest rate swaps | 2 | 6/28/30 | (4,972 | ) | (13,865 | ) | (6,421 | ) | |||||||||
$ | (11,482 | ) | $ | (32,395 | ) | $ | (11,170 | ) | |||||||||
December 31, 2011 | |||||||||||||||||
Interest rate swaps | 7 | 3/15/20 | $ | (4,929 | ) | $ | (15,362 | ) | $ | (11,251 | ) | ||||||
Interest rate swaps | 2 | 6/28/30 | — | (12,416 | ) | (12,416 | ) | ||||||||||
$ | (4,929 | ) | $ | (27,778 | ) | $ | (23,667 | ) | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table summarizes changes in the accumulated other comprehensive income (loss) balance by component: | |||||||||||||||||
Foreign | Effective Portion of | Proportionate | Total | ||||||||||||||
Currency | Change in Fair Value | Share of Equity | |||||||||||||||
of Derivatives | Investee’s OCI | ||||||||||||||||
Balances at January 1, 2011 | $ | (497 | ) | $ | (9,040 | ) | $ | — | $ | (9,537 | ) | ||||||
Current period other comprehensive loss | (2,406 | ) | (23,667 | ) | — | (26,073 | ) | ||||||||||
Income tax benefit (expense) | — | — | — | — | |||||||||||||
Balances at December 31, 2011 | (2,903 | ) | (32,707 | ) | — | (35,610 | ) | ||||||||||
Current period other comprehensive income (loss) | 2,749 | (11,170 | ) | (1,475 | ) | (9,896 | ) | ||||||||||
Income tax benefit (expense) | — | — | — | — | |||||||||||||
Balances at December 31, 2012 | (154 | ) | (43,877 | ) | (1,475 | ) | (45,506 | ) | |||||||||
Current period other comprehensive income (loss) | (8,309 | ) | 36,875 | 2,621 | 31,187 | ||||||||||||
Income tax expense | — | — | (148 | ) | (148 | ) | |||||||||||
Grand acquisition | — | — | (4,217 | ) | (4,217 | ) | |||||||||||
Income tax benefit—Grand acquisition | — | — | 1,307 | 1,307 | |||||||||||||
Balances at December 31, 2013 | $ | (8,463 | ) | $ | (7,002 | ) | $ | (1,912 | ) | $ | (17,377 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and (Liabilities) Measured on Recurring Basis | ' | ||||||||||||||||
Financial assets and (liabilities) measured on a recurring basis: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Interest rate swaps | $ | — | $ | 3,460 | $ | — | |||||||||||
Interest rate cap | — | 681 | — | ||||||||||||||
Energy derivative | — | — | 68,353 | ||||||||||||||
$ | — | $ | 4,141 | $ | 68,353 | ||||||||||||
December 31, 2012 | |||||||||||||||||
Interest rate swaps | $ | — | $ | (48,788 | ) | $ | — | ||||||||||
Interest rate cap | — | 447 | — | ||||||||||||||
Energy derivative | — | — | 79,625 | ||||||||||||||
Contingent liabilities | — | — | (8,001 | ) | |||||||||||||
$ | — | $ | (48,341 | ) | $ | 71,624 | |||||||||||
Reconciliation of Energy Derivative and Contingent Liabilities Measured at Fair Value | ' | ||||||||||||||||
Reconciliation of energy derivative and contingent liabilities measured at fair value using unobservable inputs (Level 3): | |||||||||||||||||
Contingent | Energy | Total | |||||||||||||||
Liabilities | Derivative | ||||||||||||||||
Balances at January 1, 2012 | $ | (5,986 | ) | $ | 86,577 | $ | 80,591 | ||||||||||
Settlements | — | (19,644 | ) | (19,644 | ) | ||||||||||||
Change in fair value, net of settlements | (2,015 | ) | 12,692 | 10,677 | |||||||||||||
Balances at December 31, 2012 | (8,001 | ) | 79,625 | 71,624 | |||||||||||||
Settlements | 8,001 | (16,798 | ) | (8,797 | ) | ||||||||||||
Change in fair value, net of settlements | — | 5,526 | 5,526 | ||||||||||||||
Balances at December 31, 2013 | $ | — | $ | 68,353 | $ | 68,353 | |||||||||||
Carrying Amounts and Fair Values of Company's Long Term Debt | ' | ||||||||||||||||
The following table presents the carrying amounts and fair values of the Company’s long term debt (in thousands): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Total long term debt | $ | 1,249,218 | $ | 1,165,119 | $ | 1,290,570 | $ | 1,247,449 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||
The following table presents significant components of the provision for income taxes (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
U.S. federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
— | — | — | |||||||||||
Deferred | |||||||||||||
U.S. federal | 2,961 | — | — | ||||||||||
State | — | — | — | ||||||||||
Foreign | 1,585 | (3,604 | ) | 689 | |||||||||
4,546 | (3,604 | ) | 689 | ||||||||||
Total income tax (benefit) provision | $ | 4,546 | $ | (3,604 | ) | $ | 689 | ||||||
Domestic and Foreign Components of Net Income (Loss) Before Income Tax (Benefit) Expense | ' | ||||||||||||
The following table presents the domestic and foreign components of net income (loss) before income tax (benefit) expense (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. | $ | 4,022 | $ | (17,810 | ) | $ | 25,957 | ||||||
Foreign | 10,596 | 830 | 638 | ||||||||||
Total | $ | 14,618 | $ | (16,980 | ) | $ | 26,595 | ||||||
Reconciliation of Statutory U.S Federal Income Tax Rate to Effective Tax Rate | ' | ||||||||||||
The following table presents a reconciliation of the statutory U.S federal income tax rate to the Company’s effective tax rate, as a percentage of income before taxes for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
Book/tax basis difference | — | 27.2 | % | — | |||||||||
Partnership income not subject to taxes | — | (40.9 | )% | (32.4 | )% | ||||||||
Adjustment for income in non-taxable entities allocable to noncontrolling interest | 16.5 | % | — | — | |||||||||
Foreign rate difference | |||||||||||||
Tax rate differential on pre-tax book income, other | 2.1 | % | — | — | |||||||||
Local tax on branch profits/(losses)—Puerto Rico | 13.1 | % | — | — | |||||||||
Permanent book/tax differences (domestic only) | (2.2 | )% | — | — | |||||||||
Valuation allowance | 187.2 | % | — | — | |||||||||
Other | 3.1 | % | — | — | |||||||||
ARRA Section 1603 grant-basis reduction deferred tax assets | (223.7 | )% | — | — | |||||||||
Effective income tax rate | 31.1 | % | 21.3 | % | 2.6 | % | |||||||
Components of Deferred Tax Assets and Deferred Tax Liabilities | ' | ||||||||||||
The following table presents significant components of the Company’s deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets/liabilities—current | |||||||||||||
Other current deferred tax assets and liabilities | $ | 2,399 | $ | — | |||||||||
Basis difference in derivatives | 2,835 | — | |||||||||||
Total gross deferred tax assets/(liabilities) | 5,234 | — | |||||||||||
Less: valuation allowance | (4,661 | ) | — | ||||||||||
Total net deferred tax assets/(liabilities)—current | 573 | — | |||||||||||
Deferred tax assets/(liabilities)—non-current: | |||||||||||||
Property, plant and equipment | (36,548 | ) | (47,894 | ) | |||||||||
Basis difference in foreign subsidiaries | 40,097 | — | |||||||||||
Partnership interest | (4,917 | ) | — | ||||||||||
Lease Hatchet Ridge | 29,314 | — | |||||||||||
Asset retirement obligation | 4,649 | — | |||||||||||
Equity method | 3,794 | — | |||||||||||
Unrealized loss on derivatives | (5,830 | ) | — | ||||||||||
Net operating loss carryforwards | 61,441 | 45,302 | |||||||||||
Other non current deferred tax assets and liabilities | (4,595 | ) | (690 | ) | |||||||||
Change in tax status | — | 4,599 | |||||||||||
Accruals not currently deductible | — | 443 | |||||||||||
Total gross deferred tax assets/(liabilities)—non-current | 87,405 | 1,760 | |||||||||||
Less: valuation allowance | (95,318 | ) | (482 | ) | |||||||||
Total net deferred tax assets/(liabilities)—non-current | (7,913 | ) | 1,278 | ||||||||||
Total net deferred tax assets/(liabilities) | $ | (7,340 | ) | $ | 1,278 | ||||||||
Equity_Incentive_Award_Plan_Ta
Equity Incentive Award Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Restricted Stock Awards Activity | ' | ||||||||||||||||
The following table summarizes restricted stock awards activity under the 2013 Plan for the year ended December 31, 2013: | |||||||||||||||||
Number of RSAs | Weighted Average | Aggregate | |||||||||||||||
Outstanding | Grant Date | Intrinsic | |||||||||||||||
Fair Value | Value | ||||||||||||||||
Balance at October 2, 2013 | — | $ | — | ||||||||||||||
Granted | 86,620 | 22.71 | |||||||||||||||
Released | (9,424 | ) | 24.15 | ||||||||||||||
Repurchased for employee tax withholding | (934 | ) | 22.53 | ||||||||||||||
Balance at December 31, 2013 | 76,262 | $ | 22.53 | $ | 2,311,501 | ||||||||||||
Summary Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity under the 2013 Plan for the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | ||||||||||||||
Options | Exercise Price | Remaining | Instrinsic Value | ||||||||||||||
Outstanding | Contractual Life | ||||||||||||||||
(in years) | |||||||||||||||||
Balance at October 2, 2013 | — | $ | — | ||||||||||||||
Granted | 444,823 | 22.00 | |||||||||||||||
Vested | (37,069 | ) | 22 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Expired | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Balance at December 31, 2013 | 407,754 | $ | 22 | 9.8 | $ | 3,388,436 | |||||||||||
Exercisable at December 31, 2013 | 37,069 | $ | 22 | 9.8 | $ | 308,043 | |||||||||||
Schedule of Weighted Average Assumptions | ' | ||||||||||||||||
The following weighted average assumptions were used: | |||||||||||||||||
Year ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Stock options: | |||||||||||||||||
Risk-free interest rate | 1.68 | % | |||||||||||||||
Expected life (in years) | 5.8 | ||||||||||||||||
Expected volatility | 36 | % | |||||||||||||||
Expected dividend yield | 5.7 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Consolidated Statements of Operations Before and After IPO | ' | ||||||||||||
The following table provides a disaggregated presentation of the Company’s consolidated statements of operations before and after its IPO on October 2, 2103: | |||||||||||||
Pattern Energy Group Inc. | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
(In thousands of U.S. dollars, except share data) | |||||||||||||
From October 2, 2013 | From January 1, 2013 | For Year Ended | |||||||||||
to December 31, 2013 | to October 1, 2013 | December 31, 2013 | |||||||||||
Revenue: | |||||||||||||
Electricity sales | $ | 41,836 | $ | 131,434 | $ | 173,270 | |||||||
Energy derivative settlements | 4,035 | 12,763 | 16,798 | ||||||||||
Unrealized loss on energy derivative | (4,916 | ) | (6,356 | ) | (11,272 | ) | |||||||
Related party revenue | 446 | 465 | 911 | ||||||||||
Other revenue | 701 | 21,165 | 21,866 | ||||||||||
Total revenue | 42,102 | 159,471 | 201,573 | ||||||||||
Cost of revenue: | |||||||||||||
Project expense | 15,455 | 42,222 | 57,677 | ||||||||||
Depreciation and accretion | 21,193 | 61,987 | 83,180 | ||||||||||
Total cost of revenue | 36,648 | 104,209 | 140,857 | ||||||||||
Gross profit | 5,454 | 55,262 | 60,716 | ||||||||||
Total operating expenses | 3,456 | 9,532 | 12,988 | ||||||||||
Operating income | 1,998 | 45,730 | 47,728 | ||||||||||
Other expense | (10,217 | ) | (22,893 | ) | (33,110 | ) | |||||||
Net (loss) income before income tax | (8,219 | ) | 22,837 | 14,618 | |||||||||
Tax provision (benefit) | 11,314 | (6,768 | ) | 4,546 | |||||||||
Net (loss) income | (19,533 | ) | 29,605 | 10,072 | |||||||||
Net loss attributable to noncontrolling interest | (6,197 | ) | (690 | ) | (6,887 | ) | |||||||
Net (loss) income attributable to controlling interest | $ | (13,336 | ) | $ | 30,295 | $ | 16,959 | ||||||
Earnings per share information: | |||||||||||||
Less: Net income attributable to controlling interest prior to the IPO on October 2, 2013 | (30,295 | ) | |||||||||||
Net loss attributable to controlling interest subsequent to the IPO | $ | (13,336 | ) | ||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Net earnings (loss) | $ | (13,336 | ) | ||||||||||
Less: dividends declared | |||||||||||||
Class A common stock | (11,103 | ) | |||||||||||
Class B common stock | — | ||||||||||||
$ | (24,439 | ) | |||||||||||
Undistributed earnings (loss) | |||||||||||||
Denominator for basic and diluted earnings (loss) per share: | |||||||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock | 35,448,056 | ||||||||||||
Class B common stock | 15,555,000 | ||||||||||||
Total | 51,003,056 | ||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Class A common stock: | |||||||||||||
Dividends | $ | 0.31 | |||||||||||
Undistributed loss | (0.48 | ) | |||||||||||
Basic and diluted loss per share | $ | (0.17 | ) | ||||||||||
Class B common stock: | |||||||||||||
Dividends | $ | — | |||||||||||
Undistributed loss | (0.48 | ) | |||||||||||
Basic and diluted loss per share | $ | (0.48 | ) | ||||||||||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Summary of Geographical Revenues and Assets | ' | ||||||||||||||||||||
The table below provides information, by country, about the Company’s consolidated operations. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located (in thousands): | |||||||||||||||||||||
Revenue | Property, Plant and Equipment, net | ||||||||||||||||||||
Year ended December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||
United States | $ | 161,505 | $ | 73,089 | $ | 103,773 | $ | 1,210,319 | $ | 1,367,149 | |||||||||||
Canada | 40,068 | 41,439 | 32,086 | 265,823 | 301,153 | ||||||||||||||||
Total | $ | 201,573 | $ | 114,528 | $ | 135,859 | $ | 1,476,142 | $ | 1,668,302 | |||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Warranties (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Turbine Operations and Maintenance Commitments | ' | ||||
The following table presents turbine operations and maintenance commitments over the next five years (in thousands): | |||||
For the year ending December 31, | |||||
2014 | $ | 16,465 | |||
2015 | 3,845 | ||||
2016 | 2,188 | ||||
