Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PEGI | ||
Entity Registrant Name | Pattern Energy Group Inc. | ||
Entity Central Index Key | 1561660 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 69,062,463 | ||
Entity Public Float | $1,308,252,717 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $101,656 | $103,569 |
Restricted cash | 7,945 | |
Trade receivables | 35,759 | 20,951 |
Related party receivable | 671 | 167 |
Reimbursable interconnection costs | 2,532 | 3,967 |
Derivative assets, current | 18,506 | 13,937 |
Current deferred tax assets | 318 | 573 |
Prepaid expenses and other current assets | 27,954 | 11,415 |
Deferred financing costs, current, net of accumulated amortization of $22,749 and $16,225 as of December 31, 2014 and 2013, respectively | 13,615 | 5,456 |
Total current assets | 208,956 | 160,035 |
Restricted cash | 39,745 | 32,636 |
Turbine advances | 79,637 | |
Construction in progress | 26,195 | |
Property, plant and equipment - net of accumulated depreciation | 2,350,856 | 1,476,142 |
Unconsolidated investments | 29,079 | 107,055 |
Derivative assets | 49,369 | 82,167 |
Deferred financing costs | 30,053 | 30,336 |
Net deferred tax assets | 5,474 | 2,017 |
Other assets | 12,678 | 13,243 |
Total assets | 2,832,042 | 1,903,631 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 24,793 | 15,550 |
Accrued construction costs | 20,132 | 3,204 |
Related party payable | 5,757 | 1,245 |
Accrued interest | 3,634 | 495 |
Dividends payable | 15,734 | 11,103 |
Derivative liabilities, current | 16,307 | 16,171 |
Revolving credit facility | 50,000 | |
Current portion of long-term debt | 121,561 | 48,851 |
Current net deferred tax liabilities | 149 | |
Current portion of contingent liabilities | 4,000 | |
Total current liabilities | 262,067 | 96,619 |
Long-term debt | 1,329,052 | 1,200,367 |
Derivative liabilities | 17,467 | 7,439 |
Asset retirement obligations | 29,272 | 20,834 |
Net deferred tax liabilities | 20,418 | 9,930 |
Other long-term liabilities | 9,032 | 438 |
Total liabilities | 1,667,308 | 1,335,627 |
Equity: | ||
Additional paid-in capital | 723,938 | 489,412 |
Accumulated loss | -44,626 | -13,336 |
Accumulated other comprehensive loss | -53,913 | -17,377 |
Total equity before noncontrolling interest | 634,148 | 468,210 |
Noncontrolling interest | 530,586 | 99,794 |
Total equity | 1,164,734 | 568,004 |
Total liabilities and equity | 2,832,042 | 1,903,631 |
Controlling Interest [Member] | ||
Equity: | ||
Accumulated other comprehensive loss | -45,068 | -8,353 |
Total equity | 634,148 | 468,210 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock value | 621 | 355 |
Treasury stock, at cost; 25,465 and 934 shares of Class A common stock as of December 31, 2014 and 2013, respectively | -717 | -24 |
Class A Common Stock [Member] | Controlling Interest [Member] | ||
Equity: | ||
Total equity | 621 | 355 |
Class B Convertible Common Stock [Member] | ||
Equity: | ||
Common stock value | $156 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Deferred financing costs, current, accumulated amortization | $22,749 | $16,225 |
Property, plant and equipment, accumulated depreciation | $278,291 | $179,778 |
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 | 62,088,306 | 35,531,720 |
Common stock, shares outstanding | 62,062,841 | 35,530,786 |
Treasury stock, shares | 25,465 | 934 |
Class B Convertible Common Stock [Member] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 0 | 15,555,000 |
Common stock, shares outstanding | 0 | 15,555,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | |||
Electricity sales | $245,022,000 | $173,270,000 | $101,835,000 |
Energy derivative settlements | 13,525,000 | 16,798,000 | 19,644,000 |
Unrealized loss on energy derivative | -3,878,000 | -11,272,000 | -6,951,000 |
Related party revenue | 3,317,000 | 911,000 | |
Other revenue | 7,507,000 | 21,866,000 | |
Total revenue | 265,493,000 | 201,573,000 | 114,528,000 |
Cost of revenue: | |||
Project expense | 77,775,000 | 57,677,000 | 34,843,000 |
Depreciation and accretion | 104,417,000 | 83,180,000 | 49,027,000 |
Total cost of revenue | 182,192,000 | 140,857,000 | 83,870,000 |
Gross profit | 83,301,000 | 60,716,000 | 30,658,000 |
Operating expenses: | |||
Development expense | 174,000 | ||
General and administrative | 22,533,000 | 4,819,000 | 858,000 |
Related party general and administrative | 5,787,000 | 8,169,000 | 10,604,000 |
Total operating expenses | 28,320,000 | 12,988,000 | 11,636,000 |
Operating income (loss) | 54,981,000 | 47,728,000 | 19,022,000 |
Other income (expense): | |||
Interest expense | -67,694,000 | -63,614,000 | -36,502,000 |
Interest rate derivative settlements | -4,075,000 | -2,099,000 | |
Unrealized (loss) gain on derivatives | -11,668,000 | 15,601,000 | -4,953,000 |
Equity in (losses) earnings in unconsolidated investments | -25,295,000 | 7,846,000 | -40,000 |
Related party income | 2,612,000 | 665,000 | |
Net gain on transactions | 13,843,000 | 5,995,000 | 4,173,000 |
Other income, net | 433,000 | 2,496,000 | 1,320,000 |
Other (expense) income | -91,844,000 | -33,110,000 | -36,002,000 |
Net (loss) income before income tax | -36,863,000 | 14,618,000 | -16,980,000 |
Tax provision (benefit) | 3,136,000 | 4,546,000 | -3,604,000 |
Net (loss) income | -39,999,000 | 10,072,000 | -13,376,000 |
Net loss attributable to noncontrolling interest | -8,709,000 | -6,887,000 | -7,089,000 |
Net (loss) income attributable to controlling interest | -31,290,000 | 16,959,000 | -6,287,000 |
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 | ||
Deemed dividends on Class B common shares | 21,901,000 | ||
Net loss attributable to common stockholders | -110,167,000 | -24,439,000 | |
Pro Forma [Member] | |||
Other income (expense): | |||
Net (loss) income before income tax | -16,980,000 | ||
Tax provision (benefit) | 818,000 | ||
Net (loss) income | -17,798,000 | ||
Class A Common Stock [Member] | |||
Earnings per share information: | |||
Cash dividends declared on Class A common shares | -56,976,000 | -11,103,000 | |
Weighted average number of shares: | |||
Basic and diluted common stock | 42,361,959 | 35,448,056 | |
Earnings (loss) per share | |||
Basic and diluted loss per share | ($0.56) | ($0.17) | |
Cash dividends declared per Class A common share | $1.30 | $0.31 | |
Class B Common Stock [Member] | |||
Earnings per share information: | |||
Deemed dividends on Class B common shares | ($21,901,000) | ||
Weighted average number of shares: | |||
Basic and diluted common stock | 15,555,000 | 15,555,000 | |
Earnings (loss) per share | |||
Basic and diluted loss per share | ($0.49) | ($0.48) | |
Deemed dividends per Class B common share | $1.41 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net (loss) income | ($39,999) | $10,072 | ($13,376) |
Other comprehensive (loss) income: | |||
Foreign currency translation, net of tax impact of $0, $0, and $0, respectively | -10,875 | -8,309 | 2,749 |
Derivative activity: | |||
Effective portion of change in fair market value of derivatives, net of tax benefit of $734, $0 and $0, respectively | -5,896 | 48,818 | -5,469 |
Reclassifications to net loss, net of tax impact of $404, $0 and $0, respectively | -13,774 | -11,943 | -5,701 |
Total change in effective portion of change in fair market value of derivatives | -19,670 | 36,875 | -11,170 |
Proportionate share of equity investee's other comprehensive (loss) income activity, net of tax benefit (provision) of $1,855, ($615) and $302, respectively | -5,991 | 2,473 | -1,475 |
Total other comprehensive (loss) income, net of tax | -36,536 | 31,039 | -9,896 |
Comprehensive (loss) income | -76,535 | 41,111 | -23,272 |
Less comprehensive (loss) income attributable to noncontrolling interest: | |||
Net loss attributable to noncontrolling interest | -8,709 | -6,887 | -7,089 |
Derivative activity: | |||
Effective portion of change in fair market value of derivatives, net of tax benefit of $220, $0 and $0, respectively | -5,896 | 48,818 | -5,469 |
Comprehensive loss attributable to noncontrolling interest | -8,530 | -1,799 | -7,873 |
Comprehensive (loss) income | -68,005 | 42,910 | -15,399 |
Noncontrolling Interest [Member] | |||
Derivative activity: | |||
Effective portion of change in fair market value of derivatives, net of tax benefit of $734, $0 and $0, respectively | 3,780 | 6,992 | 1,116 |
Derivative activity: | |||
Effective portion of change in fair market value of derivatives, net of tax benefit of $220, $0 and $0, respectively | 3,780 | 6,992 | 1,116 |
Reclassifications to net loss, net of tax impact of $121, $0 and $0, respectively | -3,601 | -1,904 | -1,900 |
Total change in effective portion of change in fair market value of derivatives | $179 | $5,088 | ($784) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation tax impact | $0 | $0 | $0 |
Effective portion of change in fair market value of derivatives tax benefit | 734 | 0 | 0 |
Reclassifications to net loss tax impact | 404 | 0 | 0 |
Proportionate share of equity investee's other comprehensive (loss) income activity, net of tax benefit (provision) | 1,855 | -615 | 302 |
Noncontrolling Interest [Member] | |||
Effective portion of change in fair market value of derivatives tax benefit | 220 | 0 | 0 |
Reclassifications to net loss tax impact | $121 | $0 | $0 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Class A Common Stock [Member] | IPO [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Controlling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Stockholders' Equity, Total [Member] | Stockholders' Equity, Total [Member] | Stockholders' Equity, Total [Member] | Stockholders' Equity, Total [Member] |
In Thousands, except Share data | USD ($) | USD ($) | Class A Common Stock [Member] | USD ($) | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Capital [Member] | Accumulated Income (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | Contribution Transactions [Member] | IPO [Member] | IPO [Member] | IPO [Member] | USD ($) | Capital [Member] | Accumulated Income (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Panhandle 1 [Member] | Panhandle 1 [Member] | Panhandle 2 [Member] | Panhandle 2 [Member] | USD ($) | IPO [Member] | Panhandle 1 [Member] | Panhandle 2 [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Capital [Member] | Accumulated Income (Deficit) [Member] | USD ($) | Class A Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Capital [Member] | USD ($) | Capital [Member] | USD ($) | USD ($) | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||
Balance at Dec. 31, 2011 | $362,226 | $378,188 | $9,190 | ($25,152) | $84,472 | $75,475 | $19,455 | ($10,458) | $446,698 | ||||||||||||||||||||||
Balance, shares at Dec. 31, 2011 | |||||||||||||||||||||||||||||||
Contribution | 281,519 | 281,519 | 281,519 | ||||||||||||||||||||||||||||
Distribution | -114,236 | -114,236 | -1,298 | -1,298 | -115,534 | ||||||||||||||||||||||||||
Issuance of common stock | 1 | 1 | 1 | ||||||||||||||||||||||||||||
Issuance of common stock, shares | 100 | ||||||||||||||||||||||||||||||
Net income (loss) | -13,376 | -6,287 | -6,287 | -7,089 | -7,089 | -13,376 | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | -9,896 | -9,112 | -9,112 | -784 | -784 | -9,896 | |||||||||||||||||||||||||
Balance at Dec. 31, 2012 | 514,111 | 1 | 545,471 | 2,903 | -34,264 | 75,301 | 74,177 | 12,366 | -11,242 | 589,412 | |||||||||||||||||||||
Balance, shares at Dec. 31, 2012 | 100 | ||||||||||||||||||||||||||||||
Contribution | 32,677 | 32,677 | 32,677 | ||||||||||||||||||||||||||||
Distribution | -104,634 | -104,634 | -1,426 | -1,426 | -106,060 | ||||||||||||||||||||||||||
Additional paid-in capital | 2 | 2 | 2 | ||||||||||||||||||||||||||||
Net income (loss) | 30,295 | 30,295 | -690 | -690 | 29,605 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 20,633 | 20,633 | 3,559 | 3,559 | 24,192 | ||||||||||||||||||||||||||
Balance at Sep. 30, 2013 | 493,084 | 3 | 473,514 | 33,198 | -13,631 | 76,744 | 72,751 | 11,676 | -7,683 | 569,828 | |||||||||||||||||||||
Balance, shares at Sep. 30, 2013 | 100 | ||||||||||||||||||||||||||||||
Interest in Gulf Wind retained by Pattern Development | -28,584 | -18,332 | -13,122 | 2,870 | 28,584 | 18,332 | 13,122 | -2,870 | |||||||||||||||||||||||
Assumption of liabilities related to Contribution Transactions | -4,207 | -4,207 | -4,207 | ||||||||||||||||||||||||||||
Distribution | -232,640 | -232,640 | -232,640 | ||||||||||||||||||||||||||||
Issuance of Class A restricted common stock | 156 | 1 | 155 | 156 | |||||||||||||||||||||||||||
Issuance of Class A restricted common stock, shares | 83,183 | ||||||||||||||||||||||||||||||
Issuance of common stock | 93 | 93 | 194 | 156 | 470,701 | -450,975 | -20,076 | 317,042 | 160 | 316,882 | 93 | 317,042 | |||||||||||||||||||
Issuance of common stock, shares | 3,437 | 19,445,000 | 15,555,000 | 16,000,000 | |||||||||||||||||||||||||||
Repurchase of shares for employee tax withholding | -24 | -24 | -24 | ||||||||||||||||||||||||||||
Repurchase of shares for employee tax withholding, shares | -934 | ||||||||||||||||||||||||||||||
Stock-based compensation | 263 | 263 | 263 | ||||||||||||||||||||||||||||
Dividends declared on Class A common stock | -11,103 | -11,103 | -11,103 | ||||||||||||||||||||||||||||
Acquisition from Pattern Development | -57,852 | -54,942 | -2,910 | -57,852 | |||||||||||||||||||||||||||
Distribution to noncontrolling interest | -866 | -866 | -866 | ||||||||||||||||||||||||||||
Net income (loss) | -19,376 | -13,336 | -13,336 | -6,197 | -6,197 | -19,533 | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 5,318 | 5,318 | 1,529 | 1,529 | 6,847 | ||||||||||||||||||||||||||
Balance at Dec. 31, 2013 | 568,004 | 468,210 | 355 | 489,412 | -13,336 | -8,353 | -24 | 99,794 | 90,217 | 18,601 | -9,024 | 568,004 | |||||||||||||||||||
Balance, shares at Dec. 31, 2013 | 35,530,786 | 35,531,720 | -934 | ||||||||||||||||||||||||||||
Dividends declared on Class A common stock | -11,179 | ||||||||||||||||||||||||||||||
Net income (loss) | -21,899 | ||||||||||||||||||||||||||||||
Balance at Mar. 31, 2014 | |||||||||||||||||||||||||||||||
Balance, shares at Dec. 31, 2013 | 35,530,786 | ||||||||||||||||||||||||||||||