2017 | 1,965 | ||||
2018 | 55 | ||||
Thereafter | 591 | ||||
Total | $ | 25,109 | |||
Schedule of Future Minimum Payments Related to Land Leases | ' | ||||
The future minimum payments related to these leases as of December 31, 2013, are as follows (in thousands): | |||||
For the year ending December 31, | |||||
2014 | $ | 3,713 | |||
2015 | 3,717 | ||||
2016 | 3,725 | ||||
2017 | 3,731 | ||||
2018 | 3,738 | ||||
Thereafter | 91,876 | ||||
Total | $ | 110,500 | |||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Allocated Costs Included in Combined Statement of Operations | ' | ||||||||||||
The table below presents allocated costs prior to October 2, 2013 and net bilateral management service cost reimbursements on and after October 2, 2013 included in the consolidated statements of operations (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Project expense | $ | 1,995 | $ | 1,998 | $ | 1,139 | |||||||
General and administrative | 7,318 | 10,604 | 8,098 | ||||||||||
Management Services Agreement expense | 851 | — | — | ||||||||||
Management Services Agreement income | (665 | ) | — | — | |||||||||
Other income | (551 | ) | (210 | ) | (199 | ) | |||||||
Total | $ | 8,948 | $ | 12,392 | $ | 9,038 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Consolidated Statements of Operations | ' | ||||||||||||||||
The following tables summarize the Company’s unaudited quarterly consolidated statements of operations for each of the eight quarters in the period ended December 31, 2013. The quarterly consolidated statements of operations data were prepared on a basis consistent with the audited consolidated financial statements included in Part III, Item 14, “Financial Statements and Supplementary Data” in this Annual Report on Form 10-K. | |||||||||||||||||
Quarterly financial data in thousands, except for share data: | |||||||||||||||||
Three months ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Revenue | $ | 41,767 | $ | 57,257 | $ | 58,712 | $ | 43,837 | |||||||||
Gross profit | 4,729 | 21,471 | 26,222 | 8,294 | |||||||||||||
Net (loss) income | (19,376 | ) | 4,244 | 43,988 | (18,784 | ) | |||||||||||
Net (loss) income attributable to noncontrolling interest | (6,197 | ) | 3,248 | (359 | ) | (3,579 | ) | ||||||||||
Net (loss) income attributable to controlling interest | (13,179 | ) | 996 | 44,347 | (15,205 | ) | |||||||||||
Basic and diluted loss per share—Class A | $ | (0.17 | ) | N/A | N/A | N/A | |||||||||||
Basic and diluted loss per share—Class B | $ | (0.48 | ) | N/A | N/A | N/A | |||||||||||
Three months ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Revenue | $ | 34,345 | $ | 16,903 | $ | 24,939 | $ | 38,341 | |||||||||
Gross profit (loss) | 10,086 | (5,213 | ) | 6,175 | 19,610 | ||||||||||||
Net (loss) income | (4,455 | ) | (16,913 | ) | (575 | ) | 8,567 | ||||||||||
Net (loss) income attributable to noncontrolling interest | (1,147 | ) | (7,494 | ) | (2,928 | ) | 4,480 | ||||||||||
Net (loss) income attributable to controlling interest | (3,308 | ) | (9,419 | ) | 2,353 | 4,087 | |||||||||||
Basic and diluted loss per share—Class A | N/A | N/A | N/A | N/A | |||||||||||||
Basic and diluted loss per share—Class B | N/A | N/A | N/A | N/A | |||||||||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 17, 2012 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Class A common stock [Member] | Class A common stock [Member] | Class A common stock [Member] | Class B common stock [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Energy [Member] | Corporate Joint Venture [Member] | Pattern Renewables LP [Member] | Pattern Energy Group Inc. [Member] | Pattern Energy Group Inc. [Member] | Pattern Energy Group Inc. [Member] | Pattern Energy Unconsolidated [Member] | Pattern Energy Unconsolidated [Member] | Hatchet Ridge [Member] | St Josephs [Member] | Spring Valley [Member] | Pattern santa Isabel LLC [Member] | Ocotillo [Member] | ||||||
IPO [Member] | Project | Projects in operation [Member] | Projects under construction [Member] | Class A common stock [Member] | Class A common stock [Member] | Class B common stock [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Class A common stock [Member] | Class B common stock [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||
Project | Project | IPO [Member] | ||||||||||||||||||||||||||||
Schedule Of Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | ' | ' | ' | ' | 35,530,786 | 100 | ' | 15,555,000 | ' | ' | ' | ' | 19,445,000 | ' | 15,555,000 | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | 27.00% | 40.00% | 33.00% | 100.00% | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Common stock, shares authorized | ' | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 620,000,000 | 500,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in initial public offering | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of shares | ' | ' | $317,926,000 | ' | ' | ' | ' | $317,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of net proceeds utilized as consideration | ' | ' | 30,070,000 | ' | ' | ' | ' | ' | ' | 232,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares purchased upon exercise of overallotment option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of wind power projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | 6 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior period expense of entity | $3,456,000 | $9,532,000 | $12,988,000 | $11,636,000 | $9,668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | $10,000 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Schedule of Percentages of Total Revenues from Significant Customers (Detail) (Total Revenue [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Manitoba Hydro [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentrations of credit risk | 17.62% | 32.06% | 20.91% |
San Diego Gas And Electric [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentrations of credit risk | 17.23% | 0.18% | 0.00% |
Pacific Gas and Electric [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentrations of credit risk | 14.54% | 23.12% | 20.67% |
Electric Reliability Council Of Texas [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentrations of credit risk | 12.24% | 18.28% | 35.23% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ' |
Asset impairment charges | $0 |
Maximum tax benefit likely to be realized upon ultimate settlement, percentage | 50.00% |
Minimum [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment useful lives | '3 years |
Maximum [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment useful lives | '5 years |
Gulf Wind [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Fixed price of derivative instrument | 58.00% |
Credit Suisse [Member] | Gulf Wind [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Description of derivative swap | 'The counterparty to a 10-year fixed-for-floating swap related to annual electricity generation at the Company's Gulf Wind project. |
Term of energy derivative instrument acquired | '10 years |
Wind Farm [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Property, plant and equipment useful lives | '20 years |
Acquisition_from_Pattern_Devel1
Acquisition from Pattern Development - Additional Information (Detail) (Grand [Member], USD $) | 0 Months Ended | 12 Months Ended |
Dec. 20, 2013 | Dec. 31, 2013 | |
Grand [Member] | ' | ' |
Loans At Acquisition Date [Line Items] | ' | ' |
Business acquisition, percentage of equity interest | 45.00% | ' |
Business acquisition price | $79,500,000 | ' |
Business acquisition, contingent payment | $4,700,000 | ' |
Power Purchase Agreement period | '20 years | ' |
Effective date of acquisition | ' | 20-Dec-13 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid expenses | $10,132 | $7,202 |
Sales tax | 50 | 3,275 |
Interconnection network upgrade receivable | 2,512 | 1,854 |
Other current assets | 1,233 | 1,463 |
Prepaid expenses and other current assets | $13,927 | $13,794 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | $1,655,920,000 | $1,768,549,000 |
Less: Accumulated depreciation | -179,778,000 | -100,247,000 |
Property, plant and equipment, net | 1,476,142,000 | 1,668,302,000 |
Operating wind farms [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | 1,652,119,000 | 1,765,200,000 |
Furniture, fixtures and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | 3,785,000 | 3,333,000 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | $16,000 | $16,000 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Ocotillo [Member] | Pattern santa Isabel LLC [Member] | Spring Valley [Member] | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Depreciation expense related to property, plant and equipment | $82,000,000 | $48,300,000 | $38,900,000 | ' | ' | ' |
Cash grant received | ' | ' | ' | 115,900,000 | 57,600,000 | 79,900,000 |
Decrease in depreciation expense | $13,000,000 | $1,500,000 | ' | ' | ' | ' |
Unconsolidated_Investments_Sch
Unconsolidated Investments - Schedule of Projects Accounted under Equity Method of Accounting (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unconsolidated investments | $107,055 | $36,218 |
Pattern Energy Predecessor [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unconsolidated investments | 107,055 | 36,218 |
Pattern Energy Predecessor [Member] | South Kent [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unconsolidated investments | 59,488 | 17,895 |
Percentage of ownership | 50.00% | 50.00% |
Pattern Energy Predecessor [Member] | El Arrayan [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unconsolidated investments | 21,103 | 18,323 |
Percentage of ownership | 31.50% | 31.50% |
Pattern Energy Predecessor [Member] | Grand [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Unconsolidated investments | $26,464 | ' |
Percentage of ownership | 45.00% | ' |
Unconsolidated_Investments_Add
Unconsolidated Investments - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
Dec. 20, 2013 | Dec. 31, 2013 | |
South Kent [Member] | Pattern Energy Predecessor [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
PPA of project | ' | '20 years |
El Arrayan [Member] | Pattern Energy Predecessor [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
PPA of project | ' | 'P20Y |
Grand [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
PPA of project | '20 years | ' |
Business acquisition, percentage of equity interest | 45.00% | ' |
Business acquisition price | $79,500,000 | ' |
Business acquisition, contingent payment | 4,700,000 | ' |
Grand [Member] | Pattern Energy Predecessor [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
PPA of project | ' | 'P20Y |
Business acquisition, percentage of equity interest | 45.00% | ' |
Business acquisition price | 79,500,000 | ' |
Business acquisition, contingent payment | $4,700,000 | ' |
Unconsolidated_Investments_Sum
Unconsolidated Investments - Summary of Aggregated Balance Sheets and Operating Results of Unconsolidated Joint Ventures (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Current assets | $78,906 | $33,578 | ' |
Non-current assets | 1,097,018 | 142,522 | ' |
Total assets | 1,175,924 | 176,100 | ' |
Current liabilities | 128,076 | 5,153 | ' |
Non-current liabilities | 810,936 | 71,709 | ' |
Total liabilities | 939,012 | 76,862 | ' |
Total equity | 236,912 | 99,238 | ' |
Total liabilities and equity | 1,175,924 | 176,100 | ' |
Revenue | ' | ' | ' |
Other (income) expense | 7,846 | -40 | -205 |
Net income (loss) | $13,322 | ($275) | ($455) |
Accounts_Payable_and_Other_Acc2
Accounts Payable and Other Accrued Liabilities - Components of Accounts Payable and Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accounts payable | $168 | $331 |
Other accrued liabilities | 7,282 | 3,847 |
Warranty settlement payments | 2,187 | ' |
Payroll liabilities | 2,162 | ' |
Property tax payable | 3,490 | 3,444 |
Sales tax payable | 261 | 128 |
Accounts payable and other accrued liabilities | $15,550 | $7,750 |
Long_Term_Debt_Schedule_of_Lon
Long Term Debt - Schedule of Long Term Debt (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | $1,249,218,000 | $1,290,570,000 | ' |
Less: Current Portion | -48,851,000 | -137,258,000 | ' |
Long term debt, noncurrent | 1,200,367,000 | 1,153,312,000 | ' |
Santa Isabel bridge loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | ' | 38,337,000 | ' |
Long term debt, Interest Rate | ' | 2.31% | ' |
Long term debt, Interest Type | 'Variable | ' | ' |
Long term debt, Maturity | 'N/A | ' | ' |
Ocotillo bridge loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | ' | 56,586,000 | 467,300,000 |
Long term debt, Interest Rate | ' | 3.31% | ' |
Long term debt, Interest Type | 'Variable | ' | ' |
Long term debt, Maturity | 'N/A | ' | ' |
Hatchet Ridge term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 239,865,000 | 251,119,000 | ' |
Long term debt, Interest Rate | 1.43% | 1.43% | ' |
Long term debt, Interest Type | 'Imputed | ' | ' |
Long term debt, Maturity | 'December 2032 | ' | ' |
Gulf Wind credit facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 166,448,000 | 174,969,000 | ' |
Long term debt, Interest Rate | 3.25% | 3.36% | ' |
Long term debt, Interest Type | 'Variable | ' | ' |
Long term debt, Maturity | 'March 2020 | ' | ' |
St. Joseph term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 215,330,000 | 238,737,000 | ' |
Long term debt, Interest Rate | 5.88% | 5.88% | ' |
Long term debt, Interest Type | 'Fixed | ' | ' |
Long term debt, Maturity | 'May 2031 | ' | ' |
Spring Valley term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 173,110,000 | 178,900,000 | ' |
Long term debt, Interest Rate | 2.63% | 2.62% | ' |
Long term debt, Interest Type | 'Variable | ' | ' |
Long term debt, Maturity | 'June 2030 | ' | ' |
Santa Isabel term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 115,721,000 | 119,035,000 | ' |
Long term debt, Interest Rate | 4.57% | 4.57% | ' |
Long term debt, Interest Type | 'Fixed | ' | ' |
Long term debt, Maturity | 'September 2033 | ' | ' |
Ocotillo commercial term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | 230,944,000 | 160,299,000 | ' |
Long term debt, Interest Rate | 3.00% | 3.31% | ' |
Long term debt, Interest Type | 'Variable | ' | ' |
Long term debt, Maturity | 'August 2020 | ' | ' |
Ocotillo development term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt | $107,800,000 | $72,588,000 | ' |
Long term debt, Interest Rate | 2.35% | 2.41% | ' |
Long term debt, Interest Type | 'Variable | ' | ' |
Long term debt, Maturity | 'August 2033 | ' | ' |
Long_Term_Debt_Summary_of_Amou
Long Term Debt - Summary of Amounts Due for Long Term Debt (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | South Kent Wind LP [Member] | |
CAD | |||
Debt Instrument [Line Items] | ' | ' | ' |
2014 | $48,851,000 | ' | 1,914,367 |
2015 | 58,888,000 | ' | 23,185,104 |
2016 | 60,442,000 | ' | 22,109,351 |
2017 | 61,571,000 | ' | 25,773,416 |
2018 | 66,547,000 | ' | 26,819,083 |
Thereafter | 952,919,000 | ' | 444,830,873 |
Long-term debt | $1,249,218,000 | $1,290,570,000 | 544,632,194 |
Long_Term_Debt_Schedule_of_Com
Long Term Debt - Schedule of Commitment Fees Incurred and Interest Expense Recorded (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Interest and commitment fees incurred | $57,478 | $43,496 | $31,610 |
Capitalized interest, commitment fees, and letter of credit fees | -4,210 | -10,259 | -4,220 |
Letter of credit fees | 3,530 | 720 | 537 |
Amortization of financing costs | 6,816 | 2,546 | 1,477 |
Interest expense | $63,614 | $36,502 | $29,404 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Development bank loan [Member] | Commercial bank loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Hatchet Ridge term loan [Member] | Hatchet Ridge term loan [Member] | Gulf Wind credit facility [Member] | Gulf Wind credit facility [Member] | St. Joseph term loan [Member] | St. Joseph term loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Ocotillo bridge loan [Member] | Santa Isabel term loan [Member] | Santa Isabel term loan [Member] | Santa Isabel term loan [Member] | Spring Valley term loan [Member] | Spring Valley term loan [Member] | |||
SecurityLoan | Interest rate swaps [Member] | Letter of credit [Member] | Development bank loan [Member] | Development bank loan [Member] | Commercial bank loan [Member] | Commercial bank loan [Member] | |||||||||||||||||||||
Tranche Loan [Member] | Tranche Loan [Member] | Tranche Loan [Member] | Tranche Loan [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity period | ' | ' | ' | ' | '4 years | ' | ' | '22 years | ' | '10 years | ' | '20 years | ' | ' | ' | ' | ' | ' | '20 years | ' | '7 years | ' | ' | ' | ' | ' | ' |
Credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | $195,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259,500,000 | ' | ' | ' | 351,500,000 | ' | ' | ' | 110,000,000 | ' | 241,500,000 | ' | 119,000,000 | ' | 178,900,000 | ' |
Cash grant for bridge loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,500,000 | ' | 53,300,000 | ' |
Debt maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-33 | ' | ' | ' | ' |
Loan facility | 1,249,218,000 | 1,290,570,000 | ' | ' | ' | ' | ' | 239,865,000 | 251,119,000 | 166,448,000 | 174,969,000 | 215,330,000 | 238,737,000 | ' | 56,586,000 | 467,300,000 | ' | ' | ' | ' | ' | ' | 115,721,000 | ' | 119,035,000 | 173,110,000 | 178,900,000 |
Number of construction loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 56,600,000 | ' | ' | ' | 59,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of loan commitment in interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid bank loan | ' | ' | 2,200,000 | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase of available borrowings | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | ' | ' | ' | ' | ' | 44,800,000 | 39,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility outstanding amount | $0 | $0 | ' | ' | ' | $56,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of base rate | 'The base rate loans accrue interest at 2.5% plus the greatest of the (i) the prime rate, (ii) the federal funds rate plus 0.5% and (iii) the Eurodollar rate that would be in effect for a Eurodollar rate loan with an interest period of one month plus 1.0%. The Eurodollar rate loans will accrue interest at a rate per annum equal to LIBOR, as published by Reuters plus 3.5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset_Retirement_Obligations_A
Asset Retirement Obligations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Asset Retirement Obligation [Abstract] | ' |
Estimated asset retirement period | '20 years |
Asset retirement obligations, description | 'The Company's asset retirement obligations represent the estimated cost of decommissioning the turbines, removing above-ground installations and restoring the sites at a date that is 20 years from the commencement of commercial operation of the facility. |
Asset_Retirement_Obligations_R
Asset Retirement Obligations - Reconciliation of Beginning and Ending Aggregate Carrying Amounts of Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Beginning asset retirement obligations | $19,056 | $10,342 | $9,365 |
Additions during the year | 767 | 7,971 | 467 |
Foreign currency translation adjustment | -172 | 59 | -43 |
Accretion expense | 1,183 | 684 | 553 |
Ending asset retirement obligations | $20,834 | $19,056 | $10,342 |
Derivative_Instruments_Schedul
Derivative Instruments - Schedule of Derivative Instruments Classified as Assets and Liabilities (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair Market Value, Current Portion | $13,937,000 | $17,177,000 | ' |
Fair Market Value, Current Portion | -16,171,000 | -13,462,000 | ' |
Fair Market Value, Long-Term Portion | 82,167,000 | 62,895,000 | ' |
Fair Market Value, Long-Term Portion | -7,439,000 | -35,326,000 | ' |
Gain (loss) Recognized in OCI | 36,875,000 | -11,170,000 | -23,667,000 |
Undesignated Derivative Instruments [Member] | Derivative Assets (Liabilities) [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair Market Value, Current Portion | 10,038,000 | 15,197,000 | 18,687,000 |
Fair Market Value, Long-Term Portion | 69,455,000 | 59,964,000 | 68,381,000 |
Gain (loss) Recognized into Income | 4,329,000 | -11,904,000 | 17,232,000 |
Undesignated Derivative Instruments [Member] | Interest rate swaps [Member] | Derivative Assets (Liabilities) [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Quantity | 6 | 6 | ' |
Maturity Dates | 30-Jun-30 | 30-Jun-30 | ' |
Fair Market Value, Current Portion | -3,899,000 | -1,980,000 | ' |
Fair Market Value, Long-Term Portion | 14,358,000 | -2,931,000 | ' |
Gain (loss) Recognized into Income | 15,367,000 | -4,909,000 | ' |
Undesignated Derivative Instruments [Member] | Interest rate cap [Member] | Derivative Assets (Liabilities) [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Quantity | 1 | 1 | 1 |
Maturity Dates | 31-Dec-24 | 31-Dec-24 | 31-Dec-24 |
Fair Market Value, Current Portion | ' | ' | ' |
Fair Market Value, Long-Term Portion | 681,000 | 447,000 | 491,000 |
Gain (loss) Recognized into Income | 234,000 | -44,000 | -345,000 |
Undesignated Derivative Instruments [Member] | Energy derivative [Member] | Derivative Assets (Liabilities) [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Quantity | 1 | 1 | 1 |
Maturity Dates | 30-Apr-19 | 30-Apr-19 | 30-Apr-19 |
Fair Market Value, Current Portion | 13,937,000 | 17,177,000 | 18,687,000 |
Fair Market Value, Long-Term Portion | 54,416,000 | 62,448,000 | 67,890,000 |
Gain (loss) Recognized into Income | -11,272,000 | -6,951,000 | 17,577,000 |
Designated Derivative Instruments [Member] | Derivative Assets (Liabilities) [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Fair Market Value, Current Portion | -12,272,000 | -11,482,000 | -4,929,000 |
Fair Market Value, Long-Term Portion | 5,273,000 | -32,395,000 | -27,778,000 |
Gain (loss) Recognized in OCI | 36,875,000 | -11,170,000 | -23,667,000 |
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | Derivative Assets (Liabilities) [Member] | Maturity Date, 6/30/2033 [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Quantity | 6 | 6 | ' |
Maturity Dates | 30-Jun-33 | 30-Jun-33 | ' |
Fair Market Value, Current Portion | -2,105,000 | -952,000 | ' |
Fair Market Value, Long-Term Portion | 9,625,000 | -1,962,000 | ' |
Gain (loss) Recognized in OCI | 10,434,000 | -2,914,000 | ' |
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | Derivative Assets (Liabilities) [Member] | Maturity Date, 3/15/2020 [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Quantity | 7 | 7 | 7 |
Maturity Dates | 15-Mar-20 | 15-Mar-20 | 15-Mar-20 |
Fair Market Value, Current Portion | -5,289,000 | -5,558,000 | -4,929,000 |
Fair Market Value, Long-Term Portion | -7,439,000 | -16,568,000 | -15,362,000 |
Gain (loss) Recognized in OCI | 9,398,000 | -1,835,000 | -11,251,000 |
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | Derivative Assets (Liabilities) [Member] | Maturity Date, 6/28/2030 [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Quantity | 2 | 2 | 2 |
Maturity Dates | 28-Jun-30 | 28-Jun-30 | 28-Jun-30 |
Fair Market Value, Current Portion | -4,878,000 | -4,972,000 | ' |
Fair Market Value, Long-Term Portion | 3,087,000 | -13,865,000 | -12,416,000 |
Gain (loss) Recognized in OCI | $17,043,000 | ($6,421,000) | ($12,416,000) |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Gulf Wind [Member] | Interest rate cap [Member] | Interest rate cap [Member] | Interest rate cap [Member] | Energy derivative [Member] | Energy derivative [Member] | Energy derivative [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | ||||
Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Spring Valley [Member] | Spring Valley [Member] | Spring Valley [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Two through eight years [Member] | Year nine [Member] | Year ten [Member] | |||||
Development bank term loans [Member] | Commercial bank term loans [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | |||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate exchange for fixed interest rate payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.60% | 6.60% | 6.60% | ' | ' | 5.50% | ' | ' | 2.50% | 2.20% | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.60% | 7.10% | 7.60% |
Recorded cash flow hedge ineffectiveness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Reclassification into earnings from accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | ' | ' | 4,900,000 | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' |
Derivative future rate | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative effective date | ' | ' | ' | ' | 31-Mar-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of loan to be refinanced | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative maturity date | ' | ' | ' | ' | 31-Dec-24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount reduced quarterly | ' | ' | ' | ' | 42,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) | 15,601,000 | -4,953,000 | -345,000 | ' | 200,000 | 0 | 300,000 | -11,300,000 | -7,000,000 | 17,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instrument asset value | ' | ' | ' | ' | 700,000 | 400,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed price of derivative instrument | ' | ' | ' | 58.00% | ' | ' | ' | 58.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instrument, fair value | ' | ' | ' | ' | ' | ' | ' | $68,400,000 | $79,600,000 | $86,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate increases by every four years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | ($34,264) | ($34,264) | ($35,610) | ($9,537) |
Current period other comprehensive income (loss) | 6,847 | 24,192 | 31,039 | -9,896 | -26,073 |
Income tax benefit (expense) | ' | ' | -148 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -8,353 | ' | -8,353 | -34,264 | -35,610 |
Grand [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Acquisition | ' | ' | -4,217 | ' | ' |
Income tax benefit - acquisition | ' | ' | 1,307 | ' | ' |
Foreign Currency [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | -154 | -154 | -2,903 | -497 |
Current period other comprehensive income (loss) | ' | ' | -8,309 | 2,749 | -2,406 |
Income tax benefit (expense) | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -8,463 | ' | -8,463 | -154 | -2,903 |
Foreign Currency [Member] | Grand [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' |
Income tax benefit - acquisition | ' | ' | ' | ' | ' |
Effective Portion of Change in Fair Value of Derivatives [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | -43,877 | -43,877 | -32,707 | -9,040 |
Current period other comprehensive income (loss) | ' | ' | 36,875 | -11,170 | -23,667 |
Income tax benefit (expense) | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -7,002 | ' | -7,002 | -43,877 | -32,707 |
Effective Portion of Change in Fair Value of Derivatives [Member] | Grand [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' |
Income tax benefit - acquisition | ' | ' | ' | ' | ' |