Dividends declared on Class A common stock | -26,138 | ||||||||||||||||||||||||||||||
Balance at Jun. 30, 2014 | |||||||||||||||||||||||||||||||
Balance, shares at Dec. 31, 2013 | 35,530,786 | ||||||||||||||||||||||||||||||
Dividends declared on Class A common stock | -41,395 | ||||||||||||||||||||||||||||||
Balance at Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Balance at Dec. 31, 2013 | 568,004 | 468,210 | 355 | 156 | 489,412 | -13,336 | -8,353 | -24 | 99,794 | 90,217 | 18,601 | -9,024 | 568,004 | ||||||||||||||||||
Balance, shares at Dec. 31, 2013 | 35,531,720 | 15,555,000 | -934 | ||||||||||||||||||||||||||||
Issuance of common stock related to the public offering, net of issuance costs | 286,893 | 108 | 286,785 | 286,893 | |||||||||||||||||||||||||||
Issuance of common stock related to the public offering, shares | 10,810,810 | ||||||||||||||||||||||||||||||
Issuance of Class A restricted common stock | 3,496 | 2 | 3,494 | 3,496 | |||||||||||||||||||||||||||
Issuance of Class A restricted common stock, shares | 175,915 | ||||||||||||||||||||||||||||||
Issuance of common stock | 327 | 327 | 327 | ||||||||||||||||||||||||||||
Issuance of common stock, shares | 14,861 | ||||||||||||||||||||||||||||||
Repurchase of shares for employee tax withholding | -693 | -693 | -693 | ||||||||||||||||||||||||||||
Repurchase of shares for employee tax withholding, shares | -24,531 | ||||||||||||||||||||||||||||||
Conversion of Class B common stock to Class A common stock, amount | 156 | -156 | |||||||||||||||||||||||||||||
Conversion of Class B common stock to Class A common stock, shares | 15,555,000 | -15,555,000 | |||||||||||||||||||||||||||||
Stock-based compensation | 610 | 610 | 610 | ||||||||||||||||||||||||||||
Refund of issuance costs related to the IPO | 286 | 286 | 286 | ||||||||||||||||||||||||||||
Dividends declared on Class A common stock | -56,976 | -56,976 | -56,976 | -56,976 | |||||||||||||||||||||||||||
Recognition of beneficial conversion feature on Class B convertible common stock | -21,901 | -21,901 | -21,901 | ||||||||||||||||||||||||||||
Adjustment to paid-in capital for beneficial conversion feature recognition | 21,901 | 21,901 | 21,901 | ||||||||||||||||||||||||||||
Accretion of the Class B beneficial conversion feature | 21,901 | 21,901 | 21,901 | ||||||||||||||||||||||||||||
Deemed dividends on Class B convertible common stock | -21,901 | -21,901 | -21,901 | ||||||||||||||||||||||||||||
Sale of Class A membership interests | 210,250 | 210,250 | 193,363 | 193,363 | 210,250 | 193,363 | |||||||||||||||||||||||||
Fair value of noncontrolling interest in El Arrayan | 35,259 | 35,259 | 35,259 | ||||||||||||||||||||||||||||
Contribution from noncontrolling interest | 2,550 | 2,550 | 2,550 | ||||||||||||||||||||||||||||
Distribution to noncontrolling interest | -2,100 | -2,100 | -2,100 | ||||||||||||||||||||||||||||
Net income (loss) | -39,999 | -31,290 | -31,290 | -8,709 | -8,709 | -39,999 | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | -36,536 | -36,715 | -36,715 | 179 | 179 | -36,536 | |||||||||||||||||||||||||
Balance at Dec. 31, 2014 | $1,164,734 | $634,148 | $621 | $723,938 | ($44,626) | ($45,068) | ($717) | $530,586 | $529,539 | $9,892 | ($8,845) | $1,164,734 | |||||||||||||||||||
Balance, shares at Dec. 31, 2014 | 62,062,841 | 62,088,306 | -25,465 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net (loss) income | ($39,999) | $10,072 | ($13,376) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and accretion | 104,417 | 83,180 | 49,027 |
Amortization of financing costs | 6,309 | 6,816 | 2,546 |
Unrealized loss (gain) on derivatives | 15,546 | -4,329 | 11,904 |
Stock-based compensation | 4,105 | 511 | |
Net gain on transactions | -16,526 | -5,995 | -4,173 |
Deferred taxes | 2,948 | 4,546 | -3,604 |
Equity in losses (earnings) in unconsolidated investments | 25,295 | -7,846 | 40 |
Changes in operating assets and liabilities: | |||
Trade receivables | -8,255 | -8,721 | -298 |
Reimbursable interconnection receivable | -11 | ||
Prepaid expenses and other current assets | 12,916 | -2,698 | -5,842 |
Other assets (non-current) | -649 | -566 | -428 |
Accounts payable and other accrued liabilities | 3,667 | 3,036 | -379 |
Related party receivable/payable | -942 | 190 | -100 |
Accrued interest payable | 1,377 | -33 | -78 |
Contingent liabilities | -188 | ||
Long-term liabilities | 239 | ||
Net cash provided by operating activities | 110,448 | 78,152 | 35,051 |
Investing activities | |||
Receipt of ITC Cash Grant | 173,446 | 79,910 | |
Cash paid for acquisitions, net of cash acquired | -306,584 | -30,070 | |
Proceeds from sale of investments | 14,254 | 4,173 | |
Decrease in restricted cash | 46,700 | 66,517 | 28,431 |
Increase in restricted cash | -40,790 | -80,569 | -36,576 |
Capital expenditures | -119,506 | -123,517 | -641,422 |
Deferred development costs | -528 | -7,093 | |
Distribution from unconsolidated investments | 22,019 | 10,463 | |
Contribution to unconsolidated investments | -2,651 | -9,678 | -22,387 |
Reimbursable interconnection receivable | 3,892 | 49,715 | -47,055 |
Other assets (non-current) | 17,540 | 2,358 | 3,066 |
Net cash (used in) provided by investing activities | -379,380 | 72,391 | -638,953 |
Financing activities | |||
Proceeds from public offering, net of expenses | 286,757 | 317,926 | |
Proceeds from exercise of stock options | 327 | ||
Repurchase of shares for employee tax withholding | -693 | -24 | |
Dividends paid | -52,344 | ||
Payment for acquisition from Pattern Development | -49,430 | ||
Capital distributions-Contribution Transactions | -232,640 | ||
Capital contributions-Pattern Development | 32,679 | 281,519 | |
Capital contributions-noncontrolling interest | 200,805 | ||
Capital distributions-Pattern Development | -98,886 | -114,236 | |
Capital distributions-noncontrolling interest | -2,100 | -2,292 | -1,298 |
Decrease in restricted cash | 19,627 | 122,689 | 26,669 |
Increase in restricted cash | -17,903 | -127,369 | -15,850 |
Deposit for letters of credit | -3,422 | ||
Payment for deferred financing costs | -11,856 | -294 | -19,989 |
Payment for deferred equity issuance costs | -550 | ||
Proceeds from revolving credit facility | 50,000 | 56,000 | |
Repayment of revolving credit facility | -56,000 | ||
Repayment of short-term debt | -210,191 | ||
Proceeds from short-term debt | 59,778 | ||
Repayment of long-term debt | -49,246 | -50,324 | -27,546 |
Proceeds from long-term debt | 138,620 | 497,226 | |
Repayment of construction and grant loans | -114,056 | -53,328 | |
Net cash provided by (used in) financing activities | 268,989 | -63,401 | 573,167 |
Effect of exchange rate changes on cash and cash equivalents | -1,970 | -1,147 | 637 |
Net change in cash and cash equivalents | -1,913 | 85,995 | -30,098 |
Cash and cash equivalents at beginning of period | 103,569 | 17,574 | 47,672 |
Cash and cash equivalents at end of period | 101,656 | 103,569 | 17,574 |
Supplemental disclosure | |||
Cash payments for income taxes | 131 | ||
Cash payments for interest expense, net of capitalized interest | 53,776 | 53,295 | 33,215 |
Schedule of non-cash activities | |||
Change in fair value of designated interest rate swaps | -22,847 | 36,875 | -11,170 |
Change in fair value of contingent liabilities | -2,015 | ||
Amortization of deferred financing costs-included as construction in progress | 343 | 175 | 3,824 |
Change in property, plant and equipment | -47,908 | -109,281 | 79,181 |
Transfer of capitalized assets to South Kent joint venture | 49,275 | ||
Non-cash distribution to Pattern Development | -5,748 | ||
Assumption of contingent liability related to Contribution Transactions | -4,207 | ||
Accrued IPO stock issuance costs | -884 | ||
Non-cash deemed dividends on Class B convertible common stock | -21,901 | ||
Class B Convertible Common Stock [Member] | |||
Schedule of non-cash activities | |||
Non-cash deemed dividends on Class B convertible common stock | 21,901 | ||
E1 Arrayan, Panhandle 1, Panhandle 2 and Logans Gap [Member] | |||
Supplemental disclosure | |||
Acquired capitalized assets for El ArrayC!n, Panhandle 1, Panhandle 2, and Logan's Gap | 1,013,365 | ||
Logan's Gap [Member] | |||
Schedule of non-cash activities | |||
Assumption of contingent liability upon acquisition of Logan's Gap | ($4,000) |
Organization
Organization | 12 Months Ended | ||
Dec. 31, 2014 | |||
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 were designated Class B common stock, and 100,000,000 of which are designated Preferred Stock. On December 31, 2014, the Company’s Class B common stock was converted into Class A common stock on a one-for-one basis. | |||
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, or purchased principally from, 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”), Ocotillo Express LLC (“Ocotillo”) and Logan’s Gap B Member LLC (“Logan’s Gap”). The Company owns a controlling interest in Pattern Gulf Wind Holdings LLC (“Gulf Wind”), Parque Eólico El Arrayán SpA (“El Arrayán”), Panhandle Wind Holdings LLC (“Panhandle 1”) and Panhandle B Member 2 LLC (“Panhandle 2”) and noncontrolling interests in South Kent Wind LP (“South Kent”) and Grand Renewable Wind LP (“Grand”). The principal business objective of the Company is to produce stable and sustainable cash flows through the generation and sale of energy and to selectively grow our project portfolio. | |||
Pattern Energy was formed by Pattern Development for the purpose of an initial public offering (“IPO”). 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 from the beginning of the earliest period presented. | |||
Initial Public Offering and Contribution Transactions | |||
On October 2, 2013, Pattern Energy issued 16,000,000 shares of Class A common stock in an 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 additional 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 that were under construction (El Arrayán and South Kent) at the time of the IPO. In accordance with the Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“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% 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. | |||
May 2014 Public Offering | |||
On May 14, 2014, the Company completed an underwritten public offering of its Class A common stock. In total, 21,117,171 shares of its Class A common stock were sold. Of this amount, the Company issued and sold 10,810,810 shares of Class A common stock and Pattern Development, the selling stockholder, sold 10,306,361 shares of Class A common stock, including 2,754,413 shares upon exercise in full of the underwriters’ overallotment option. Net proceeds generated for the Company were approximately $286.8 million after deducting underwriting discounts and commissions and transaction expenses. The Company did not receive any proceeds from the sale of the shares sold by Pattern Development. | |||
As a result of the sale of the shares held by Pattern Development, its ownership interest in the Company was reduced from approximately 63% to 35%. Consequently, the Company is no longer subject to ASC 805-50-30-5, Transactions between Entities under Common Control. All future transactions with Pattern Development will be recognized at fair value on the measurement date in accordance with ASC 805 – Business Combinations. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with the 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. GAAP 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. | |||||||||||||||||||||||||
Reclassification | |||||||||||||||||||||||||
Certain prior period balances have been reclassified to conform to current period presentation of the Company’s consolidated financial statements and accompanying notes. Such reclassifications have no effect on previously reported balance sheet subtotals, results of operations or retained earnings. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||
Business Combinations | |||||||||||||||||||||||||
When the Company acquires a controlling interest, the purchase is accounted for using the acquisition method, and the fair value of purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess, if any, of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Conversely, the excess, if any, of the net fair values of identifiable assets and liabilities over the fair value of purchase consideration is recorded as gain. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. These estimates and assumptions are inherently uncertain, and as a result, actual results may differ from estimates. Significant estimates include, but are not limited to, future expected cash flows, useful lives and discount rates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to either goodwill or gain, depending on whether the fair value of purchase consideration is in excess of or less than net assets acquired. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. | |||||||||||||||||||||||||
Equity Method Investments | |||||||||||||||||||||||||
When the Company acquires a noncontrolling interest the investment is accounted for using the equity method of accounting and is initially recognized at cost. | |||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||
Noncontrolling interests represent the portion of the Company’s net (loss) income, net assets and comprehensive (loss) income that is not allocable to the Company and is calculated based on ownership percentage, for certain projects. | |||||||||||||||||||||||||