Proportionate Share of Equity Investee's OCI [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Beginning Balance | ' | -1,475 | -1,475 | ' | ' |
Current period other comprehensive income (loss) | ' | ' | 2,621 | -1,475 | ' |
Income tax benefit (expense) | ' | ' | -148 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Ending Balance | -1,912 | ' | -1,912 | -1,475 | ' |
Proportionate Share of Equity Investee's OCI [Member] | Grand [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Acquisition | ' | ' | -4,217 | ' | ' |
Income tax benefit - acquisition | ' | ' | $1,307 | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and (Liabilities) Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Level 1 [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 1 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 1 [Member] | Interest rate cap [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 1 [Member] | Energy derivative [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 1 [Member] | Contingent Liabilities [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 4,141,000 | -48,341,000 |
Level 2 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 3,460,000 | -48,788,000 |
Level 2 [Member] | Interest rate cap [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 681,000 | 447,000 |
Level 2 [Member] | Energy derivative [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 2 [Member] | Contingent Liabilities [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 68,353,000 | 71,624,000 |
Level 3 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 3 [Member] | Interest rate cap [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 3 [Member] | Energy derivative [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 68,353,000 | 79,625,000 |
Level 3 [Member] | Contingent Liabilities [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ($8,001,000) |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Energy Derivative and Contingent Liabilities Measured at Fair Value (Detail) (Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Beginning Balances | $71,624 | $80,591 |
Settlements | -8,797 | -19,644 |
Change in fair value, net of settlements | 5,526 | 10,677 |
Ending Balances | 68,353 | 71,624 |
Contingent Liabilities [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Beginning Balances | -8,001 | -5,986 |
Settlements | 8,001 | ' |
Change in fair value, net of settlements | ' | -2,015 |
Ending Balances | ' | -8,001 |
Energy derivative [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Beginning Balances | 79,625 | 86,577 |
Settlements | -16,798 | -19,644 |
Change in fair value, net of settlements | 5,526 | 12,692 |
Ending Balances | $68,353 | $79,625 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Long Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ' | ' |
Carrying Amount | $1,249,218 | $1,290,570 |
Fair Value | $1,165,119 | $1,247,449 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' | ' | ' |
U.S. federal | ' | ' | ' | ' | ' |
State | ' | ' | ' | ' | ' |
Foreign | ' | ' | ' | ' | ' |
Current, total | ' | ' | ' | ' | ' |
Deferred | ' | ' | ' | ' | ' |
U.S. federal | ' | ' | 2,961 | ' | ' |
State | ' | ' | ' | ' | ' |
Foreign | ' | ' | 1,585 | -3,604 | 689 |
Deferred, total | ' | ' | 4,546 | -3,604 | 809 |
Total income tax (benefit) provision | $11,314 | ($6,768) | $4,546 | ($3,604) | $689 |
Income_Taxes_Domestic_and_Fore
Income Taxes - Domestic and Foreign Components of Net Income (Loss) Before Income Tax (Benefit) Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. | $4,022 | ($17,810) | $25,957 |
Foreign | 10,596 | 830 | 638 |
Total | $14,618 | ($16,980) | $26,595 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory U.S Federal Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Book/tax basis difference | ' | 27.20% | ' |
Partnership income not subject to taxes | ' | -40.90% | -32.40% |
Adjustment for income in non-taxable entities allocable to noncontrolling interest | 16.50% | ' | ' |
Foreign rate difference | ' | ' | ' |
Tax rate differential on pre-tax book income, other | 2.10% | ' | ' |
Valuation allowance | 187.20% | ' | ' |
Other | 3.10% | ' | ' |
ARRA Section 1603 grant-basis reduction deferred tax assets | -223.70% | ' | ' |
Effective income tax rate | 31.10% | 21.30% | 2.60% |
Domestic [Member] | ' | ' | ' |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Permanent book/tax differences (domestic only) | -2.20% | ' | ' |
Puerto Rico [Member] | ' | ' | ' |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Local tax on branch profits/(losses)-Puerto Rico | 13.10% | ' | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets/liabilities-current | ' | ' |
Other current deferred tax assets and liabilities | $2,399 | ' |
Basis difference in derivatives | 2,835 | ' |
Total gross deferred tax assets/(liabilities) | 5,234 | ' |
Less: valuation allowance | -4,661 | ' |
Total net deferred tax assets/(liabilities)-current | 573 | ' |
Deferred tax assets/(liabilities)-non-current: | ' | ' |
Property, plant and equipment | -36,548 | -47,894 |
Basis difference in foreign subsidiaries | 40,097 | ' |
Partnership interest | -4,917 | ' |
Lease Hatchet Ridge | 29,314 | ' |
Asset retirement obligation | 4,649 | ' |
Equity method | 3,794 | ' |
Unrealized loss on derivatives | -5,830 | ' |
Net operating loss carryforwards | 61,441 | 45,302 |
Other non current deferred tax assets and liabilities | -4,595 | -690 |
Change in tax status | ' | 4,599 |
Accruals not currently deductible | ' | 443 |
Total gross deferred tax assets/(liabilities)-non-current | 87,405 | 1,760 |
Less: valuation allowance | -95,318 | -482 |
Total net deferred tax assets/(liabilities)-non-current | -7,913 | 1,278 |
Total net deferred tax assets/(liabilities) | ($7,340) | $1,278 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Net change in valuation allowance | ' | $99.50 | ' |
Limitation on set off of net operating loss | ' | 'Internal Revenue Code Section 382 places a limitation ( the bSection 382 Limitationb) on the amount of taxable income that can be offset by net operating loss (bNOLb) carryforwards after a change in control (generally greater than 50% change in ownership) of a loss corporation. | ' |
Unrecognized tax benefits | 0 | 0 | ' |
Significant change in unrecognized tax benefits is reasonably possible, amount | 0 | 0 | ' |
Special tax rate related to tax holiday | ' | 4.00% | ' |
Income tax holiday, termination date | ' | 'For a 25 year period and is scheduled to terminate on December 31, 2036. | ' |
Tax holiday impact, decrease in foreign deferred tax benefit | ' | 0.2 | ' |
Tax holiday on net income per diluted share | ' | $0.01 | ' |
Contribution Transactions [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net change in valuation allowance | ' | 79.3 | ' |
Domestic [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net change in valuation allowance | 20.2 | ' | ' |
Net operating loss carryforwards | 77.6 | 77.6 | 77.8 |
Net operating loss carryforwards, beginning expiry year | ' | '2033 | '2033 |
State [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $77.60 | $77.60 | $77.80 |
Net operating loss carryforwards, beginning expiry year | ' | '2033 | '2033 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Board of Directors [Member] | Board of Directors [Member] | |||
Class A common stock [Member] | Class A common stock [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | ' | ' | ' | ' |
Common stock voting rights | 'While each Class A and Class B share have one vote on all matters submitted to a vote of the Company's stockholders, Class B shares have no rights to dividends or distributions (other than upon liquidation). | ' | ' | ' |
Conversion of common stock shares | 'All of the outstanding Class B shares will automatically convert, on a one-for-one basis, into Class A shares. Other than upon occurrence of the Conversion Event, there are no conversion rights attaching to the Class B shares. | ' | ' | ' |
Common stock, cash dividend declared | ' | ' | $0.31 | $1.25 |
Dividends declared date | ' | ' | ' | 30-Nov-13 |
Dividend payment date | 30-Jan-14 | ' | ' | ' |
Dividend payment, date of stockholders record | 31-Dec-13 | ' | ' | ' |
Preferred stock, authorized | 100,000,000 | ' | ' | ' |
Preferred stock, issued | 0 | 0 | ' | ' |
Preferred stock, outstanding | 0 | 0 | ' | ' |
Equity_Incentive_Award_Plan_Ad
Equity Incentive Award Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | ($263,000) | $511,000 | ' |
2013 Plan [Member] | Class A common stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate number of shares available for issuance | 2,468,557 | 2,468,557 | ' |
2013 Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares authorized to be issued under plan | ' | ' | 3,000,000 |
Stock options granted | 444,823 | 444,823 | ' |
Closing price per share on last trading day | $30.31 | $30.31 | ' |
Unrecorded stock-based compensation expense | 1,700,000 | 1,700,000 | ' |
Weighted-average period for amortization | ' | '2 years 9 months 18 days | ' |
2013 Plan [Member] | Restricted stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of RSAs granted | 86,620 | ' | ' |
Restricted stock awards vested, weighted average grant date fair value | $24.15 | $200,000 | ' |
Stock-based compensation expense | ' | 500,000 | ' |
Unrecorded stock-based compensation expense | $1,700,000 | $1,700,000 | ' |
Weighted-average period for amortization | ' | '2 years 9 months 18 days | ' |
2013 Plan [Member] | Employee [Member] | Restricted stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of RSAs granted | ' | 83,183 | ' |
2013 Plan [Member] | Director [Member] | Restricted stock awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of RSAs granted | ' | 3,437 | ' |
Equity_Incentive_Award_Plan_Su
Equity Incentive Award Plan - Summary of Restricted Stock Awards Activity (Detail) (2013 Plan [Member], Restricted stock awards [Member], USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
2013 Plan [Member] | Restricted stock awards [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of RSAs Outstanding, Beginning balance | ' | ' |
Number of RSAs Outstanding, Granted | 86,620 | ' |
Number of RSAs Outstanding, Released | -9,424 | ' |
Number of RSAs Outstanding, Repurchased for employee tax withholding | -934 | ' |
Number of RSAs Outstanding, Ending balance | 76,262 | 76,262 |
Weighted Average Grant Date Fair Value, Beginning balance | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $22.71 | ' |
Weighted Average Grant Date Fair Value, Released | $24.15 | $200,000 |
Weighted Average Grant Date Fair Value, Repurchased for employee tax withholding | $22.53 | ' |
Weighted Average Grant Date Fair Value, Ending balance | $22.53 | $22.53 |
Aggregate Intrinsic Value, Ending balance | $2,311,501 | $2,311,501 |
Equity_Incentive_Award_Plan_Su1
Equity Incentive Award Plan - Summary Stock Option Activity (Detail) (2013 Plan [Member], Stock Options [Member], USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2013 | |
2013 Plan [Member] | Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Options Outstanding, Beginning balance | ' | ' |
Number of Options Outstanding, Granted | 444,823 | 444,823 |
Number of Options Outstanding, Vested | -37,069 | ' |
Number of Options Outstanding, Exercised | ' | ' |
Number of Options Outstanding, Expired | ' | ' |
Number of Options Outstanding , Forfeited | ' | ' |
Number of Options Outstanding, Ending balance | 407,754 | 407,754 |
Number of Options Outstanding, Exercisable | 37,069 | 37,069 |
Weighted Average Exercise Price, Beginning balance | ' | ' |
Weighted Average Exercise Price, Granted | $22 | ' |
Weighted Average Exercise Price, Vested | $22 | ' |
Weighted Average Exercise Price, Exercised | ' | ' |
Weighted Average Exercise Price, Expired | ' | ' |
Weighted Average Exercise Price, Forfeited | ' | ' |
Weighted Average Exercise Price, Ending balance | $22 | $22 |
Weighted Average Exercise Price, Exercisable | $22 | $22 |
Weighted Average Remaining Contractual Life (in years), Ending balance | '9 years 9 months 18 days | ' |
Weighted Average Remaining Contractual Life (in years), Exercisable | '9 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Ending balance | $3,388,436 | $3,388,436 |
Aggregate Intrinsic Value, Exercisable | $308,043 | $308,043 |
Equity_Incentive_Award_Plan_Sc
Equity Incentive Award Plan - Schedule of Weighted Average Assumptions (Detail) (Stock Options [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 1.68% |
Expected life (in years) | '5 years 9 months 18 days |
Expected volatility | 36.00% |
Expected dividend yield | 5.70% |
Earning_Per_Share_Schedule_of_
Earning Per Share - Schedule of Consolidated Statements of Operations Before and After IPO (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electricity sales | $41,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | $131,434,000 | $173,270,000 | $101,835,000 | $108,770,000 |
Energy derivative settlements | 4,035,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,763,000 | 16,798,000 | 19,644,000 | 9,512,000 |
Unrealized loss on energy derivative | -4,916,000 | ' | ' | ' | ' | ' | ' | ' | ' | -6,356,000 | -11,272,000 | ' | ' |
Related party revenue | 446,000 | ' | ' | ' | ' | ' | ' | ' | ' | 465,000 | 911,000 | ' | ' |
Other revenue | 701,000 | ' | ' | ' | ' | ' | ' | ' | ' | 21,165,000 | 21,866,000 | ' | ' |
Total revenue | 42,102,000 | ' | ' | ' | ' | ' | ' | ' | ' | 159,471,000 | 201,573,000 | 114,528,000 | 135,859,000 |
Cost of revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project expense | 15,455,000 | ' | ' | ' | ' | ' | ' | ' | ' | 42,222,000 | 57,677,000 | 34,843,000 | 31,343,000 |
Depreciation and accretion | 21,193,000 | ' | ' | ' | ' | ' | ' | ' | ' | 61,987,000 | 83,180,000 | 49,027,000 | 39,424,000 |
Total cost of revenue | 36,648,000 | ' | ' | ' | ' | ' | ' | ' | ' | 104,209,000 | 140,857,000 | 83,870,000 | 70,767,000 |
Gross profit | 5,454,000 | 21,471,000 | 26,222,000 | 8,294,000 | 10,086,000 | -5,213,000 | 6,175,000 | 19,610,000 | ' | 55,262,000 | 60,716,000 | 30,658,000 | 65,092,000 |
Total operating expenses | 3,456,000 | ' | ' | ' | ' | ' | ' | ' | ' | 9,532,000 | 12,988,000 | 11,636,000 | 9,668,000 |
Operating income (loss) | 1,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | 45,730,000 | 47,728,000 | 19,022,000 | 55,424,000 |
Other expense | -10,217,000 | ' | ' | ' | ' | ' | ' | ' | ' | -22,893,000 | -33,110,000 | -36,002,000 | -28,829,000 |
Net (loss) income before income tax | -8,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | 22,837,000 | 14,618,000 | -16,980,000 | 26,595,000 |
Tax provision (benefit) | 11,314,000 | ' | ' | ' | ' | ' | ' | ' | ' | -6,768,000 | 4,546,000 | -3,604,000 | 689,000 |
Net (loss) income | -19,533,000 | 4,244,000 | 43,988,000 | -18,784,000 | -4,455,000 | -16,913,000 | -575,000 | 8,567,000 | 29,605,000 | 29,605,000 | 10,072,000 | -13,376,000 | 25,906,000 |
Net loss attributable to noncontrolling interest | -6,197,000 | 3,248,000 | -359,000 | -3,579,000 | -1,147,000 | -7,494,000 | -2,928,000 | 4,480,000 | ' | -690,000 | -6,887,000 | -7,089,000 | 16,981,000 |
Net income (loss) attributable to controlling interest | -13,336,000 | 996,000 | 44,347,000 | -15,205,000 | -3,308,000 | -9,419,000 | 2,353,000 | 4,087,000 | ' | 30,295,000 | 16,959,000 | -6,287,000 | 8,925,000 |
Earnings per share information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Net income attributable to controlling interest prior to the IPO on October 2, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,295,000 | ' | ' |
Net loss attributable to controlling interest subsequent to the IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,336,000 | ' | ' |
Numerator for basic and diluted earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,336,000 | ' | ' |
Less: dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends common stock | -11,103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,439,000 | ' | ' |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,003,056 | ' | ' |
Class A common stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,103,000 | ' | ' |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,448,056 | ' | ' |
Calculation of basic and diluted earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.31 | ' | ' |
Undistributed loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.48) | ' | ' |
Basic and diluted loss per share | ($0.17) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.17) | ' | ' |
Class B common stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,555,000 | ' | ' |
Calculation of basic and diluted earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.48) | ' | ' |
Basic and diluted loss per share | ($0.48) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.48) | ' | ' |
Geographic_Information_Summary
Geographic Information - Summary of Geographical Revenues and Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | $42,102,000 | $159,471,000 | $201,573,000 | $114,528,000 | $135,859,000 |
Property, Plant and Equipment, net | 1,476,142,000 | ' | 1,476,142,000 | 1,668,302,000 | ' |
Geographical Information [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | ' | ' | 201,573,000 | 114,528,000 | 135,859,000 |
Property, Plant and Equipment, net | 1,476,142,000 | ' | 1,476,142,000 | 1,668,302,000 | ' |
Geographical Information [Member] | United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | ' | ' | 161,505,000 | 73,089,000 | 103,773,000 |
Property, Plant and Equipment, net | 1,210,319,000 | ' | 1,210,319,000 | 1,367,149,000 | ' |
Geographical Information [Member] | Canada [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | ' | ' | 40,068,000 | 41,439,000 | 32,086,000 |
Property, Plant and Equipment, net | $265,823,000 | ' | $265,823,000 | $301,153,000 | ' |
Commitments_Contingencies_and_2
Commitments, Contingencies and Warranties - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Blade manufacturer [Member] | Panhandle 2 [Member] | Maximum [Member] | Pattern santa Isabel LLC [Member] | Turbines [Member] | Turbines [Member] | Turbines [Member] | Turbines [Member] | Construction [Member] | Construction [Member] | Power purchase agreements [Member] | Power purchase agreements [Member] | Power purchase agreements [Member] | Project Finance Agreements [Member] | Project Finance Agreements [Member] | ||||
MW | Project | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power purchase agreements termination period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2025 | '2039 | ' | ' |
Irrevocable letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $57,200,000 | ' | ' | $91,800,000 | $44,800,000 |
Number of operating projects | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '5 years | ' | ' | ' | ' | ' | ' | ' |
Annualized base fees per year | 19,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent purchase price obligations | 0 | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecorded contingent purchase price obligations | 4,700,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, Rent expense | 6,100,000 | 4,200,000 | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase commitments, outstanding | 4,100,000 | 5,100,000 | ' | ' | ' | ' | ' | 0 | 1,700,000 | ' | ' | 0 | 22,300,000 | ' | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power generation capacity | ' | ' | ' | ' | 182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition price | ' | ' | ' | ' | 122,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax indemnifications liability | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidating damages or bonus | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warranty settlements for liquidated damage payments | 21,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warranty settlements | ' | ' | ' | 24,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future refund of liquidated damage | ' | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_and_3
Commitments, Contingencies and Warranties - Schedule of Turbine Operations and Maintenance Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $16,465 |
2015 | 3,845 |
2016 | 2,188 |
2017 | 1,965 |
2018 | 55 |
Thereafter | 591 |
Total | $25,109 |
Commitments_Contingencies_and_4
Commitments, Contingencies and Warranties - Schedule of Future Minimum Payments Related to Land Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $3,713 |
2015 | 3,717 |
2016 | 3,725 |
2017 | 3,731 |
2018 | 3,738 |
Thereafter | 91,876 |
Total | $110,500 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2013 | Dec. 20, 2013 | |
Panhandle 2 [Member] | Indirect Guarantee of Indebtedness [Member] | Guarantee Obligation by PEG LP [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Energy Group LP [Member] | Grand [Member] | ||||||
MW | Panhandle 2 [Member] | |||||||||||
MW | ||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of service fee of direct costs | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts payable for services and supplies | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | $200,000 | ' | ' |
Letters-of-credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Guarantee for payment obligations | 14,000,000 | ' | 14,000,000 | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' |
Remaining credit facility | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | 80.00% | ' |
Power generation capacity | ' | ' | ' | ' | ' | 182 | ' | ' | ' | ' | 182 | ' |
Business acquisition price | ' | ' | ' | ' | ' | 122,900,000 | ' | ' | ' | ' | 122,900,000 | 79,500,000 |
Electric power purchase contract expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | ' |
Business acquisition, percentage of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% |
Business acquisition, contingent payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 |
Management fees | 446,000 | 465,000 | 911,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party receivable | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution, percentage | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution, amount | ' | ' | $100,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_All
Related Party Transactions - Allocated Costs Included in Combined Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Project expense | $1,995 | $1,998 | $1,139 |
General and administrative | 8,169 | 10,604 | 8,098 |
Management Services Agreement expense | 851 | ' | ' |
Management Services Agreement income | -665 | ' | ' |
Other income | -551 | -210 | -199 |
Total | $8,948 | $12,392 | $9,038 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Summary of Quarterly Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $41,767,000 | $57,257,000 | $58,712,000 | $43,837,000 | $34,345,000 | $16,903,000 | $24,939,000 | $38,341,000 | ' | ' | ' | ' | ' |
Gross profit (loss) | 5,454,000 | 21,471,000 | 26,222,000 | 8,294,000 | 10,086,000 | -5,213,000 | 6,175,000 | 19,610,000 | ' | 55,262,000 | 60,716,000 | 30,658,000 | 65,092,000 |
Net (loss) income | -19,533,000 | 4,244,000 | 43,988,000 | -18,784,000 | -4,455,000 | -16,913,000 | -575,000 | 8,567,000 | 29,605,000 | 29,605,000 | 10,072,000 | -13,376,000 | 25,906,000 |
Net (loss) income attributable to noncontrolling interest | -6,197,000 | 3,248,000 | -359,000 | -3,579,000 | -1,147,000 | -7,494,000 | -2,928,000 | 4,480,000 | ' | -690,000 | -6,887,000 | -7,089,000 | 16,981,000 |
Net (loss) income attributable to controlling interest | ($13,336,000) | $996,000 | $44,347,000 | ($15,205,000) | ($3,308,000) | ($9,419,000) | $2,353,000 | $4,087,000 | ' | $30,295,000 | $16,959,000 | ($6,287,000) | $8,925,000 |
Class A common stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share-basic and diluted | ($0.17) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.17) | ' | ' |
Class B common stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share-basic and diluted | ($0.48) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.48) | ' | ' |
Condensed_Financial_Informatio
Condensed Financial Information of Parent Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $103,569,000 | ' | $17,574,000 | $47,672,000 | $8,928,000 |
Related party receivable | 167,000 | ' | ' | ' | ' |
Prepaid expenses and other current assets | 13,927,000 | ' | 13,794,000 | ' | ' |
Total current assets | 154,579,000 | ' | 113,567,000 | ' | ' |
Investments in subsidiaries | 107,055,000 | ' | 36,218,000 | ' | ' |
Net deferred tax assets | 2,017,000 | ' | 4,940,000 | ' | ' |
Total assets | 1,903,631,000 | ' | 2,035,730,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable and other accrued liabilities | 15,550,000 | ' | 7,750,000 | ' | ' |
Related party payable | 1,245,000 | ' | 198,000 | ' | ' |
Dividend payable | 11,103,000 | ' | ' | ' | ' |
Total current liabilities | 96,619,000 | ' | 234,434,000 | ' | ' |
Net deferred tax liabilities | 9,930,000 | ' | 3,662,000 | ' | ' |
Total liabilities | 1,335,627,000 | ' | 1,446,318,000 | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Additional paid-in capital | 489,388,000 | ' | 1,000 | ' | ' |
Capital | ' | ' | 545,471,000 | ' | ' |
Accumulated income (loss) | -13,336,000 | ' | 2,903,000 | ' | ' |
Accumulated other comprehensive loss | -8,353,000 | ' | -34,264,000 | -35,610,000 | -9,537,000 |
Total equity | 568,004,000 | 569,828,000 | 589,412,000 | 446,698,000 | 335,944,000 |
Total liabilities and equity | 1,903,631,000 | ' | 2,035,730,000 | ' | ' |
Class A common stock [Member] | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 35,530,786 and 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 355,000 | ' | ' | ' | ' |
Class B common stock [Member] | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 35,530,786 and 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 156,000 | ' | ' | ' | ' |
Pattern Energy Group Inc | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 75,776,000 | ' | 1,000 | ' | ' |
Related party receivable | 1,000,000 | ' | ' | ' | ' |
Prepaid expenses and other current assets | 446,000 | ' | ' | ' | ' |
Total current assets | 77,222,000 | ' | 1,000 | ' | ' |
Investments in subsidiaries | 407,271,000 | ' | 514,117,000 | ' | ' |
Net deferred tax assets | 573,000 | ' | ' | ' | ' |
Total assets | 485,066,000 | ' | 514,118,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable and other accrued liabilities | 4,513,000 | ' | 7,000 | ' | ' |
Related party payable | 667,000 | ' | ' | ' | ' |
Dividend payable | 11,103,000 | ' | ' | ' | ' |
Total current liabilities | 16,283,000 | ' | 7,000 | ' | ' |
Net deferred tax liabilities | 573,000 | ' | ' | ' | ' |
Total liabilities | 16,856,000 | ' | 7,000 | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Additional paid-in capital | 461,828,000 | ' | 1,000 | ' | ' |
Capital | ' | ' | 551,109,000 | ' | ' |
Accumulated income (loss) | 14,224,000 | ' | -2,735,000 | ' | ' |
Accumulated other comprehensive loss | -8,353,000 | ' | -34,264,000 | ' | ' |
Total equity | 468,210,000 | ' | 514,111,000 | ' | ' |
Total liabilities and equity | 485,066,000 | ' | 514,118,000 | ' | ' |