For the noncontrolling interests in the Company’s Gulf Wind, Panhandle 1 and Panhandle 2 projects, the Company has determined that the operating partnership agreements do 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, Panhandle 1 and Panhandle 2 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, Panhandle 1 and Panhandle 2 and the Company’s net (loss) income and comprehensive (loss) 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, Panhandle 1, Panhandle 2 and the third party. The noncontrolling interest balances in Gulf Wind, Panhandle 1 and Panhandle 2 are 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 and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in other comprehensive (loss) income, net of tax, in the accompanying consolidated statements of stockholders’ equity and comprehensive (loss) income. Where the U.S. dollar is the functional currency, re-measurement 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, that are 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 power purchase agreements (“PPAs”) and, in some cases, through individual renewable energy credits sale agreements. During the year ended December 31, 2014, Standard & Poor’s Rating Services (“S&P”) and Moody’s Investor Service (“Moody’s”) downgraded the credit rating of the Puerto Rico Electric Power Authority (“PREPA”) from BBB and Baa3 to CCC and Caa3, respectively. On December 31, 2014, the amount of trade receivables due from PREPA was $2.5 million. As of March 2, 2015, PREPA was current with respect to payments due under the PPA and the next payment will be due from PREPA under the PPA on approximately March 19, 2015. | |||||||||||||||||||||||||
The table below presents significant customers who accounted for the following percentages of total revenues and the related maximum amount of credit loss based on their percentages of total trade receivables as of December 31, 2014: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Trade | Revenue | Trade | Revenue | Trade | ||||||||||||||||||||
Receivables | Receivables | Receivables | |||||||||||||||||||||||
San Diego Gas & Electric | 22.09 | % | 14.13 | % | 16.31 | % | 26.21 | % | 0.17 | % | 9.09 | % | |||||||||||||
Manitoba Hydro | 14.47 | % | 9.39 | % | 16.69 | % | 17.18 | % | 30.23 | % | 14.08 | % | |||||||||||||
Electric Reliability Council of Texas | 14.34 | % | 15.93 | % | 11.59 | % | 2.59 | % | 17.24 | % | 3.41 | % | |||||||||||||
NV Energy, Inc. | 11.07 | % | 9.98 | % | 11.57 | % | 6.54 | % | 8.82 | % | 29.16 | % | |||||||||||||
Pacific Gas & Electric | 10.93 | % | 9.54 | % | 13.77 | % | 14.47 | % | 21.79 | % | 13.81 | % | |||||||||||||
The Company’s interest rate derivative assets are placed with counterparties that are creditworthy institutions. An additional 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 interconnection 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 includes cash to collateralize bank letters of credit related primarily to interconnection rights, 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), Puerto Rico and Chilean energy markets. The Company believes that all amounts are collectible and an allowance for doubtful accounts is not required as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Reimbursable Interconnection Costs | |||||||||||||||||||||||||
The Company may, from time to time, pay to construct interconnection network upgrades on behalf of the Company’s utility customers. The interconnection upgrades are owned by each utility customer who will reimburse the Company with interest when the project reaches commercial operations. | |||||||||||||||||||||||||
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 turbine assets are placed in service. | |||||||||||||||||||||||||
Deferred Development Costs | |||||||||||||||||||||||||
Deferred development costs represent the accumulated costs 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. Upon commencement of construction, deferred development costs are recorded as a component of construction in progress. Upon achievement of commercial operation, construction in progress, which includes deferred development costs, is reclassified to property, plant and equipment. | |||||||||||||||||||||||||
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 achieves commercial operation. | |||||||||||||||||||||||||
Finite-Lived Intangible Assets | |||||||||||||||||||||||||
Finite-lived intangible assets relate to easements and land options and mining rights. The Company amortizes finite-lived intangible assets using the straight-line method over the term of their estimated useful lives, which represents the term of the easements and land option and mining rights agreements, ranging from eleven months to twenty years. The Company periodically evaluates whether events or changes in circumstances have occurred that indicate the carrying amount of finite-lived intangible assets may not be recoverable, or information indicates that impairment may exist. | |||||||||||||||||||||||||
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 respective assets’ useful lives. Wind farms are depreciated over twenty years and the remaining assets are depreciated over two 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 long-lived assets for potential impairment whenever events or changes in circumstances have occurred that indicate that impairment may exist, or the carrying amount of the long-lived asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable based on its estimated future undiscounted cash flows. An impairment loss is calculated based on the excess of the carrying value of the long-lived asset over the fair value of such long-lived asset , with the fair value determined based on an estimate of discounted future cash flows. Through December 31, 2014, 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, unless the derivative instruments qualify for the “normal purchase normal sale” (“NPNS”) scope exception to derivative accounting. 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 (loss) income (“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 (loss) income on the consolidated statement of operations. For undesignated derivative instruments, the change in fair value is reported as a component of net (loss) income on the consolidated statement of operations. Certain of our electricity price derivatives that qualify for the NPNS scope exception to derivative accounting are accounted for under the accrual method of accounting. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 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 that are subject to Canadian income taxes, its Chilean entities, that are subject to Chilean income taxes, a U.S. entity that is subject to Puerto Rican taxes and a U.S. entity that 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 basis 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 obligations related to projects acquired through business combinations and contingent bonuses payable to turbine service and maintenance providers associated with long-term turbine service and maintenance arrangements. Contingent liabilities are reported at fair value at each reporting period. | |||||||||||||||||||||||||
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 power sale agreements (“PSAs”) 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 PSAs 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, 2014, there were no PSAs 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 is 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 term of the stock option. 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 (Loss) Income | |||||||||||||||||||||||||
Comprehensive (loss) income consists of net (loss) income and other comprehensive (loss) income, net of tax. Other comprehensive (loss) income, net of tax included in accumulated other comprehensive (loss) income 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. | |||||||||||||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||||||||||||
In February 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” to modify the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or VIE structures. ASU 2015-02 is effective for public companies beginning after December 15, 2015 and interim periods within those fiscal periods. Early adoption on a modified retrospective or full retrospective basis is permitted. The Company is currently assessing the future impact of this update on its consolidated financial statements. | |||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-17, “Business Combinations: Pushdown Accounting”, which provides an entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in ASU 2014-17 are effective November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company does not anticipate that the adoption of this update will have a material impact on its consolidated financial statements. | |||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging – Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity”, which provides clarification on how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. ASU 2014-16 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the future impact of this update on its consolidated financial statements. | |||||||||||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which requires an entity’s management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted for interim and annual reporting periods for which the financial statements have not been previously issued. The Company does not anticipate that the adoption of this update will have a material impact on its consolidated financial statements. | |||||||||||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation” which requires an entity to treat a performance target that affects vesting that could be achieved after an employee completes the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted either prospectively or retrospectively to all prior periods presented. The Company does not anticipate that the adoption of this update will have a material impact on its financial condition, results of operations or cash flows. | |||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is currently assessing the future impact of this update on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | 3 | Acquisitions | |||||||
El Arrayán Acquisition | |||||||||
On June 25, 2014, the Company acquired 100% of the issued and outstanding common stock of AEI El Arrayán Chile SpA (“AEI El Arrayán”), an entity holding a 38.5% indirect interest in El Arrayán, for a total purchase price of $45.3 million, pursuant to the terms of a Stock Purchase Agreement (the “Agreement”). The Company owned a 31.5% indirect interest in El Arrayán prior to acquiring the additional 38.5% interest in order to obtain majority control (70%) of the project, as a part of its growth strategy. El Arrayán is a 115 MW wind power project company, located in Ovalle, Chile, which achieved commercial operations on June 4, 2014. | |||||||||
Prior to the acquisition, the Company accounted for the investment under the equity method of accounting. Because the Company acquired an additional 38.5% indirect interest in El Arrayán, in accordance with ASC 805 Business Combinations, the acquisition was accounted for as a “business combination achieved in stages”. Accordingly, the Company remeasured the previously held equity interest in El Arrayán and adjusted it to fair value based on the Company’s existing equity interest in the fair value of the underlying assets and liabilities of El Arrayán. The fair value of the Company’s equity interest at the acquisition date was $37.0 million (31.5% of implied equity value of $117.5 million per below). The difference between the fair value of the Company’s ownership in El Arrayán and the Company’s carrying value of its investment of $19.1 million resulted in a gain of $17.9 million recorded in net gain on transactions in the consolidated statements of operations for the year ended December 31, 2014. The Company recognized additional deferred tax liability due to differences in accounting and tax bases resulting from the Company’s existing ownership interest in El Arrayán, which has been included in the consolidated statements of operations. The Company now holds a 70% controlling interest in the wind project and consolidates the accounts of El Arrayán. | |||||||||
The Company acquired the assets and operating contracts for AEI El Arrayán, including assumed liabilities. The identifiable assets acquired and liabilities assumed were recorded at their fair values. | |||||||||
The consolidated fair value of the assets acquired and liabilities assumed in connection with the AEI El Arrayán acquisition are as follows (in thousands): | |||||||||
Consolidated | |||||||||
interest | |||||||||
June 25, 2014 | |||||||||
Cash and cash equivalents | $ | 713 | |||||||
Trade receivables | 3,829 | ||||||||
VAT receivable | 17,031 | ||||||||
Prepaid expenses and other current assets | 174 | ||||||||
Restricted cash, non-current | 10,392 | ||||||||
Property, plant and equipment | 341,417 | ||||||||
Intangible assets | 1,121 | ||||||||
Net deferred tax assets | 5,455 | ||||||||
Accounts payable and other accrued liabilities | (6,830 | ) | |||||||
Accrued construction costs | (9,495 | ) | |||||||
Accrued interest | (2,592 | ) | |||||||
Derivative liabilities, current | (1,942 | ) | |||||||
Current portion of long-term debt | (16,586 | ) | |||||||
Long-term debt | (209,295 | ) | |||||||
Derivative liabilities, non-current | (501 | ) | |||||||
Asset retirement obligation | (2,354 | ) | |||||||
Net deferred tax liabilities | (13,001 | ) | |||||||
Total consideration | 117,536 | ||||||||
Less: non-controlling interest | (35,259 | ) | |||||||
Controlling interest | $ | 82,277 | |||||||
Current assets, restricted cash, deferred tax assets, current liabilities, accrued construction costs, debt, accrued interest and deferred tax liabilities were recorded at carrying value, which is representative of the fair value on the date of acquisition. Derivative liabilities were recorded at fair value. Property, plant and equipment were recorded at the cost of construction plus the developer’s profit margin, which represents fair value. The asset retirement obligation was recorded at fair value using a combination of market data, operational data and discounted cash flows and was adjusted by a discount rate factor reflecting then current market conditions. | |||||||||
The Company recognized deferred tax liabilities due to differences in accounting and tax bases resulting from the Company’s acquisition of incremental interest in El Arrayán and the remeasurement of the project’s remaining noncontrolling interest at fair value. | |||||||||
The Company incurred $0.4 million of transaction-related expenses which were recorded in net gain on transactions in the consolidated statements of operations for the year ended December 31, 2014. | |||||||||
Panhandle 1 Acquisition | |||||||||
On June 30, 2014, the Company acquired 100% of the Class B membership interests in the Panhandle 1 wind project, representing a 79% initial ownership interest in the project’s distributable cash flow, through the acquisition of Panhandle Wind Holdings LLC, from Pattern Development, for a purchase price of approximately $124.4 million. The 218 MW wind project, located in Carson County, Texas, achieved commercial operations on June 25, 2014. | |||||||||
Prior to the closing, certain tax equity investors made capital contributions to acquire 100% of the Class A membership interests in Panhandle 1 and have been admitted as noncontrolling members in the entity, with a 21% initial ownership interest in the project’s distributable cash flow. The Company has determined that the operating partnership agreement does not allocate economic benefits pro rata to its two classes of investors and will use the HLBV method to calculate the noncontrolling interest balance that reflects the substantive profit sharing arrangement. | |||||||||
The Company acquired the assets and operating contracts for Panhandle 1, including assumed liabilities. The identifiable assets acquired and liabilities assumed were recorded at their fair values, which corresponded to the sum of the cash purchase price and the initial balance of the other investors’ noncontrolling interests. | |||||||||
The consolidated fair value of the assets acquired and liabilities assumed in connection with the Panhandle 1 acquisition are as follows (in thousands): | |||||||||
June 30, 2014 | |||||||||
Cash and cash equivalents | $ | 1,038 | |||||||
Trade receivables | 1,850 | ||||||||
Prepaid expenses and other current assets | 71 | ||||||||
Restricted cash, non-current | 14,293 | ||||||||
Property, plant and equipment | 332,953 | ||||||||
Accounts payable and other accrued liabilities | (148 | ) | |||||||
Accrued construction costs | (12,806 | ) | |||||||
Related party payable | (44 | ) | |||||||
Asset retirement obligation | (2,557 | ) | |||||||
Total consideration before non-controlling interest | 334,650 | ||||||||
Less: tax equity noncontrolling interest contributions | (210,250 | ) | |||||||
Total consideration after non-controlling interest | $ | 124,400 | |||||||
Current assets, restricted cash, current liabilities, accrued construction costs and related party payable were recorded at carrying value, which is representative of the fair value on the date of acquisition. | |||||||||
Property, plant and equipment were recorded at the cost of construction plus the developer’s profit margin, which represents fair value. The asset retirement obligation was recorded at fair value using a combination of market data, operational data and discounted cash flows and was adjusted by a discount rate factor reflecting then current market conditions. | |||||||||
The Company incurred $0.5 million of transaction-related expense which was recorded in net (loss) gain on transactions in the consolidated statements of operations for the year ended December 31, 2014. | |||||||||
Panhandle 2 Acquisition | |||||||||
On November 10, 2014, the Company acquired 100% of the membership interests in the Panhandle 2 wind project through the acquisition of Panhandle B Member 2 LLC, from Pattern Development, for a purchase price of approximately $123.8 million. | |||||||||
Subsequent to the closing, certain tax equity investors made capital contributions to acquire 100% of the Class A membership interests in Panhandle 2 and were admitted as noncontrolling members in the entity and the Company received 100% of the Class B membership interests, resulting in the tax equity investors and the Company holding initial ownership interests of 19% and 81%, respectively, in the project’s distributable cash flows. The 182 MW wind project, located in Carson County, Texas, achieved commercial operations on November 7, 2014. The Company has determined that the operating partnership agreement does not allocate economic benefits pro rata to its two classes of investors and will use the HLBV method to calculate the noncontrolling interest balance that reflects the substantive profit sharing arrangement. | |||||||||
The Company acquired the assets and operating contracts for Panhandle 2, including assumed liabilities. The identifiable assets acquired and liabilities assumed were recorded at their fair values which corresponded to the sum of the cash purchase price. The short-term debt presented in the table below consists of a construction loan that was repaid in full following the acquisition. | |||||||||
The consolidated fair value of the assets acquired and liabilities assumed in connection with the Panhandle 2 acquisition are as follows (in thousands): | |||||||||
November 10, 2014 | |||||||||
Cash and cash equivalents | $ | 240 | |||||||
Trade receivables | 1,156 | ||||||||
Prepaid expenses and other current assets | 28,997 | ||||||||
Property, plant and equipment | 315,109 | ||||||||
Accrued construction costs | (24,197 | ) | |||||||
Related party payable | (121 | ) | |||||||
Short-term debt | (195,351 | ) | |||||||
Asset retirement obligation | (2,003 | ) | |||||||
Total consideration | $ | 123,830 | |||||||
Current assets, accrued construction costs and related party payable were recorded at carrying value, which is representative of the fair value on the date of acquisition. In addition, the short-term debt was recorded at carrying value, representative of the fair value, which was repaid immediately after acquisition. | |||||||||
Property, plant and equipment were recorded at the cost of construction plus the developer’s profit margin, which represents fair value. The asset retirement obligation was recorded at fair value using a combination of market data, operational data and discounted cash flows and was adjusted by a discount rate factor reflecting then current market conditions. | |||||||||
The accounting for this acquisition is preliminary. The fair value estimates for the assets acquired and liabilities assumed were based on preliminary calculations and valuations, and the estimates and assumptions are subject to change as additional information is obtained for the estimates during the measurement period (up to one year from the acquisition date). The Company incurred $0.2 million and $0.6 million of transaction-related expense which was recorded in net gain on transactions in the consolidated statements of operations for the years ended December 31, 2014 and 2013, respectively. | |||||||||
Logan’s Gap Acquisition | |||||||||
On December 19, 2014, the Company acquired 100% of the membership interests in the Logan’s Gap wind project, through the acquisition of Logan’s Gap B Member LLC, from Pattern Development, for a purchase price of approximately $15.1 million and an assumed contingent liability to a third party in the amount of $8.0 million associated with the close of construction financing and the achievement of either commercial operation or tax equity funding. The wind project is currently under construction and is located in Comanche County, Texas. The construction of the project is being financed primarily by construction debt and Pattern Energy equity. Following construction, it is expected that institutional tax equity investors will invest in the project, pursuant to an executed equity commitment agreement, so that the construction loan will be paid off such that long term financing for the project will be equity based. Upon tax equity funding, it is expected that the Company and the institutional tax equity investors will have initial ownership interests of 82% and 18%, respectively, in the project’s distributable cash flows. | |||||||||
The Company acquired the assets and operating contracts for Logan’s Gap, including assumed liabilities. The identifiable assets acquired and liabilities assumed were recorded at their fair values which corresponded to the sum of the cash purchase price. The consolidated fair value of the assets acquired and liabilities assumed in connection with the Logan’s Gap acquisition are as follows (in thousands): | |||||||||
December 19, 2014 | |||||||||
Cash and cash equivalents | $ | 2 | |||||||
Restricted cash, current | 5,003 | ||||||||
Prepaid expenses and other current assets | 1,722 | ||||||||
Deferred financing costs, current | 2,117 | ||||||||
Construction in progress | 23,770 | ||||||||
Property, plant and equipment | 116 | ||||||||
Other assets | 80 | ||||||||
Accrued construction costs | (4,733 | ) | |||||||
Current portion of contingent liabilities | (7,975 | ) | |||||||
Related party payable | (5,003 | ) | |||||||
Total consideration | $ | 15,099 | |||||||
Current assets, current liabilities, property, plant and equipment, other assets, accrued construction costs and related party payable were recorded at carrying value, which is representative of the fair value on the date of acquisition. Construction in progress was recorded at fair value which is representative of the development effort, including the developer’s profit, and contracts acquired on the date of acquisition. | |||||||||
The Company recorded $8.0 million in contingent obligations, payable to a third party, at fair value upon acquisition. Of this amount, $4.0 million was paid in December 2014, upon construction financing, and the remaining $4.0 million liability is payable upon the earlier of commercial operations or tax equity funding, which is expected to occur in the fourth quarter of 2015. | |||||||||
The accounting for this acquisition is preliminary. The fair value estimates for the assets acquired and liabilities assumed were based on preliminary calculations and valuations, and the estimates and assumptions are subject to change as additional information is obtained for the estimates during the measurement period (up to one year from the acquisition date). The Company incurred $0.3 million of transaction-related expense which was recorded in net gain on transactions in the consolidated statements of operations for the year ended December 31, 2014. | |||||||||
Supplemental pro forma data (unaudited) | |||||||||
The unaudited pro forma statement of operations data below gives effect to the AEI El Arrayán, Panhandle 1, Panhandle 2 and Logan’s Gap acquisitions as if they had occurred on January 1, 2013. The 2014 pro forma net loss was adjusted to exclude nonrecurring transaction related expenses of $2.9 million and a nonrecurring $17.9 million gain on acquisition of El Arrayán. The unaudited pro forma data is presented for illustrative purposes only and is not intended to be indicative of actual results that would have been achieved had these acquisitions been consummated as of January 1, 2013. The unaudited pro forma data should not be considered representative of the Company’s future financial condition or results of operations. | |||||||||
Year ended | |||||||||
December 31, | |||||||||
Unaudited pro forma data (in thousands) | 2014 | 2013 | |||||||
Pro forma total revenue | $ | 268,116 | $ | 201,573 | |||||
Pro forma total expenses | 326,990 | 192,762 | |||||||
Pro forma net (loss) income | (58,874 | ) | 8,811 | ||||||
Less: pro forma net loss attributable to noncontrolling interest | (8,662 | ) | (7,176 | ) | |||||
Pro forma net (loss) income attributable to controlling interest | $ | (50,212 | ) | $ | 15,987 | ||||
Prior to the acquisition of AEI El Arrayán, net loss was recorded in equity in (losses) earnings in unconsolidated investments in the consolidated statement of operations. From January 1, 2014 to June 25, 2014, the Company recorded net loss of $0.4 million in equity in (losses) earnings on unconsolidated investments related to El Arrayán. | |||||||||
The following table presents the amounts included in the consolidated statements of operations for AEI El Arrayán, Panhandle 1, Panhandle 2 and Logan’s Gap since their respective dates of acquisition: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
Unaudited data (in thousands) | 2014 | ||||||||
Total revenue | $ | 30,841 | |||||||
Total expenses | 41,232 | ||||||||
Net loss | (10,391 | ) | |||||||
Less: net loss attributable to noncontrolling interest | (6,673 | ) | |||||||
Net loss attributable to controlling interest | $ | (3,718 | ) | ||||||
Prepaid_expenses_and_other_cur
Prepaid expenses and other current assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 15,275 | $ | 10,132 | |||||
Prepaid construction costs | 5,155 | — | |||||||
Sales tax | 786 | 50 | |||||||
Other current assets: | |||||||||
Deposit for letters of credit | 3,425 | — | |||||||
Deferred equity issuance costs | 2,331 | — | |||||||
Other | 982 | 1,233 | |||||||
Prepaid expenses and other current assets | $ | 27,954 | $ | 11,415 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Operating wind farms | $ | 2,624,640 | $ | 1,652,119 | |||||
Furniture, fixtures and equipment | 4,366 | 3,785 | |||||||
Land | 141 | 16 | |||||||
Subtotal | 2,629,147 | 1,655,920 | |||||||
Less: accumulated depreciation | (278,291 | ) | (179,778 | ) | |||||
Property, plant and equipment, net | $ | 2,350,856 | $ | 1,476,142 | |||||
The Company recorded depreciation expense related to property, plant and equipment of $102.9 million, $82.0 million and $48.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
In June 2013, the Company received $115.9 million and $57.6 million, from the U.S. Department of the Treasury, for Ocotillo and Santa Isabel, respectively, under a cash grant in lieu of investment tax credit (“Cash Grant”). 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 $12.7 million, $13.0 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Unconsolidated_Investments
Unconsolidated Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
South Kent | $ | 17,360 | $ | 59,488 | 50 | % | 50 | % | |||||||||
Grand | 11,719 | 26,464 | 45 | % | 45 | % | |||||||||||
El Arrayán | — | 21,103 | N/A | 31.5 | % | ||||||||||||
Unconsolidated investments | $ | 29,079 | $ | 107,055 | |||||||||||||
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 and commenced commercial operations on March 28, 2014. | |||||||||||||||||
Grand | |||||||||||||||||