Pattern Energy Group Inc | Class A common stock [Member] | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 35,530,786 and 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 355,000 | ' | ' | ' | ' |
Pattern Energy Group Inc | Class B common stock [Member] | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 35,530,786 and 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively | $156,000 | ' | ' | ' | ' |
Condensed_Financial_Informatio1
Condensed Financial Information of Parent Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Class A common stock [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 35,530,786 | 100 |
Common stock, shares outstanding | 35,530,786 | 100 |
Class B common stock [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 20,000,000 | ' |
Common stock, shares issued | 15,555,000 | ' |
Common stock, shares outstanding | 15,555,000 | ' |
Pattern Energy Group Inc | Class A common stock [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 35,530,786 | 100 |
Common stock, shares outstanding | 35,530,786 | 100 |
Pattern Energy Group Inc | Class B common stock [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Common stock, par value | $0.01 | ' |
Common stock, shares authorized | 20,000,000 | ' |
Common stock, shares issued | 15,555,000 | ' |
Common stock, shares outstanding | 15,555,000 | ' |
Condensed_Financial_Informatio2
Condensed Financial Information of Parent Statements of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | |
Pattern Energy Group Inc | Pattern Energy Group Inc | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $42,102,000 | ' | ' | ' | ' | ' | ' | ' | ' | $159,471,000 | $201,573,000 | $114,528,000 | $135,859,000 | ' | ' |
Expenses | 3,456,000 | ' | ' | ' | ' | ' | ' | ' | ' | 9,532,000 | 12,988,000 | 11,636,000 | 9,668,000 | 7,000 | 3,630,000 |
Operating income (loss) | 1,998,000 | ' | ' | ' | ' | ' | ' | ' | ' | 45,730,000 | 47,728,000 | 19,022,000 | 55,424,000 | -7,000 | -3,630,000 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,846,000 | -40,000 | -205,000 | -2,728,000 | 20,487,000 |
Related party income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,000 | ' | ' | ' | 665,000 |
Other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,496,000 | 1,320,000 | 1,125,000 | ' | -563,000 |
Other income (expense) | -10,217,000 | ' | ' | ' | ' | ' | ' | ' | ' | -22,893,000 | -33,110,000 | -36,002,000 | -28,829,000 | -2,728,000 | 20,589,000 |
Net income (loss) before income tax | -8,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | 22,837,000 | 14,618,000 | -16,980,000 | 26,595,000 | -2,735,000 | 16,959,000 |
Tax (benefit) provision | -11,314,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,768,000 | -4,546,000 | 3,604,000 | -689,000 | ' | ' |
Net income (loss) | -13,336,000 | 996,000 | 44,347,000 | -15,205,000 | -3,308,000 | -9,419,000 | 2,353,000 | 4,087,000 | ' | 30,295,000 | 16,959,000 | -6,287,000 | 8,925,000 | -2,735,000 | 16,959,000 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,309,000 | 2,749,000 | -2,406,000 | 777,000 | -8,309,000 |
Effective portion of change in fair market value of derivatives, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,875,000 | -11,170,000 | -23,667,000 | 1,099,000 | 31,787,000 |
Proportionate share of equity investee's other comprehensive loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,473,000 | 1,475,000 | ' | ' | 2,473,000 |
Total other comprehensive income (loss), net of tax | 6,847,000 | ' | ' | ' | ' | ' | ' | ' | 24,192,000 | ' | 31,039,000 | -9,896,000 | -26,073,000 | 1,876,000 | 25,951,000 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,910,000 | ($15,399,000) | ($11,013,000) | ($859,000) | $42,910,000 |
Condensed_Financial_Informatio3
Condensed Financial Information of Parent Consolidated Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | |
Pattern Energy Group Inc | Pattern Energy Group Inc | ||||||
Operating activities | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $19,533,000 | $4,455,000 | ($10,072,000) | $13,376,000 | ($25,906,000) | ($2,735,000) | $16,959,000 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | -263,000 | ' | 511,000 | ' | ' | ' | 511,000 |
Equity in (earnings) loss from subsidiaries | ' | ' | -7,846,000 | 40,000 | 205,000 | 2,728,000 | -20,487,000 |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | 13,927,000 | 13,794,000 | 13,927,000 | 13,794,000 | ' | ' | 446,000 |
Accounts payable and other accrued liabilities | -15,550,000 | -7,750,000 | -15,550,000 | -7,750,000 | ' | -7,000 | -4,513,000 |
Related party receivable/payable | ' | ' | 190,000 | -100,000 | 54,000 | ' | -1,007,000 |
Net cash used in operating activities | ' | ' | 78,152,000 | 35,051,000 | 46,930,000 | ' | -4,377,000 |
Investing activities | ' | ' | ' | ' | ' | ' | ' |
Distributions from subsidiaries | ' | ' | ' | ' | ' | ' | 233,226,000 |
Contributions to subsidiaries | ' | ' | ' | ' | ' | ' | -172,130,000 |
Net cash provided by (used in) investing activities | ' | ' | 72,391,000 | -638,953,000 | -340,977,000 | ' | 61,096,000 |
Financing activities | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares for employee tax withholding | ' | ' | ' | ' | ' | ' | -24,000 |
Capital contributions | ' | ' | 32,679,000 | 281,519,000 | 232,277,000 | 1,000 | 32,678,000 |
Proceeds from IPO, net of expenses | ' | ' | 317,926,000 | ' | ' | ' | 317,926,000 |
Capital distributions | ' | ' | -98,886,000 | -114,236,000 | -114,198,000 | ' | -98,884,000 |
Capital distributions-Contribution Transactions | ' | ' | -232,640,000 | ' | ' | ' | -232,640,000 |
Net cash (used in) provided by financing activities | ' | ' | -63,401,000 | 573,167,000 | 331,336,000 | 1,000 | 19,056,000 |
Net change in cash and cash equivalents | ' | ' | 85,995,000 | -30,098,000 | 38,744,000 | 1,000 | 75,775,000 |
Cash and cash equivalents - Beginning of period | ' | ' | 17,574,000 | 47,672,000 | 8,928,000 | ' | 1,000 |
Cash and cash equivalents - End of period | 103,569,000 | 17,574,000 | 103,569,000 | 17,574,000 | 47,672,000 | 1,000 | 75,776,000 |
Schedule of non-cash activities | ' | ' | ' | ' | ' | ' | ' |
Investments in subsidiaries | $107,055,000 | $36,218,000 | $107,055,000 | $36,218,000 | ' | $514,117,000 | $407,271,000 |
Statement_of_Financial_Positio
Statement of Financial Position (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
USD ($) | USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | CAD | |||||
Current assets | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $103,569,000 | $17,574,000 | $47,672,000 | $8,928,000 | 139,346 | 415,032 | 294,790 | ' |
Restricted cash (note 3) | ' | ' | ' | ' | 26,888,466 | ' | ' | ' |
Sales tax recoverable | ' | ' | ' | ' | 13,590,640 | 260,784 | ' | ' |
Other current assets (note 4) | 13,927,000 | 13,794,000 | ' | ' | 1,515,511 | 54,527 | ' | ' |
Total current assets | 154,579,000 | 113,567,000 | ' | ' | 42,133,963 | 730,343 | ' | ' |
Non-current assets | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash (note 3) | 32,636,000 | 13,904,000 | ' | ' | ' | 5,400,000 | ' | ' |
Advance payment | ' | 44,150,000 | ' | ' | 19,520,025 | ' | ' | ' |
Deferred development costs (note 5) | ' | 26,544,000 | ' | ' | ' | 32,334,346 | ' | ' |
Construction-in-progress (note 5) | ' | 6,081,000 | ' | ' | 625,636,458 | ' | ' | ' |
Property, plant and equipment - net of accumulated depreciation of $86,934 (2012 - $47,582) (note 6) | 1,476,142,000 | 1,668,302,000 | ' | ' | 115,915 | 82,188 | ' | ' |
Intangible assets - net of accumulated amortization of $592,315 (2012 - $385,980) (note 7) | ' | ' | ' | ' | 430,584 | 82,388 | 135,343 | ' |
Deferred financing costs - net of accumulated amortization of $1,056,079 (2012 - $nil) | 35,792,000 | 42,654,000 | ' | ' | 19,361,860 | ' | ' | ' |
Derivative assets (note 12) | 82,167,000 | 62,895,000 | ' | ' | 26,757,264 | ' | ' | ' |
Total assets | 1,903,631,000 | 2,035,730,000 | ' | ' | 733,956,069 | 38,629,265 | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' | 43,155,372 | 712,771 | ' | ' |
Current portion of construction facility loan (note 9) | ' | ' | ' | ' | 1,914,367 | ' | ' | ' |
Current portion of long-term contingent liabilities (note 14) | ' | ' | ' | ' | 1,564,600 | 1,346,000 | ' | ' |
Derivative liability - current portion (note 12) | 16,171,000 | 13,462,000 | ' | ' | 7,814,992 | ' | ' | ' |
Other current liabilities (note 8) | ' | ' | ' | ' | 1,030,657 | ' | ' | ' |
Total current liabilities | 96,619,000 | 234,434,000 | ' | ' | 55,479,988 | 2,058,771 | ' | ' |
Non-current liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Construction facility loan (note 9) | ' | ' | ' | ' | 542,717,827 | ' | ' | ' |
Long-term contingent liabilities (note 14) | ' | ' | ' | ' | 9,500,000 | 1,064,600 | ' | ' |
Asset retirement obligation (note 11) | 20,834,000 | 19,056,000 | 10,342,000 | 9,365,000 | 5,833,484 | ' | ' | ' |
Total liabilities | 1,335,627,000 | 1,446,318,000 | ' | ' | 613,531,299 | 3,123,371 | ' | ' |
Partners' capital | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions (note 10) | ' | ' | ' | ' | 103,164,191 | 35,440,000 | 22,420,000 | ' |
Accumulated net income | -13,336,000 | 2,903,000 | ' | ' | 17,260,579 | 65,894 | ' | ' |
Partners capitals | ' | ' | ' | ' | 120,424,770 | 35,505,894 | 22,420,000 | ' |
Liabilities and Partners capital | ' | ' | ' | ' | 733,956,069 | 38,629,265 | ' | ' |
Statement_of_Financial_Positio1
Statement of Financial Position (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | |||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, accumulated depreciation | $179,778,000 | $100,247,000 | 86,934 | 47,582 |
Intangible assets, accumulated amortization | ' | ' | 592,315 | 385,980 |
Deferred financing costs, accumulated amortization | $16,225,000 | $9,311,000 | 1,056,079 | ' |
Statement_of_Operations_and_Co
Statement of Operations and Comprehensive Income (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | |||||||||||||
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $42,102,000 | ' | ' | ' | ' | ' | ' | ' | $159,471,000 | $201,573,000 | $114,528,000 | $135,859,000 | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -341,110 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,819,000 | -858,000 | -866,000 | -320,281 | -27,048 | ' |
General and administrative - related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,169,000 | -10,604,000 | -8,098,000 | -555,588 | ' | ' |
Depreciation and amortization | -21,193,000 | ' | ' | ' | ' | ' | ' | ' | -61,987,000 | -83,180,000 | -49,027,000 | -39,424,000 | -32,863 | ' | ' |
Operating income (loss) | 1,998,000 | ' | ' | ' | ' | ' | ' | ' | 45,730,000 | 47,728,000 | 19,022,000 | 55,424,000 | -1,249,842 | -27,048 | ' |
Unrealized gain on derivatives (note 12) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,601,000 | -4,953,000 | -345,000 | 18,942,272 | ' | ' |
Other (expenses) income | -10,217,000 | ' | ' | ' | ' | ' | ' | ' | -22,893,000 | -33,110,000 | -36,002,000 | -28,829,000 | -497,745 | 92,942 | ' |
Net income (loss) | ($13,336,000) | $996,000 | $44,347,000 | ($15,205,000) | ($3,308,000) | ($9,419,000) | $2,353,000 | $4,087,000 | $30,295,000 | $16,959,000 | ($6,287,000) | $8,925,000 | 17,194,685 | 65,894 | ' |
Statement_of_Changes_in_Partne
Statement of Changes in Partners' Capital (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | Partners' Capital [Member] | Partners' Capital [Member] | Partners' Capital [Member] | Accumulated Income (Deficit) [Member] | Accumulated Income (Deficit) [Member] | Accumulated Income (Deficit) [Member] | ||||||||||||||
CAD | CAD | CAD | CAD | CAD | CAD | |||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at January 1, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,505,894 | 22,420,000 | ' | 35,440,000 | 22,420,000 | ' | 65,894 | ' | ' |
Cash initial contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | 10,000 | ' | ' | ' |
Cash contribution | ' | ' | ' | ' | ' | ' | ' | ' | 32,677,000 | ' | ' | 281,519,000 | 232,277,000 | 9,016,022 | 13,020,000 | 22,410,000 | 9,016,022 | 13,020,000 | 22,410,000 | ' | ' | ' |
Cash distribution | -232,640,000 | ' | ' | ' | ' | ' | ' | ' | -106,060,000 | ' | ' | -115,534,000 | -121,356,000 | -21,393,091 | ' | ' | -21,393,091 | ' | ' | ' | ' | ' |
Non-cash contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,101,260 | ' | ' | 80,101,260 | ' | ' | ' | ' | ' |
Net income | -19,533,000 | 4,244,000 | 43,988,000 | -18,784,000 | -4,455,000 | -16,913,000 | -575,000 | 8,567,000 | 29,605,000 | 29,605,000 | 10,072,000 | -13,376,000 | 25,906,000 | 17,194,685 | 65,894 | ' | ' | ' | ' | 17,194,685 | 65,894 | ' |
Balance at December 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,424,770 | 35,505,894 | 22,420,000 | 103,164,191 | 35,440,000 | 22,420,000 | 17,260,579 | 65,894 | ' |
Statements_of_Cash_Flows_Detai
Statements of Cash Flows (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | ||||
Operating activities | ' | ' | ' | ' | ' | ' |
Net income (loss) for the period | $10,072,000 | ($13,376,000) | $25,906,000 | 17,194,685 | 65,894 | ' |
Adjustment to reconcile net income (loss) to net cash used in operating activities | ' | ' | ' | ' | ' | ' |
Unrealized gain on derivatives | -15,601,000 | 4,953,000 | 345,000 | -18,942,272 | ' | ' |
Non-cash activities | ' | ' | ' | 100,879 | -38,984 | ' |
Bad debt expense | ' | ' | ' | 300,000 | ' | ' |
Net cash provided by operating activities | 78,152,000 | 35,051,000 | 46,930,000 | -1,346,708 | 26,910 | ' |
Investing activities | ' | ' | ' | ' | ' | ' |