On December 20, 2013, the Company acquired from Pattern Development a 45% equity interest in Grand for $79.5 million, plus a contingent payment of up to C$5.0 million, or $4.3 million based on the exchange rate as of December 31, 2014, as calculated based on final budget to actual amounts and distributions payable upon term conversion which has been updated from the Company’s original estimate to 2015. 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 commercial operations on December 9, 2014. 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. | |||||||||||||||||
El Arrayán | |||||||||||||||||
On June 25, 2014, the Company increased its total ownership interest in El Arrayán to 70%. See Note 3, Acquisitions, for disclosure on the acquisition of El Arrayán. As such, the Company has consolidated the operations of El Arrayán as of the acquisition date and is no longer accounting for this investment under the equity method of accounting. | |||||||||||||||||
The following summarizes the aggregated balance sheets of El Arrayán as of December 31, 2014 and 2013, and its operating results for the period from January 1, 2014 to June 25, 2014 and the years ended December 31, 2013 and 2012, respectively (in thousands): | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | — | $ | 16,362 | |||||||||||||
Non-current assets | — | 260,187 | |||||||||||||||
Total assets | $ | — | $ | 276,549 | |||||||||||||
Current liabilities | $ | — | $ | 9,224 | |||||||||||||
Non-current liabilities | — | 197,597 | |||||||||||||||
Total liabilities | — | 206,821 | |||||||||||||||
Total equity | — | 69,728 | |||||||||||||||
Total liabilities and equity | $ | — | $ | 276,549 | |||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Revenue | $ | 1,821 | $ | — | $ | — | |||||||||||
Other (income) expense | 3,083 | 941 | 384 | ||||||||||||||
Net loss | $ | (1,262 | ) | $ | (941 | ) | $ | (384 | ) | ||||||||
Accounts_payable_and_other_acc
Accounts payable and other accrued liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Accounts payable | $ | 673 | $ | 168 | |||||
Other accrued liabilities | 9,202 | 6,329 | |||||||
Warranty settlement payments | 639 | 2,187 | |||||||
LTSA upgrades liability | 680 | — | |||||||
Land lease rent payable | 2,115 | 953 | |||||||
Payroll liabilities | 4,453 | 2,162 | |||||||
Property tax payable | 4,625 | 3,490 | |||||||
Sales tax payable | 2,406 | 261 | |||||||
Accounts payable and other accrued liabilities | $ | 24,793 | $ | 15,550 | |||||
Long_term_debt
Long term debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Long term debt | 8 | Long term debt | |||||||||||||||||||
The Company’s long term debt as of December 31, 2014 and 2013 is presented below (in thousands): | |||||||||||||||||||||
December 31, | Interest Rate as of | Interest | |||||||||||||||||||
December 31, | Type | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Maturity | |||||||||||||||||
Hatchet Ridge term loan | $ | 228,288 | $ | 239,865 | 1.43 | % | 1.43 | % | Imputed | December 2032 | |||||||||||
Gulf Wind term loan | 156,122 | 166,448 | 3.23 | % | 3.25 | % | Variable | Mar-20 | |||||||||||||
St. Joseph term loan | 189,472 | 215,330 | 5.88 | % | 5.88 | % | Fixed | May-31 | |||||||||||||
Spring Valley term loan | 167,261 | 173,110 | 2.62 | % | 2.63 | % | Variable | Jun-30 | |||||||||||||
Santa Isabel term loan | 112,609 | 115,721 | 4.57 | % | 4.57 | % | Fixed | September 2033 | |||||||||||||
El Arrayan commercial term loan | 99,665 | — | 2.92 | % | N/A | Variable | Mar-29 | ||||||||||||||
El Arrayan EKF term loan | 109,630 | — | 5.56 | % | N/A | Fixed | Mar-29 | ||||||||||||||
Ocotillo commercial term loan | 222,175 | 230,944 | 1.98 | % | 3 | % | Variable | Aug-20 | |||||||||||||
Ocotillo development term loan | 106,700 | 107,800 | 2.33 | % | 2.35 | % | Variable | Aug-33 | |||||||||||||
Logan’s Gap construction loan | 58,691 | — | 1.64 | % | N/A | Variable | Dec-15 | ||||||||||||||
1,450,613 | 1,249,218 | ||||||||||||||||||||
Less: current portion | (121,561 | ) | (48,851 | ) | |||||||||||||||||
$ | 1,329,052 | $ | 1,200,367 | ||||||||||||||||||
The following are principal payments due under long-term debt as of December 31, 2014 (in thousands): | |||||||||||||||||||||
For the year ending December 31, | |||||||||||||||||||||
2015 | $ | 121,561 | |||||||||||||||||||
2016 | 65,877 | ||||||||||||||||||||
2017 | 67,277 | ||||||||||||||||||||
2018 | 72,750 | ||||||||||||||||||||
2019 | 83,613 | ||||||||||||||||||||
Thereafter | 1,039,535 | ||||||||||||||||||||
$ | 1,450,613 | ||||||||||||||||||||
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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Interest and commitment fees incurred | $ | 59,864 | $ | 57,478 | $ | 43,496 | |||||||||||||||
Capitalized interest, commitment fees, and letter of credit fees | (2,856 | ) | (4,210 | ) | (10,259 | ) | |||||||||||||||
Letter of credit fees | 4,377 | 3,530 | 720 | ||||||||||||||||||
Amortization of financing costs | 6,309 | 6,816 | 2,545 | ||||||||||||||||||
Interest expense | $ | 67,694 | $ | 63,614 | $ | 36,502 | |||||||||||||||
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 C$250.0 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. In October 2014, the financing agreement was amended to include a margin rate decrease of 1.0% for the commercial bank tranche. | |||||||||||||||||||||
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. | |||||||||||||||||||||
El Arrayán | |||||||||||||||||||||
In May 2012, El Arrayán entered into a first lien senior secured credit agreement (“El Arrayán Credit Agreement”) which provides up to approximately $225.0 million in borrowings. Borrowings under the El Arrayán Credit Agreement were used to finance the construction of the El Arrayán wind project and are comprised of a commercial tranche of up to $100.0 million and an export credit agency tranche provided by Eksport Kredit Fonden of Denmark (“EKF Tranche”) of up to $110.0 million, and letter of credit facility in an amount of up to $15.0 million. In connection with the El Arrayán Credit Agreement, the Company entered into interest rate swaps on 95.8% of the commercial tranche term loan. The project commenced commercial operations in June 2014 and the construction loan converted into term loans on August 14, 2014. The financing is non-recourse to El Arrayán. | |||||||||||||||||||||
The commercial tranche loan is a LIBOR loan and accrues interest at LIBOR plus 2.75% per annum from the closing until the sixth anniversary of closing, 3.00% from the sixth anniversary to the tenth anniversary of closing, 3.25% from the tenth anniversary to the fourteenth anniversary of closing, and 3.50% after the fourteenth anniversary of closing. The EKF Tranche term loan accrues interest at a fixed rate of 5.56%, in each case, plus a margin of 0.25% from the sixth anniversary to the tenth anniversary of the closing, 0.50% from the tenth anniversary to the fourteenth anniversary of closing, and 0.75% after the fourteenth anniversary of closing. | |||||||||||||||||||||
El Arrayán—Value Added Tax (VAT) Facility | |||||||||||||||||||||
In addition to the El Arrayán Credit Agreement, in May 2012, El Arrayán entered into a $20.0 million VAT facility with Corpbanca. Under the VAT facility El Arrayán may borrow funds to pay for VAT payments due from the project. The last day to borrow funds under the VAT facility was November 3, 2014. The VAT facility has an interest rate of Chilean Interbank Rate plus 1.00% and terminates in November 2015. El Arrayán is also required to pay a commitment fee on the undrawn portion of the VAT facility. As of December 31, 2014, the outstanding balance on the VAT facility was $2.0 million. | |||||||||||||||||||||
Logan’s Gap | |||||||||||||||||||||
In December 2014, Logan’s Gap entered into a $282.8 million financing agreement comprised of a $247.1 million construction loan and letter of credit facilities to provide letter of credit loans in an amount totaling up to $35.7 million. Under the financing agreement, the scheduled maturity date is December 31, 2015 (which date may be extended to March 31, 2016, subject to certain conditions), at which time the loans will be repaid from capital contributions from equity investors and the letters of credit terminated. Pursuant to a Letter of Credit and Reimbursement Agreement, a commercial bank will then issue a letter of credit up to $15.0 million in favor of the project’s hedge counterparty. | |||||||||||||||||||||
Collateral under the Logan’s Gap financing agreement consists of Logan’s Gap tangible assets and contractual rights, and cash on deposit with the depository agent. The loan agreement contains a broad range of covenants that, subject to certain exceptions, restrict Logan’s Gap’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 (“Existing 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
In March 2014, the Company exercised the accordion feature by increasing available borrowings by an additional $25.0 million, resulting in an aggregate facility amount of $145.0 million. Simultaneously, the Ocotillo project was added to the collateral pool that supports the revolving credit facility. | |||||||||||||||||||||
In December 2014, the Company entered into an Amended and Restated Credit and Guaranty Agreement which increased the available borrowings under the Existing Credit Agreement from $145 million to $350.0 million. Simultaneously, the Panhandle 1, Panhandle 2, South Kent and Grand projects were added to the collateral pool that supports the revolving credit facility. | |||||||||||||||||||||
As of December 31, 2014 and 2013, letters of credit of $45.1 million and $44.8 million, respectively, have been issued and loans of $50.0 million and $56.0 were drawn in 2014 and 2013, respectively. As of December 31, 2014, the outstanding balance on the revolving credit facility is $50.0 million. There was no outstanding balance on the revolving credit facility in the prior year. | |||||||||||||||||||||
Loans, when and if drawn, are either base rate loans or Eurodollar rate loans. The base rate loans accrue interest at the fluctuating rate per annum equal to the greatest of the (i) the prime rate, (ii) the federal funds rate plus 0.50% 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%, plus an applicable margin ranging from 1.25% to 1.75%. The Eurodollar rate loans accrue interest at a rate per annum equal to LIBOR, plus an applicable margin ranging from 2.25% to 2.75%. Under the facility, the Company is required to pay a revolving commitment fee equal to the average of the daily difference between revolving commitments and the total utilization of revolving commitments times 0.50%. In addition, the Company is required to pay letter of credit fees. The facility is secured by pledges of the capital stock and ownership 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, 2014 | |||||||||||||
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, 2014, 2013 and 2012 (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning asset retirement obligations | $ | 20,834 | $ | 19,056 | $ | 10,342 | |||||||
Additions during the year | 7,195 | 767 | 7,971 | ||||||||||
Foreign currency translation adjustment | (228 | ) | (172 | ) | 59 | ||||||||
Accretion expense | 1,471 | 1,183 | 684 | ||||||||||
Ending asset retirement obligations | $ | 29,272 | $ | 20,834 | $ | 19,056 | |||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||
Undesignated Derivative Instruments Classified as Assets (Liabilities): | |||||||||||||||||||
As of | Year ended | ||||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||||
Derivative Type | Project | Quantity | Maturity | Current | Long-Term | Recognized into | |||||||||||||
Dates | Portion | Portion | Income | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/30 | $ | (3,403 | ) | $ | 2,523 | $ | (11,339 | ) | ||||||||
Interest rate cap | Gulf Wind | 1 | 12/31/24 | — | 352 | (329 | ) | ||||||||||||
Energy derivative | Gulf Wind | 1 | 4/30/19 | 18,506 | 45,969 | (3,878 | ) | ||||||||||||
$ | 15,103 | $ | 48,844 | $ | (15,546 | ) | |||||||||||||
December 31, 2013 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/30 | $ | (3,899 | ) | $ | 14,358 | $ | 15,367 | |||||||||
Interest rate cap | Gulf Wind | 1 | 12/31/24 | — | 681 | 234 | |||||||||||||
Energy derivative | Gulf Wind | 1 | 4/30/19 | 13,937 | 54,416 | (11,272 | ) | ||||||||||||
$ | 10,038 | $ | 69,455 | $ | 4,329 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/30 | $ | (1,980 | ) | $ | (2,931 | ) | $ | (4,909 | ) | |||||||
Interest rate cap | Gulf Wind | 1 | 12/31/24 | — | 447 | (44 | ) | ||||||||||||
Energy derivative | Gulf Wind | 1 | 4/30/19 | 17,177 | 62,448 | (6,951 | ) | ||||||||||||
$ | 15,197 | $ | 59,964 | $ | (11,904 | ) | |||||||||||||
Designated Derivative Instruments Classified as Assets (Liabilities): | |||||||||||||||||||
As of | Year ended | ||||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||||
Derivative Type | Project | Quantity | Maturity | Current | Long-Term | Recognized in | |||||||||||||
Dates | Portion | Portion | OCI | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/33 | $ | (1,917 | ) | $ | 525 | $ | (8,912 | ) | ||||||||
Interest rate swaps | El Arrayan | 3 | 3/31/32 | (1,822 | ) | (3,338 | ) | (1,983 | ) | ||||||||||
Interest rate swaps | Gulf Wind | 7 | 3/15/20 | (4,719 | ) | (6,915 | ) | 1,094 | |||||||||||
Interest rate swaps | Spring Valley | 2 | 6/28/30 | (4,446 | ) | (7,214 | ) | (9,869 | ) | ||||||||||
$ | (12,904 | ) | $ | (16,942 | ) | $ | (19,670 | ) | |||||||||||
December 31, 2013 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/33 | $ | (2,105 | ) | $ | 9,625 | $ | 10,434 | |||||||||
Interest rate swaps | Gulf Wind | 7 | 3/15/20 | (5,289 | ) | (7,439 | ) | 9,398 | |||||||||||
Interest rate swaps | Spring Valley | 2 | 6/28/30 | (4,878 | ) | 3,087 | 17,043 | ||||||||||||
$ | (12,272 | ) | $ | 5,273 | $ | 36,875 | |||||||||||||
December 31, 2012 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/33 | $ | (952 | ) | $ | (1,962 | ) | $ | (2,914 | ) | |||||||
Interest rate swaps | Gulf Wind | 7 | 3/15/20 | (5,558 | ) | (16,568 | ) | (1,835 | ) | ||||||||||
Interest rate swaps | Spring Valley | 2 | 6/28/30 | (4,972 | ) | (13,865 | ) | (6,421 | ) | ||||||||||
$ | (11,482 | ) | $ | (32,395 | ) | $ | (11,170 | ) | |||||||||||
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, 2014, 2013 and 2012. 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, 2014, 2013 and 2012. The Company reclassified $5.5 million, $5.7 million and $5.7 million related to cash settlements into earnings from accumulated other comprehensive loss during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
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 (losses) gains of ($0.3) million, $0.2 million and $0 for the years ended December 31, 2014, 2013 and 2012, respectively, in unrealized (loss) gain on derivatives in the consolidated statements of operations. The derivative instrument’s asset value as of December 31, 2014, 2013 and 2012, was approximately $0.4 million, $0.7 million and $0.4 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, 2014, 2013 and 2012 was $64.5 million, $68.4 million and $79.6 million, respectively. Gulf Wind recognized unrealized losses of $3.9 million, $11.3 million, and $7.0 million for the years ended December 31, 2014, 2013 and 2012, respectively, reported in unrealized loss 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 qualified for hedge accounting and were designated as cash flow hedges. No ineffectiveness was recorded for the years ended December 31, 2014, 2013 and 2012. The Company reclassified $5.0 million, $5.1 million and $0 related to cash settlements into earnings from accumulated other comprehensive loss during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Ocotill | |||||||||||||||||||
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, 2014, 2013 and 2012. The Company reclassified $2.2 million, $1.1 million and $0 into earnings from accumulated other comprehensive (loss) income, for the years ended December 31, 2014, 2013 and 2012, respectively, 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. The Company recognized unrealized (losses) gains of ($11.3) million, $15.4 million and ($4.9) million for the years ended December 31, 2014, 2013 and 2012, respectively, in unrealized (loss) gain on derivatives in the consolidated statements of operations. | |||||||||||||||||||
El Arrayán | |||||||||||||||||||
In May 2012, El Arrayán entered into three interest rate swap agreements 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 3.4% for the first two years of its term debt and subsequently increased to 5.8%, and increases by 0.25% on every fourth anniversary of the closing date, thereafter. The interest rate swaps qualify for hedge accounting and were designated as cash flow hedges. No ineffectiveness was recorded for the year ended December 31, 2014. The Company reclassified $1.1 million, $0, and $0 related to cash settlements into earnings from accumulated other comprehensive loss, net of tax impact of $0.4 million, $0, and $0 during the years ended December 31, 2014, 2013 and 2012, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | 11 | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
The following table summarizes changes in the accumulated other comprehensive (loss) income balance by component: | |||||||||||||||||
Effective Portion of | Proportionate | ||||||||||||||||
Foreign | Change in Fair Value | Share of Equity | |||||||||||||||
Currency | of Derivatives | Investee’s OCI | Total | ||||||||||||||
Balances at January 1, 2012 | $ | (2,903 | ) | $ | (32,707 | ) | $ | — | $ | (35,610 | ) | ||||||
Net current period other comprehensive income (loss) | 2,749 | (11,170 | ) | (1,475 | ) | (9,896 | ) | ||||||||||
Balances at December 31, 2012 | (154 | ) | (43,877 | ) | (1,475 | ) | (45,506 | ) | |||||||||
Net current period other comprehensive (loss) income | (8,309 | ) | 36,875 | 2,473 | 31,039 | ||||||||||||
Grand acquisition | — | — | (2,910 | ) | (2,910 | ) | |||||||||||
Balances at December 31, 2013 | (8,463 | ) | (7,002 | ) | (1,912 | ) | (17,377 | ) | |||||||||
Net current period other comprehensive (loss) income | (10,875 | ) | (19,670 | ) | (5,991 | ) | (36,536 | ) | |||||||||
Balances at December 31, 2014 | $ | (19,338 | ) | $ | (26,672 | ) | $ | (7,903 | ) | $ | (53,913 | ) | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Short-term financial instruments consist principally of cash, cash equivalents, accounts receivable, accounts payable, other accrued liabilities and contingent 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 classified as Level 1 in the fair value hierarchy. The fair values of accounts receivable, accounts payable, other accrued liabilities and contingent liabilities are classified as Level 2 in the fair value hierarchy. | |||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
The Company’s financial assets and (liabilities) which require fair value measurement on a recurring basis are classified within the fair value hierarchy as follows (in thousands): | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | (30,726 | ) | $ | — | $ | (30,726 | ) | |||||||||||
Interest rate cap | — | 352 | — | 352 | |||||||||||||||||
Energy derivative | — | — | 64,475 | 64,475 | |||||||||||||||||
$ | — | $ | (30,374 | ) | $ | 64,475 | $ | 34,101 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 3,460 | $ | — | $ | 3,460 | |||||||||||||
Interest rate cap | — | 681 | — | 681 | |||||||||||||||||
Energy derivative | — | — | 68,353 | 68,353 | |||||||||||||||||
$ | — | $ | 4,141 | $ | 68,353 | $ | 72,494 | ||||||||||||||
Level 2 Inputs | |||||||||||||||||||||
Derivative instruments 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 Company’s credit default hedge rate. There were no transfers between Level 1 and Level 2 during the periods presented. | |||||||||||||||||||||
Level 3 Inputs | |||||||||||||||||||||
The fair value of the contingent liabilities is based upon the time of realization and the probability of the contingent event. An unobservable discount rate of 7% is used to determine the present value of the contractual liabilities and an unobservable probability factor of 75% was assigned to the contingent event prior to realization after considering contract terms, land rights, interconnect network, and environmental permits. The significant primary unobservable input used for contingent liabilities is the probability factor. Significant increases or decreases in this unobservable input would result in a significantly lower or higher fair value measurement. | |||||||||||||||||||||
The energy derivative instrument was valued by discounting the projected net cash flows over the remaining life of the derivative instrument using forward energy curves adjusted by a nonperformance risk factor. The significant unobservable input in calculating the fair value of the energy derivative instrument is forward electricity prices, which are derived from and impacted by changes in forward natural gas prices. Significant increases or decreases in this unobservable input would result in a significantly lower or higher fair value measurement. | |||||||||||||||||||||
The following table presents a reconciliation of contingent liabilities and the energy derivative contract measured at fair value, in thousands, on a recurring basis using significant unobservable inputs for the years ended December 31, 2014, 2013 and 2012, respectively. There were no transfers between Level 2 and Level 3 during the periods presented. | |||||||||||||||||||||
Contingent | Energy | Total | |||||||||||||||||||
Liabilities | Derivative | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (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 | ||||||||||||||||||
Settlements | — | (13,524 | ) | (13,524 | ) | ||||||||||||||||
Change in fair value, net of settlements | — | 9,646 | 9,646 | ||||||||||||||||||
Balances at December 31, 2014 | $ | — | $ | 64,475 | $ | 64,475 | |||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized unrealized losses on energy derivative of $3.9 million, $11.3 million, and $7.0 million, respectively. | |||||||||||||||||||||
Financial Instruments not Measured at Fair Value | |||||||||||||||||||||
The following table presents the carrying amount and fair value, in thousands, and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets as of December 31, 2014 and 2013, but for which fair value is disclosed. | |||||||||||||||||||||
As reflected on | Fair Value | ||||||||||||||||||||
the balance sheet | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Long-term debt, including current portion | $ | 1,450,613 | $ | — | $ | 1,416,744 | $ | — | $ | 1,416,744 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Long-term debt, including current portion | $ | 1,249,218 | $ | — | $ | 1,165,119 | $ | — | $ | 1,165,119 | |||||||||||
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. 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. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | 182 | — | — | ||||||||||
Total current expense (benefit) | 182 | — | — | ||||||||||
Deferred: | |||||||||||||
Federal | — | 2,961 | — | ||||||||||
State | — | — | — | ||||||||||
Foreign | 2,954 | 1,585 | (3,604 | ) | |||||||||
Total deferred expense (benefit) | 2,954 | 4,546 | (3,604 | ) | |||||||||
Total provision for income taxes | $ | 3,136 | $ | 4,546 | $ | (3,604 | ) | ||||||
The following table presents the domestic and foreign components of net income (loss) before income tax (benefit) expense (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | (34,788 | ) | $ | 4,022 | $ | (17,810 | ) | |||||
Foreign | (2,075 | ) | 10,596 | 830 | |||||||||
Total | $ | (36,863 | ) | $ | 14,618 | $ | (16,980 | ) | |||||
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, 2014, 2013 and 2012: | |||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed tax at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Book/tax basis difference | — | — | 27.2 | % | |||||||||
Partnership income not subject to taxes | — | — | (40.9 | %) | |||||||||
Adjustment for income in non-taxable entities allocable to noncontrolling interest | (7.6 | %) | 16.5 | % | — | ||||||||
Foreign rate differential | — | — | — | ||||||||||
Tax rate differential on pre-tax book income, other | 5.6 | % | 2.1 | % | — | ||||||||
Local tax on branch profits/(losses)—Puerto Rico | 1.6 | % | 13.1 | % | — | ||||||||
Permanent book/tax differences (domestic only) | (0.1 | %) | (2.2 | %) | — | ||||||||
Valuation Allowance | (33.4 | %) | 187.2 | % | — | ||||||||
Deferred tax liability on Chilean shareholder liability due to tax regime change | (3.6 | %) | — | — | |||||||||
Change in tax rate due to change in Chilean tax regime | (6.2 | %) | — | — | |||||||||
Other | 0.1 | % | 3.1 | % | — | ||||||||
ARRA Section 1603 grant-basis reduction deferred tax assets | — | (223.7 | %) | — | |||||||||
Effective income tax rate | (8.6 | %) | 31.1 | % | 21.3 | % | |||||||
The following table presents significant components of the Company’s deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 (in thousands): | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred tax assets/(liabilities)—current: | |||||||||||||
Accruals, prepaids and other current deferred tax assets and liabilities | $ | (344 | ) | $ | 2,399 | $ | — | ||||||
Basis difference in derivatives | 4,779 | 2,835 | — | ||||||||||
Total gross deferred tax assets/(liabilities) | 4,435 | 5,234 | — | ||||||||||
Less: valuation allowance | (4,266 | ) | (4,661 | ) | — | ||||||||
Total net deferred tax assets/(liabilities)—current | $ | 169 | $ | 573 | $ | — | |||||||
Deferred tax assets/(liabilities)—non-current: | |||||||||||||
Property, plant and equipment | $ | (104,767 | ) | $ | (36,548 | ) | $ | (47,894 | ) | ||||
Basis difference in foreign subsidiaries | 37,626 | 40,097 | — | ||||||||||
Partnership interest | 994 | (4,917 | ) | — | |||||||||
Lease Hatchet Ridge | 28,044 | 29,314 | — | ||||||||||
Asset retirement obligation | 5,216 | 4,649 | — | ||||||||||
Equity method | — | 3,794 | — | ||||||||||
Unrealized loss on derivatives | — | (5,830 | ) | — | |||||||||
Other temp differences | 256 | — | |||||||||||
Net operating loss carryforwards | 130,248 | 61,441 | 45,302 | ||||||||||
Other non current deferred tax assets and liabilities | (5,081 | ) | (4,595 | ) | (690 | ) | |||||||
Change in tax status | — | — | 4,599 | ||||||||||
Accruals not currently deductible | — | — | 443 | ||||||||||
Total gross deferred tax assets/(liabilities)—non-current | 92,536 | 87,405 | 1,760 | ||||||||||
Less: valuation allowance | (107,480 | ) | (95,318 | ) | (482 | ) | |||||||
Total net deferred tax assets/(liabilities)—non-current | $ | (14,944 | ) | $ | (7,913 | ) | $ | 1,278 | |||||
Total net deferred tax assets/(liabilities) | $ | (14,775 | ) | $ | (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, 2014 and 2013 are attributed primarily to the Company’s Canadian, Puerto Rican and Chilean entities. The net change in valuation allowance increased by $11.8 million and $99.5 million during the years ended December 31, 2014 and December 31, 2013, respectively. | |||||||||||||
As of December 31, 2014, the Company had U.S federal and state net operating loss carryforwards in the amount of $225.6 million and $25.5 million, respectively. These net operating loss carryforwards are available to reduce future taxable income and will begin to expire commencing in 2032 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”) and credit carryforwards, as well as built-in loss items, 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 U.S. 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 experienced a change in ownership on May 14, 2014. As a result, the Company’s NOL carryforwards and credits generated through the date of change are subject to an annual limitation under Section 382. Accordingly, if the Company generates sufficient taxable income, the NOL carryforwards or credits prior to the change in ownership are not expected to expire unutilized due to the Section 382 Limitation as of May 14, 2014. | |||||||||||||