Consideration paid for the acquisition of project assets | ' | ' | ' | -1,346,000 | ' | -15,215,910 |
Construction costs paid | ' | ' | ' | -478,425,665 | ' | ' |
Purchase of property, plant and equipment and intangible assets | -123,517,000 | -641,422,000 | -392,212,000 | -627,610 | -178,184 | -162,482 |
Deferred development costs paid | -528,000 | -7,093,000 | -17,777,000 | ' | -12,748,484 | -1,346,818 |
Payment for restricted cash | 66,517,000 | 28,431,000 | 9,988,000 | -21,488,466 | ' | -5,400,000 |
Net cash provided by (used in) investing activities | 72,391,000 | -638,953,000 | -340,977,000 | -501,887,741 | -12,926,668 | -22,125,210 |
Financing activities | ' | ' | ' | ' | ' | ' |
Partner contribution | ' | ' | ' | 9,016,022 | ' | ' |
Construction facility loan proceeds | ' | ' | ' | 535,753,771 | ' | ' |
Deferred financing costs paid | -294,000 | -19,989,000 | -17,001,000 | -20,417,939 | ' | ' |
Distribution to partners | -98,886,000 | -114,236,000 | -114,198,000 | -21,393,091 | 13,020,000 | 22,420,000 |
Net cash (used in) provided by financing activities | -63,401,000 | 573,167,000 | 331,336,000 | 502,958,763 | 13,020,000 | 22,420,000 |
Increase (decrease) in cash and cash equivalents during the period | 85,995,000 | -30,098,000 | 38,744,000 | -275,686 | 120,242 | 294,790 |
Cash and cash equivalents - Beginning of period | 17,574,000 | 47,672,000 | 8,928,000 | 415,032 | 294,790 | ' |
Cash and cash equivalents - End of period | 103,569,000 | 17,574,000 | 47,672,000 | 139,346 | 415,032 | 294,790 |
Supplemental non-cash activities disclosure | ' | ' | ' | ' | ' | ' |
Transfer to Construction-in-progress from deferred development costs | ' | ' | ' | 32,334,346 | ' | ' |
Accrued construction costs | ' | ' | ' | 42,442,601 | ' | ' |
Non-monetary contribution from partners | ' | ' | ' | 80,101,260 | ' | ' |
Construction loan - capitalized interest | 4,171,000 | 9,386,000 | 3,621,000 | 8,878,422 | ' | ' |
Depreciation and amortization | ' | ' | ' | 1,200,887 | 257,093 | 176,469 |
Community fund commitment | ' | ' | ' | 10,000,000 | ' | ' |
General_Information_Additional
General Information - Additional Information (Detail) (South Kent Wind LP [Member]) | 0 Months Ended | 12 Months Ended | |
Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
MWh | |||
Schedule Of Description Of Business [Line Items] | ' | ' | ' |
Ownership interest, limited partners | ' | 100.00% | 100.00% |
Power generation capacity | ' | 270 | ' |
Sale percentage of electrical output | 100.00% | ' | ' |
Scenario, Forecast [Member] | ' | ' | ' |
Schedule Of Description Of Business [Line Items] | ' | ' | ' |
Number of wind turbine generators | ' | 124 | ' |
PPA of project | ' | '20 years | ' |
Samsung Renewable Energy Inc. [Member] | ' | ' | ' |
Schedule Of Description Of Business [Line Items] | ' | ' | ' |
Ownership interest, limited partners | ' | ' | 49.99% |
Pattern South Kent LP Holdings LP [Member] | ' | ' | ' |
Schedule Of Description Of Business [Line Items] | ' | ' | ' |
Ownership interest, limited partners | ' | ' | 49.99% |
South Kent Wind GP Inc. [Member] | ' | ' | ' |
Schedule Of Description Of Business [Line Items] | ' | ' | ' |
Ownership interest, limited partners | ' | 0.02% | 0.02% |
General_Information_Schedule_o
General Information - Schedule of Partnership's Ownership Interests (Detail) (South Kent Wind LP [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Partnerships ownership interests, percentage | 100.00% | 100.00% |
SRE SKW LP Holdings LP [Member] | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Partnerships ownership interests, percentage | 49.99% | ' |
Pattern Canada Operations Holdings ULC [Member] | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Partnerships ownership interests, percentage | 49.99% | ' |
Samsung Renewable Energy Inc. [Member] | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Partnerships ownership interests, percentage | ' | 49.99% |
Pattern South Kent LP Holdings LP [Member] | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Partnerships ownership interests, percentage | ' | 49.99% |
South Kent Wind GP Inc. [Member] | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ' | ' |
Partnerships ownership interests, percentage | 0.02% | 0.02% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail) (South Kent Wind LP [Member], CAD) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 08, 2013 | Dec. 31, 2012 | |
South Kent Wind LP [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Deferred developing costs transferred | ' | 32,334,346 | 32,334,346 |
Costs incurred during development stage | 17,369,038 | ' | ' |
Credit adjusted risk free interest rate | 5.54% | ' | ' |
Restricted_Cash_Components_of_
Restricted Cash - Components of Restricted Cash (Detail) (South Kent Wind LP [Member], CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 26,888,466 | 5,400,000 |
Security Deposit for Letter of Guarantee to Ontario Power Authority [Member] | Ontario [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 8,100,000 | 5,400,000 |
Security Deposit for Letter of Guarantee to Municipality of Chatham-Kent [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 2,614,000 | ' |
Security Deposit for Letter of Guarantee - others [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 82,338 | ' |
10% Holdback Account for Contractors [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted Cash | 16,092,128 | ' |
Restricted_Cash_Components_of_1
Restricted Cash - Components of Restricted Cash (Parenthetical) (Detail) (South Kent Wind LP [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
South Kent Wind LP [Member] | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' |
Percentage of holdback account for contractors | 10.00% |
Other_Current_Assets_Component
Other Current Assets - Components of Other Current Assets (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | |||
Other Current Assets By Type [Line Items] | ' | ' | ' | ' |
Mortgage debt receivable, net | ' | ' | 828,386 | ' |
Refundable deposit on COD | ' | ' | 86,000 | ' |
Prepaid expenses | 10,132,000 | 7,202,000 | 484,477 | 15,544 |
Accrued interest income | ' | ' | 116,648 | 38,983 |
Prepaid expenses and other current assets | $13,927,000 | $13,794,000 | 1,515,511 | 54,527 |
Other_Current_Assets_Component1
Other Current Assets - Components of Other Current Assets (Parenthetical) (Detail) (South Kent Wind LP [Member], CAD) | Dec. 31, 2013 |
South Kent Wind LP [Member] | ' |
Other Current Assets By Type [Line Items] | ' |
Mortgage debt receivable, bad debt provision | 300,000 |
Deferred_Development_Costs_and
Deferred Development Costs and Construction in Progress - Components of Deferred Development Costs and Construction in Progress (Detail) | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 08, 2013 | Dec. 31, 2012 |
USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ' | ' | ' | ' |
Deferred development costs | ' | ' | 32,334,346 | 32,334,346 |
Construction in progress | $6,081,000 | 625,636,458 | ' | ' |
Deferred_Development_Costs_and1
Deferred Development Costs and Construction in Progress - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | Construction [Member] | Construction [Member] | ||||
CAD | CAD | |||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred development costs transferred | ' | ' | ' | ' | 32,334,346 | 32,334,346 | ' | ' |
Capitalized interest | $4,171,000 | $9,386,000 | $3,621,000 | 8,878,422 | ' | ' | 12,583,514 | ' |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Property, Plant and Equipment at Historical Cost (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | Machinery and equipment [Member] | Machinery and equipment [Member] | |||
CAD | CAD | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Subtotal | $1,655,920,000 | $1,768,549,000 | 202,849 | 129,770 | 202,849 | 129,770 |
Less: Accumulated depreciation | -179,778,000 | -100,247,000 | -86,934 | -47,582 | ' | ' |
Property plant and equipment, net | $1,476,142,000 | $1,668,302,000 | 115,915 | 82,188 | ' | ' |
Depreciable life | ' | ' | ' | ' | '5 years | ' |
Property_Plant_and_Equipment_A1
Property, Plant and Equipment - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | Deferred Development Costs [Member] | Deferred Development Costs [Member] | ||||
CAD | CAD | ||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense related to property, plant and equipment | $82,000,000 | $48,300,000 | $38,900,000 | 32,863 | ' | 6,489 | 47,582 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (South Kent Wind LP [Member], CAD) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
South Kent Wind LP [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Beginning net book value | 82,388 | 135,343 |
Additions | 554,531 | 178,184 |
Amortization expense | -206,335 | -231,139 |
Closing net book value | 430,584 | 82,388 |
Cost | 1,022,899 | 468,368 |
Accumulated amortization | -592,315 | -385,980 |
Net book value | 430,584 | 82,388 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (South Kent Wind LP [Member], CAD) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization | -206,335 | -231,139 |
Deferred Development Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization | 206,355 | 231,139 |
Other_Current_Liabilities_Comp
Other Current Liabilities - Components of Accounts Payable and Other Accrued Liabilities (Detail) (South Kent Wind LP [Member], CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
South Kent Wind LP [Member] | ' | ' |
Accrued Expenses And Other Current Liabilities [Line Items] | ' | ' |
Accrued expenses | 856,084 | ' |
Accrued interest - construction facility loan | 174,573 | ' |
Accounts payable and other accrued liabilities | 1,030,657 | ' |
Long_Term_Debt_Additional_Info1
Long Term Debt - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2013 | |
USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | Financial_Institution | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Number of financial institutions | ' | ' | ' | ' | ' | 15 |
Credit facility agreement, description | ' | ' | ' | 'On March 8, 2013, the Partnership signed a credit facility agreement with a syndicate of lenders consisting of 15 different financial institutions for a term of construction period plus seven years at a rate of Canadian Dealer Offered Rate (CDOR) plus 2.5% per annum for the first four years and CDOR plus 2.75% per annum thereafter. The credit facilities under the agreement include a $683,817,047 construction facility, letter of credit facility and an interest rate hedge facility. The funds from these facilities will be utilized to finance the construction of the Project and to run the project operations thereafter. | ' | ' |
Line of credit facility | ' | ' | ' | 683,817,047 | ' | ' |
Capitalized interest | $4,171,000 | $9,386,000 | $3,621,000 | 8,878,422 | ' | ' |
Long_Term_Debt_Schedule_of_Lon1
Long Term Debt - Schedule of Long Term Debt (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | Construction credit facility [Member] | Construction credit facility [Member] | |||
CAD | CAD | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Long term debt | $1,249,218,000 | $1,290,570,000 | 544,632,194 | ' | 544,632,194 | ' |
Less: Current Portion | -48,851,000 | -137,258,000 | -1,914,367 | ' | ' | ' |
Long term debt, noncurrent | $1,200,367,000 | $1,153,312,000 | 542,717,827 | ' | ' | ' |
Long term debt, Interest Rate | ' | ' | ' | ' | 3.75% | ' |
Long term debt, Interest Type | ' | ' | ' | ' | 'Variable | ' |
Long term debt, Loan type | ' | ' | ' | ' | 'Project financing | ' |
Long term debt, Maturity | ' | ' | ' | ' | 'March 8, 2021 | ' |
Contributions_fromDistribution
Contributions from/Distribution to Joint Venture Partners - Schedule of Contributions from Distribution to Joint Venture Partners (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | CAD | CAD | Jan. 3, 2013 [Member] | Jan. 11, 2013 [Member] | Feb. 5, 2013 [Member] | Feb. 22, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 7, 2013 [Member] | Mar. 8, 2013 [Member] | Feb. 22, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 7, 2013 [Member] | May 4, 2012 [Member] | August 31, 2012 [Member] | November 20, 2012 [Member] | November 28, 2012 [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | SRE SKW LP Holdings LP [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | Pattern Canada Operations Holdings ULC [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | South Kent Wind GP Inc. [Member] | |||||
CAD | CAD | CAD | CAD | Contribution One [Member] | Contribution Two [Member] | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | Jan. 3, 2013 [Member] | Jan. 11, 2013 [Member] | Feb. 5, 2013 [Member] | Mar. 7, 2013 [Member] | Mar. 8, 2013 [Member] | Feb. 22, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 7, 2013 [Member] | May 4, 2012 [Member] | August 31, 2012 [Member] | November 20, 2012 [Member] | November 28, 2012 [Member] | CAD | CAD | Jan. 3, 2013 [Member] | Jan. 11, 2013 [Member] | Feb. 5, 2013 [Member] | Mar. 7, 2013 [Member] | Mar. 8, 2013 [Member] | Feb. 22, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 7, 2013 [Member] | May 4, 2012 [Member] | August 31, 2012 [Member] | November 20, 2012 [Member] | November 28, 2012 [Member] | CAD | CAD | Jan. 3, 2013 [Member] | Jan. 11, 2013 [Member] | Feb. 5, 2013 [Member] | Feb. 22, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 6, 2013 [Member] | Mar. 7, 2013 [Member] | Mar. 8, 2013 [Member] | May 4, 2012 [Member] | August 31, 2012 [Member] | November 20, 2012 [Member] | November 28, 2012 [Member] | |||||||||
CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | Contribution One [Member] | Contribution Two [Member] | CAD | CAD | CAD | CAD | CAD | CAD | ||||||||||||||||||||||||||||
CAD | CAD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | ' | ' | ' | 35,440,000 | 22,420,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,716,456 | 11,207,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,716,456 | 11,207,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,088 | 4,484 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent cash distribution | -232,640,000 | -106,060,000 | -115,534,000 | -121,356,000 | ' | -21,393,091 | ' | ' | ' | ' | ' | ' | ' | ' | -2,252,525 | -19,140,566 | ' | ' | ' | ' | ' | ' | ' | -10,694,406 | ' | ' | ' | ' | -1,126,037 | -9,568,369 | ' | ' | ' | ' | ' | ' | ' | -10,694,406 | ' | ' | ' | ' | -1,126,037 | -9,568,369 | ' | ' | ' | ' | ' | ' | ' | -4,279 | ' | ' | ' | ' | ' | ' | ' | -451 | -3,828 | ' | ' | ' | ' |
Subsequent cash contribution | ' | 32,677,000 | 281,519,000 | 232,277,000 | ' | 9,016,022 | 13,020,000 | 22,410,000 | 3,400,000 | 2,900,000 | 2,700,000 | 3,943 | 11,802 | 277 | ' | ' | ' | ' | ' | 6,920,000 | 3,620,000 | 880,000 | 1,600,000 | 4,499,100 | 6,508,698 | 1,699,660 | 1,449,710 | 1,349,730 | ' | ' | ' | ' | ' | 3,459,308 | 1,809,638 | 439,912 | 799,840 | 4,499,100 | 6,508,698 | 1,699,660 | 1,449,710 | 1,349,730 | ' | ' | ' | ' | ' | 3,459,308 | 1,809,638 | 439,912 | 799,840 | 17,822 | 2,604 | 680 | 580 | 540 | 3,943 | 11,802 | 277 | ' | ' | 1,384 | 724 | 176 | 320 |
Non-cash contribution | ' | ' | ' | ' | 79,950,417 | 80,101,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,713,686 | 59,000,000 | 1,387,574 | ' | ' | ' | ' | 40,050,630 | ' | ' | ' | ' | ' | ' | 9,856,843 | 29,500,000 | 693,787 | ' | ' | ' | ' | 40,050,630 | ' | ' | ' | ' | ' | ' | 9,856,843 | 29,500,000 | 693,787 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ' | ' | ' | ' | ' | 103,164,191 | 35,440,000 | 22,420,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,571,780 | 17,716,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,571,780 | 17,716,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,631 | 7,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions_fromDistribution1
Contributions from/Distribution to Joint Venture Partners - Additional Information (Detail) (South Kent Wind LP [Member], CAD) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 19, 2013 | Feb. 19, 2013 | Mar. 06, 2013 | Dec. 31, 2013 | |
Mar. 7, 2013 [Member] | Mar. 6, 2013 [Member] | Pattern Energy [Member] | Pattern Energy [Member] | Pattern Energy [Member] | EPCO [Member] | |||
February 19, 2013 [Member] | Mar. 7, 2013 [Member] | Mar. 6, 2013 [Member] | Korea [Member] | |||||
Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash contribution | 79,950,417 | 80,101,260 | 1,387,574 | 59,000,000 | 19,713,686 | 1,387,574 | 59,000,000 | ' |
Partnership interest | ' | ' | ' | ' | ' | ' | ' | 20.00% |
Asset_Retirement_Obligations_A1
Asset Retirement Obligations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Asset Retirement Obligations [Line Items] | ' |
Estimated asset retirement period | '20 years |
Asset retirement obligations, description | 'The Company's asset retirement obligations represent the estimated cost of decommissioning the turbines, removing above-ground installations and restoring the sites at a date that is 20 years from the commencement of commercial operation of the facility. |
South Kent Wind LP [Member] | ' |
Asset Retirement Obligations [Line Items] | ' |
Estimated asset retirement period | '20 years |
Asset retirement obligations, description | 'The Partnership's asset retirement obligation represents the estimated cost of decommissioning the turbines, removing above-ground installations and restoring the sites at a date that is 20 years from the commencement of commercial operations. |
Asset_Retirement_Obligations_R1
Asset Retirement Obligations - Reconciliation of Beginning and Ending Aggregate Carrying Amounts of Asset Retirement Obligations (Detail) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | CAD | ||||
Asset Retirement Obligation [Line Items] | ' | ' | ' | ' | ' |
Beginning asset retirement obligations | $19,056,000 | $10,342,000 | $9,365,000 | ' | ' |
Additions during the year | 767,000 | 7,971,000 | 467,000 | 5,833,484 | ' |
Accretion expense | 1,183,000 | 684,000 | 553,000 | ' | ' |
Ending asset retirement obligations | $20,834,000 | $19,056,000 | $10,342,000 | 5,833,484 | ' |
Derivative_Instruments_Additio1
Derivative Instruments - Additional Information (Detail) (South Kent Wind LP [Member], Interest rate swaps [Member]) | Mar. 14, 2013 |
South Kent Wind LP [Member] | Interest rate swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Variable interest rate exchange for fixed interest rate payments | 5.54% |
Derivative_Instruments_Schedul1
Derivative Instruments - Schedule of Derivative Instruments Classified as Assets and Liabilities (Detail) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Undesignated Derivative Instruments [Member] | Undesignated Derivative Instruments [Member] | Undesignated Derivative Instruments [Member] | Undesignated Derivative Instruments [Member] | Undesignated Derivative Instruments [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
Derivative Assets (Liabilities) [Member] | Derivative Assets (Liabilities) [Member] | Derivative Assets (Liabilities) [Member] | Interest rate swaps [Member] | Interest rate swaps [Member] | CAD | Undesignated Derivative Instruments [Member] | ||||
USD ($) | USD ($) | USD ($) | Derivative Assets (Liabilities) [Member] | Derivative Assets (Liabilities) [Member] | Interest rate swaps [Member] | |||||
USD ($) | USD ($) | Derivative Assets (Liabilities) [Member] | ||||||||
Instruments | Instruments | CAD | ||||||||
Instruments | ||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quantity | ' | ' | ' | ' | ' | ' | 6 | 6 | ' | 13 |
Maturity Dates | ' | ' | ' | ' | ' | ' | 30-Jun-30 | 30-Jun-30 | ' | 31-Mar-32 |
Fair Market Value, Current Portion | $13,937,000 | $17,177,000 | ' | $10,038,000 | $15,197,000 | $18,687,000 | ($3,899,000) | ($1,980,000) | ' | -7,814,992 |
Fair Market Value, Long-Term Portion | 82,167,000 | 62,895,000 | ' | 69,455,000 | 59,964,000 | 68,381,000 | 14,358,000 | -2,931,000 | 26,757,264 | 26,757,264 |
Gain (loss) Recognized into Income | ' | ' | ' | 4,329,000 | -11,904,000 | 17,232,000 | 15,367,000 | -4,909,000 | ' | 18,942,272 |
Gain (loss) Recognized in OCI | $36,875,000 | ($11,170,000) | ($23,667,000) | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Financ1
Fair Value Measurements - Financial Assets and (Liabilities) Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Level 1 [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 1 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 4,141,000 | -48,341,000 |
Level 2 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 3,460,000 | -48,788,000 |
Level 3 [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 68,353,000 | 71,624,000 |
Level 3 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
South Kent Wind LP [Member] | Level 1 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
South Kent Wind LP [Member] | Level 2 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | 18,942,272 | ' |
South Kent Wind LP [Member] | Level 3 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | ' | ' |
Financial assets and (liabilities) | ' | ' |
Commitments_Contingencies_and_5
Commitments, Contingencies and Warranties - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 08, 2013 | Dec. 31, 2013 | Apr. 17, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
CAD | Land Lease Agreement [Member] | Land Lease Agreement [Member] | Operational Incentive Agreement [Member] | Operational Incentive Agreement [Member] | Community Fund Agreement [Member] | Community Fund Agreement [Member] | APA [Member] | APA [Member] | Power purchase agreements [Member] | Power purchase agreements [Member] | Power purchase agreements [Member] | |||
CAD | CAD | CAD | CAD | CAD | CAD | Northland Power Inc. [Member] | Suncor Energy Products Inc. [Member] | MWs | CAD | CAD | ||||
AnnualInstallments | USD ($) | USD ($) | ||||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial agreement date | ' | ' | ' | ' | ' | 8-Mar-11 | ' | 17-Apr-11 | ' | 4-Mar-11 | 22-Mar-11 | 2-Aug-11 | ' | ' |
Contract capacity of power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270 | ' | ' |
Term of power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Selling price per unit of output | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135 | ' | ' |
Fixed portion percentage in selling price per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' |
Escalation portion percentage in selling price per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Initial security per unit of contract capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.02 | ' | ' |
Incremental security per unit of contract capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.01 | ' | ' |
Letter of guarantee under power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | 5,400,000 |
Letter of guarantee due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-14 | ' |
First amendment, agreement dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'January 29, 2013 and August 22, 2013 | ' |
Liability on Project reaches commercial operation under the power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 675,000 | 389,600 | ' | ' | ' |
Number of annual contributions liability | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Initial contribution liability | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Annual contributions liability | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Total contributions liability | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' |
Initial contribution liability | ' | ' | ' | ' | ' | 1,078,996 | ' | ' | ' | ' | ' | ' | ' | ' |
Operational incentive payment per unit of de-rated capacity | ' | ' | ' | ' | ' | ' | 0.02 | ' | ' | ' | ' | ' | ' | ' |
Operational incentive payment | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Capitalized lease payments and amortization of land options | ' | ' | ' | 713,605 | 177,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase commitments, outstanding | 4,100,000 | 5,100,000 | 50,266,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract commitment outstanding | ' | ' | 23,967,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Contingencies_and_6
Commitments, Contingencies and Warranties - Schedule of Future Minimum Payments Related to Land Leases (Detail) | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | South Kent Wind LP [Member] | |
CAD | ||
Product Royalty Future Minimum Payment Due [Line Items] | ' | ' |
2014 | $3,713,000 | 1,017,943 |
2015 | 3,717,000 | 1,222,133 |
2016 | 3,725,000 | 1,295,059 |
2017 | 3,731,000 | 1,302,068 |
2018 | 3,738,000 | 1,312,842 |
Thereafter | 91,876,000 | 39,463,763 |
Total | $110,500,000 | 45,613,807 |
Related_Party_Transactions_Add1
Related Party Transactions - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Mar. 08, 2013 | Mar. 08, 2013 | Mar. 08, 2013 | |
USD ($) | USD ($) | USD ($) | South Kent Wind LP [Member] | South Kent Wind LP [Member] | South Kent Wind LP [Member] | |
PAA [Member] | EPC Contract [Member] | MOMA [Member] | ||||
CAD | CAD | CAD | ||||
Related Party Transaction Due From To Related Party [Line Items] | ' | ' | ' | ' | ' | ' |
Annual fee cost | ' | ' | ' | 350,000 | ' | 855,000 |
Annual fee payment, terms | ' | ' | ' | 'The fixed annual fee for the service is $350,000 retroactively pro-rated for the period from June 15, 2012 until the COD and thereafter the annual fee will be increased to $500,000. | ' | 'The fixed annual fee for the service is $855,000 pro-rated for the period from March 8, 2013 until the COD and thereafter the annual fee will be increased to $1,425,000 until the end of the term (20 years from the COD). |
Annual management fee increased | ' | ' | ' | 500,000 | ' | 1,425,000 |
Annual management fee term | ' | ' | ' | ' | ' | '20 years |
Payment from partnership | $446,000 | $465,000 | $911,000 | 555,588 | 184,067,045 | 627,252 |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Siemens Deposits Paid and Certain Development Cost Incurred (Detail) (South Kent Wind LP [Member], CAD) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 79,950,417 | 80,101,260 |
Siemens deposit [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 59,000,000 | ' |
Development costs [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 20,950,417 | ' |
Samsung Renewable Energy Inc. [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 29,500,000 | ' |
Samsung Renewable Energy Inc. [Member] | Siemens deposit [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 29,500,000 | ' |
PRHC [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 50,450,417 | ' |
PRHC [Member] | Siemens deposit [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 29,500,000 | ' |
PRHC [Member] | Development costs [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Non-cash contribution | 20,950,417 | ' |
Related_Party_Transactions_Sch1
Related Party Transactions - Schedule of Balances and Transactions with Related Parties (Detail) (South Kent Wind LP [Member], CAD) | Dec. 31, 2013 | Dec. 31, 2012 |
South Kent Wind LP [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Related party payable | 42,811,950 | ' |
Deferred development costs transferred | 79,450,417 | ' |