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, 2014, 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, 2014. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and foreign jurisdictions for its Canadian, Chilean and Puerto Rican operations. The Company’s U.S. and foreign income tax returns for 2010 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, 2014, 2013 and 2012. | |||||||||||||
The Company has not established deferred income taxes with respect to $7.6 million of undistributed earnings of its Chilean subsidiary, since any U.S. income tax liability would be offset in whole by allowable tax credits deriving from income taxes paid to that foreign jurisdiction. | |||||||||||||
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. Act No. 73 of 2008, as amended, known as the “Economic Incentives for the Development of Puerto Rico Act” (the “Act”), promotes the development of green energy projects through economic incentives to reduce the island’s dependency on oil. The Act 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 15 year period and is scheduled to terminate on December 31, 2026. The impact of the tax holiday decreased foreign deferred tax expense by $2.1 million for 2014. The impact of the tax holiday on net income per share of Class A common stock- basic and diluted and Class B common stock- basic and diluted were $0.0502 and $0.1368, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Stockholders' Equity | 14 | Stockholders’ Equity | |||||||||||||||
Common Stock | |||||||||||||||||
Below is a summary of the rights and preferences of the Company’s Class A and Class B common stock as of December 31, 2014 and 2013. The Company’s Class B common stock converted on a one-to-one basis into Class A common stock on December 31, 2014. | |||||||||||||||||
Voting Rights | |||||||||||||||||
Holders of the Company’s Class A common stock and Class B common stock are entitled to one vote per share on all matters submitted to a vote of stockholders and will vote as a single class under all circumstances, unless otherwise required by law. Shares held by Pattern Development are entitled to certain approval rights if Pattern Development beneficially owns not less than thirty-three and one-third percent of the Company’s outstanding common stock, pursuant to the Shareholder Approval Rights Agreement between the Company and Pattern Development dated October 2, 2013. | |||||||||||||||||
Dividend Rights | |||||||||||||||||
Holders of Class A common stock are eligible to receive dividends on common stock held when funds are available and as approved by the Board of Directors. The Class B common stock converted after the determination of holders of record of Class A common stock, following the close of trading on December 31, 2014. On October 29, 2014, the Company declared its fourth quarter 2014 dividend, payable on January 30, 2015, to holders of record on December 31, 2014, in the amount of $0.335 per Class A common stock, which represents $1.34 on an annualized basis. | |||||||||||||||||
Liquidation Rights | |||||||||||||||||
In the event of any liquidation, dissolution or winding-up of the Company, holders of Class A common stock will be entitled to share ratably 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, 2014 and 2013, there was no preferred stock issued and outstanding. | |||||||||||||||||
Conversion | |||||||||||||||||
Upon the later of December 31, 2014 and the date on which its South Kent project achieves commercial operations (“Conversion Event”), all of the outstanding Class B common stock automatically convert, on a one-for-one basis, into Class A shares. There are no other conversion rights attached to Class B common stock. The Company’s South Kent project achieved commercial operations on March 28, 2014 and as a result, the Company’s Class B common stock converted into Class A common stock on December 31, 2014. | |||||||||||||||||
Class B Common Stock—Beneficial Conversion Feature | |||||||||||||||||
The contingency on the conversion of the Class B common stock was removed when the South Kent project achieved commercial operations on March 28, 2014. The removal of this contingency resulted in the recognition of a beneficial conversion feature in the Company’s additional paid-in capital account. The beneficial conversion feature represents the intrinsic value of the conversion feature, which is measured as the difference between the fair value of Class B common stock and the fair value of Class A common stock, into which the Class B common stock is convertible, as of October 2, 2013, which is the date of the Company’s initial public offering. The beneficial conversion feature is accreted on a straight-line basis from March 28, 2014 through December 31, 2014 into the Company’s additional paid-in capital account in the consolidated statements of stockholders’ equity, as there are no available retained earnings. | |||||||||||||||||
Noncontrolling Interests | |||||||||||||||||
The following table presents the noncontrolling interest balances, reported in stockholders’ equity in the consolidated balance sheets by project as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Noncontrolling Ownership Percentage | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gulf Wind | $ | 97,061 | $ | 99,794 | 60 | % | 60 | % | |||||||||
El Arrayán | 35,624 | — | 30 | % | N/A | ||||||||||||
Panhandle 1 | 205,333 | — | 21 | % | N/A | ||||||||||||
Panhandle 2 | 192,568 | — | 19 | % | N/A | ||||||||||||
Noncontrolling interest | $ | 530,586 | $ | 99,794 | |||||||||||||
Equity_Incentive_Award_Plan
Equity Incentive Award Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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. During 2014, the Company granted 161,757 RSAs to certain employees and 16,332 RSAs to certain directors. As of December 31, 2014, 2,292,642 aggregate number of Class A shares were available for issuance under the 2013 Plan. | |||||||||||||||||
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 is 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. | |||||||||||||||||
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 $4.1 million and $0.5 million for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
For the years ended December 31, 2014 and 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, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options: | |||||||||||||||||
Risk-free interest rate | 1.68 | % | 1.68 | % | |||||||||||||
Expected life (in years) | 5.8 | 5.8 | |||||||||||||||
Expected volatility | 36 | % | 36 | % | |||||||||||||
Expected dividend yield | 5.7 | 5.7 | |||||||||||||||
The following table summarizes stock option activity under the 2013 Plan for the year ended December 31, 2014: | |||||||||||||||||
Weighted Average | |||||||||||||||||
Remaining | |||||||||||||||||
Number of Options | Weighted Average | Contractual Life | Aggregate | ||||||||||||||
Outstanding | Exercise Price | (in years) | Instrinsic Value | ||||||||||||||
Outstanding at December 31, 2013 | 444,823 | $ | 22 | ||||||||||||||
Exercised | (14,861 | ) | 22 | $ | 108,191 | ||||||||||||
Outstanding at December 31, 2014 | 429,962 | $ | 22 | 8.8 | $ | 1,143,699 | |||||||||||
Exercisable at December 31, 2014 | 170,434 | $ | 22 | 8.8 | $ | 453,354 | |||||||||||
Vested and expected to vest as of December 31, 2014 | 429,962 | $ | 22 | 8.8 | $ | 1,143,699 | |||||||||||
The aggregate intrinsic value of options exercised was $0.1 million and $0 for the years ended December 31, 2014 and 2013. Intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price at the time of option exercise. The total cash received from employees as a result of employee stock option exercises during fiscal year 2014 was $0.3 million. No employee stock options were exercised during the year ended December 31, 2013. | |||||||||||||||||
As of December 31, 2014 the total unrecorded stock-based compensation expense for unvested stock options shares was $1.1 million, which is expected to be amortized over a weighted-average period of 1.8 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
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 following table summarizes restricted stock awards activity under the 2013 Plan for the year ended December 31, 2014: | |||||||||||||||||
Weighted Average | Aggregate | ||||||||||||||||
Number of RSAs | Grant Date | Intrinsic | |||||||||||||||
Outstanding | Fair Value | Value | |||||||||||||||
Balance at December 31, 2013 | 76,262 | 22.53 | |||||||||||||||
Granted | 178,089 | 27.54 | |||||||||||||||
Released | (81,914 | ) | 26.64 | ||||||||||||||
Forfeited | (2,174 | ) | 27.03 | ||||||||||||||
Repurchased for employee tax withholding | (24,531 | ) | 26.44 | ||||||||||||||
Balance at December 31, 2014 | 145,732 | $ | 25.62 | $ | 3,593,751 | ||||||||||||
For the years ended December 31, 2014 and 2013, the total fair value of restricted stock awards released was $2.9 million and $0.2 million, based on the weighted average grant date fair values of $26.64 and $24.15 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
As of December 31, 2014, the total unrecorded stock-based compensation expense for unreleased restricted stock awards was $3.1 million, which is expected to be amortized over a weighted-average period of 1.8 years. | |||||||||||||||||
Restricted Stock Awards that contain Performance Conditions | |||||||||||||||||
During the year ended December 31, 2014, the Company recorded compensation expense of $0.6 million related to restricted stock awards, granted in March 2014, that will be released to senior management personnel once performance conditions have been met. These awards include 27,717 shares of restricted stock, with a weighted average grant date fair value of $27.03 that will be released if the Company reaches its cash available for distribution target as of December 31, 2014. On December 31, 2014, the performance condition was met. | |||||||||||||||||
As of December 31, 2014, there were no unvested restricted stock awards that contain performance conditions. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 16 | Earnings Per Share | |||||||
The Company computes earnings (loss) per share (“EPS”) for Class A and Class B common stock using the two-class method. The Company computes diluted EPS for Class A and Class B common stock using either the two-class method or the if-converted method, whichever is more dilutive. Class B common stock was converted to Class A common stock on a one-to-one basis on December 31, 2014. The computation of diluted EPS of Class A common stock included the impact of the conversion of the Class B common stock, if dilutive for Class A common stock, using the two class method or the if-converted method, whichever was more dilutive. The rights, including voting and liquidation rights, of the holders of the Class A and Class B common stock were identical, except with respect to dividends, as the Class B common stock were not entitled to dividends. | |||||||||
Basic EPS is computed for each class of common stock by allocating net income attributable to controlling interest to Class A common stock for dividends declared or accumulated during the current period that must be paid for the current period, and to Class B common stock for deemed dividends representing accretion from the beneficial conversion feature. Net loss attributable to common stockholders is allocated to Class A and Class B common stock proportionally, as if all of the losses for the period have been distributed. Net income attributable to common stockholders is allocated only to Class A common stock because Class B common stock is not entitled to receive distributions. | |||||||||
Diluted EPS is computed by dividing net income attributable to controlling interest by the weighted-average number of common shares and potentially dilutive common shares outstanding, for each respective class of common 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. | |||||||||
The computations for basic and diluted earnings (loss) per share are as follows: | |||||||||
Year ended December 31, | |||||||||
2014 | 2013 | ||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||
Net loss attributable to controlling interest | $ | (31,290 | ) | $ | (13,336 | ) | |||
Less: dividends declared | (56,976 | ) | (11,103 | ) | |||||
Less: deemed dividends | (21,901 | ) | — | ||||||
Undistributed loss | $ | (110,167 | ) | $ | (24,439 | ) | |||
Denominator for basic and diluted loss per share: | |||||||||
Weighted average number of shares: | |||||||||
Class A common stock—basic | 42,361,959 | 35,448,056 | |||||||
Add dilutive effect of: | |||||||||
Stock options | 52,915 | 14,462 | |||||||
Restricted stock awards | 27,401 | 38,131 | |||||||
Class B common stock | 15,555,000 | 15,555,000 | |||||||
Class A common stock—fully diluted | 57,997,275 | 51,055,649 | |||||||
Less: antidilutive securities | |||||||||
Stock options | (52,915 | ) | (14,462 | ) | |||||
Restricted stock awards | (27,401 | ) | (38,131 | ) | |||||
Class B common stock | (15,555,000 | ) | (15,555,000 | ) | |||||
Class A common stock—diluted (excluding antidilutive securities) | 42,361,959 | 35,448,056 | |||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | |||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||
Class A common stock: | |||||||||
Dividends | $ | 1.34 | $ | 0.31 | |||||
Undistributed loss | (1.90 | ) | (0.48 | ) | |||||
Basic loss per share | $ | (0.56 | ) | $ | (0.17 | ) | |||
Class A common stock: | |||||||||
Diluted loss per share | $ | (0.56 | ) | $ | (0.17 | ) | |||
Class B common stock: | |||||||||
Deemed dividends | $ | 1.41 | $ | — | |||||
Undistributed loss | (1.90 | ) | (0.48 | ) | |||||
Basic and diluted loss per share | $ | (0.49 | ) | $ | (0.48 | ) | |||
Cash dividends declared per Class A common share | $ | 1.3 | $ | 0.31 | |||||
Deemed dividends per Class B common share | $ | 1.41 | $ | — | |||||
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
United States | $ | 201,408 | $ | 161,505 | $ | 73,089 | $ | 1,784,219 | $ | 1,210,319 | |||||||||||
Canada | 46,593 | 40,068 | 41,439 | 233,690 | 265,823 | ||||||||||||||||
Chile | 17,492 | — | — | 332,947 | — | ||||||||||||||||
Total | $ | 265,493 | $ | 201,573 | $ | 114,528 | $ | 2,350,856 | $ | 1,476,142 | |||||||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Warranties | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014, 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, 2014, the Company issued irrevocable letters of credit totaling $107.1 million, of which $45.1 million was from the Company’s revolving credit facility, to ensure performance under these various project finance agreements. | |||||
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 $8.8 million, $6.1 million and $4.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
The future minimum payments related to these leases as of December 31, 2014, are as follows (in thousands): | |||||
For the year ending December 31, | |||||
2015 | $ | 5,971 | |||
2016 | 5,406 | ||||
2017 | 5,412 | ||||
2018 | 5,418 | ||||
2019 | 5,425 | ||||
Thereafter | 141,443 | ||||
Total | $ | 169,075 | |||
Service and Maintenance Agreements | |||||
The Company has entered into service and maintenance agreements with third party contractors to provide operations and maintenance services, modifications and upgrades for varying periods over the next twelve years. As of December 31, 2014, outstanding commitments with these vendors were $353.4 million, payable over the full term of these agreements. | |||||
The following table presents operations and maintenance commitments over the next five years (in thousands): | |||||
For the year ending December 31, | |||||
2015 | $ | 40,118 | |||
2016 | 44,583 | ||||
2017 | 44,387 | ||||
2018 | 38,746 | ||||
2019 | 36,707 | ||||
Thereafter | 148,872 | ||||
Total | $ | 353,413 | |||
Purchase, Construction and Other 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 operations and maintenance commitments were $16.7 million, as of December 31, 2014. The Company also has construction-related open commitments of $171.0 million as of December 31, 2014. In addition, the Company has a commitment to purchase $6.3 million of wind turbine spare parts from a third party contractor under a maintenance and service agreement. | |||||
The Company has total commitments of $6.7 million over approximately the next 20 years to local community and government organizations surrounding certain wind farms. | |||||
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, 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. As of December 31, 2014 and 2013, the Company did not record a contingent liability associated with bonuses to the turbine manufacturers. | |||||
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. As of December 31, 2014 and 2013, the Company recorded $0.6 million and $2.2 million, respectively, in accrued liability, representing the maximum future refund of liquidated damage payments to the turbine manufacturer. The warranty settlements received, net of the maximum potential future refund to the wind turbine manufacturer were recorded as other revenue in the consolidated statements of operations. | |||||
Long-Term Service Guarantees | |||||
The Company has service guarantees from its turbine service and maintenance providers. These service guarantees are associated with long-term turbine service arrangements which commenced on various dates in 2014 and will commence on various dates in 2015 for certain wind projects. Pursuant to these guarantees, if a turbine operates at less than minimum availability during the guarantee period, the service provider is obligated to pay, as liquidated damages, a fee for each percent that the turbine operates below the minimum availability threshold. In addition, pursuant to certain of these guarantees, if a turbine operates at more than a specified availability during the guarantee period, the Company has an obligation to pay a bonus to the service provider. As of December 31, 2014, the Company recorded liabilities of $0.2 million associated with bonuses to service providers. | |||||
Contingent Liabilities | |||||
In 2014, the Company recorded a contingent obligation, payable to a third party, related to the acquisition of Logan’s Gap. Pursuant to the agreement, the Company is obligated to pay an additional $4.0 million upon the earlier of commercial operations or tax equity funding, which is expected to occur in the fourth quarter of 2015. | |||||
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. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Project expense | $ | — | $ | 1,995 | $ | 1,998 | |||||||
Related party general and administrative | 5,787 | 8,169 | 10,604 | ||||||||||
Related party income | (2,612 | ) | (665 | ) | — | ||||||||
Other income, net | — | (551 | ) | (210 | ) | ||||||||
Total | $ | 3,175 | $ | 8,948 | $ | 12,392 | |||||||
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, 2014 and 2013, the net amounts payable to Pattern Development for these purchases were $0.8 million and $1.2 million, respectively. In addition, the Company recorded a receivable of $0.1 million and $0 for the years ended December 31, 2014 and 2013, respectively, for IPO cost reimbursements due from Pattern Development. | |||||||||||||
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, 2014 and 2013, 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 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 C$5.0 million, or $4.3 million based on the exchange rate as of December 31, 2014, as calculated based on final budget to actual amounts and distributions payable to Pattern Development upon term conversion. | |||||||||||||
On June 25, 2014, the Company acquired a 100% equity interest in AEI El Arrayán, an entity holding a 38.5% indirect interest in El Arrayán, for a total purchase price of approximately $45.3 million. The Company owned a 31.5% indirect interest in El Arrayán prior to acquiring the additional 38.5% interest in order to obtain majority control, or 70% interest, in the project. El Arrayán is a 115 MW wind power project, located in Ovalle, Chile. | |||||||||||||
On June 30, 2014, the Company acquired 100% of the Class B membership interests in the Panhandle 1 wind project, representing a 79% initial ownership interest in the project’s distributable cash flow, through the acquisition of Panhandle Wind Holdings LLC, from Pattern Development, for a purchase price of approximately $124.4 million. This represents a 172 MW interest in the 218 MW wind project, located in Carson County, Texas. | |||||||||||||
On September 5, 2014, the Company exercised its right to acquire the name “Pattern” and the Pattern logo from Pattern Development pursuant to a Service Mark Purchase and Sale Agreement for a purchase price of $1. The Company granted to Pattern Development a license to use the name “Pattern” and the Pattern logo. | |||||||||||||
On November 10, 2014, the Company completed its acquisition of 100% of the Class B membership interests in the Panhandle 2 wind project, representing a 81% initial ownership interest in the project’s distributable cash flow, through the acquisition of Panhandle B Member 2, from Pattern Development, for a purchase price of approximately $123.8 million, which includes debt assumed of $195.4 million that was repaid immediately after acquisition. This represents a 147 MW interest in the 182 MW wind project, located in Carson County, Texas. | |||||||||||||
On December 19, 2014, the Company acquired 100% of the membership interests in Logan’s Gap from Pattern Development, for a purchase price of approximately $15.1 million. In connection with the acquisition, as of December 31, 2014, the Company has a related party payable of $5.0 million to Pattern Development. In addition, the Company has a contingent payment of up to $4.0 million to an unrelated third party at the earlier of (a) commercial operations or (b) tax equity funding. Logan’s Gap is a 164 MW wind project located in Comanche County, Texas. | |||||||||||||
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 its joint venture investees, South Kent, Grand and, prior to its acquisition on June 25, 2014, El Arrayán. Management fees of $3.3 million and $0.9 million were recorded as related party revenue in the consolidated statements of operations for the years ended December 31, 2014 and 2013, respectively and a related party receivable of $0.7 million and $0.2 million were recorded in the consolidated balance sheet as of December 31, 2014 and 2013, respectively. The Company eliminates the intercompany profit from management fees related to its ownership interest in South Kent and Grand. Management fees related to El Arrayán, earned subsequent to June 25, 2014, are eliminated upon consolidation. | |||||||||||||
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 years ended December 31, 2014 and 2013, the Company contributed $0.3 million and $0.1 million, respectively, 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 year ended December 31, 2012. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 two year period ended December 31, 2014. 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 per share data: | |||||||||||||||||
Three months ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Revenue | $ | 79,418 | $ | 71,519 | $ | 65,007 | $ | 49,549 | |||||||||
Gross profit | $ | 26,311 | $ | 17,669 | $ | 27,023 | $ | 12,298 | |||||||||
Net (loss) income | $ | (15,986 | ) | $ | (9,281 | ) | $ | 7,167 | $ | (21,899 | ) | ||||||
Net (loss) income attributable to noncontrolling interest | $ | 4,406 | $ | (2,073 | ) | $ | (4,032 | ) | $ | (7,010 | ) | ||||||
Net (loss) income attributable to controlling interest | $ | (20,392 | ) | $ | (7,208 | ) | $ | 11,199 | $ | (14,889 | ) | ||||||
Basic (loss) earnings per share—Class A | $ | (0.36 | ) | $ | (0.15 | ) | $ | 0.17 | $ | (0.20 | ) | ||||||
Diluted (loss) earnings per share—Class A | $ | (0.36 | ) | $ | (0.15 | ) | $ | 0.16 | $ | (0.29 | ) | ||||||
Basic and diluted earnings (loss) per share—Class B | $ | (0.23 | ) | $ | (0.02 | ) | $ | 0.28 | $ | (0.51 | ) | ||||||
Cash dividends declared per Class A common share | $ | 0.34 | $ | 0.33 | $ | 0.32 | $ | 0.31 | |||||||||
Deemed dividends on Class B common shares | $ | 0.46 | $ | 0.46 | $ | 0.48 | $ | — | |||||||||
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 | |||||||||||
In connection with the preparation of the consolidated financial statements for the periods ended September 30, 2014, June 30, 2014 and March 31, 2014, errors in the reporting and computation and disclosure of earnings (loss) per share were identified. | |||||||||||||||||
For the three and nine month periods ended September 30, 2014, the Company determined it made an error in reporting the weighted average number of shares outstanding of Class A common stock which affected the earnings (loss) per share calculations reported. | |||||||||||||||||
The Company evaluated the materiality of this error in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and concluded that this error, individually and in the aggregate, was immaterial to the three and nine months ended September 30, 2014. While the adjustment was immaterial, the Company has elected to revise the previously reported weighted average shares outstanding and basic and diluted earnings per share, for the three and nine months ended September 30, 2014. | |||||||||||||||||
For the three and six month periods ended June 30, 2014, the Company determined that the computation of earnings (loss) per share did not correctly consider the recognition of a beneficial conversion feature of the Class B common stock and the subsequent accretion of this beneficial conversion feature, as a result of the commencement of commercial operations at the Company’s South Kent project, on March 28, 2014. The recognition of this beneficial conversion feature and subsequent accretion had no net impact to the consolidated balance sheets, consolidated statement of stockholders’ equity or consolidated statements of cash flows, and no impact on net income in the consolidated statements of operations. However, the subsequent accretion of the beneficial conversion feature is considered a deemed dividend to the Class B common stockholders for the purposes of calculating net loss attributable to common stockholders and earnings (loss) per share. The deemed dividend does not represent a current or future distribution of the Company’s earnings. | |||||||||||||||||
For the three month period ended March 31, 2014, the Company determined that the computation and disclosure of Class A diluted earnings per share did not correctly consider that upon the commercial operation date of South Kent on March 28, 2014, the “if-converted” method of calculating diluted earnings (loss) per share would result in a more dilutive result than the previously applied “two-class” method of calculating diluted earnings (loss) per share. The more dilutive result of these two methods should have been reported on the Company’s consolidated statements of operations. | |||||||||||||||||
For each of the periods ended June 30, 2014 and March 31, 2014, the Company evaluated the materiality of the errors identified in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and concluded that the errors, individually and in the aggregate, were material and as a result, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, were restated to correct errors in the computation and disclosure of earnings (loss) per share. | |||||||||||||||||
The following table presents the basic and diluted earnings (loss) per share as previously reported and as revised for the three and nine months ended September 30, 2014: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||||||
Net loss attributable to controlling interest | $ | (7,208 | ) | $ | (7,208 | ) | $ | (10,898 | ) | $ | (10,898 | ) | |||||
Less: cash dividends declared on Class A common shares | (15,258 | ) | (15,258 | ) | (41,395 | ) | (41,395 | ) | |||||||||
Less: deemed dividends on Class B common shares | (7,222 | ) | (7,222 | ) | (14,679 | ) | (14,679 | ) | |||||||||
Net loss attributable to common stockholders | $ | (29,688 | ) | $ | (29,688 | ) | $ | (66,972 | ) | $ | (66,972 | ) | |||||
Denominator for basic and diluted loss per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 40,980,989 | 46,317,932 | 38,342,998 | 41,022,962 | |||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 133,197 | 133,197 | 112,252 | 112,252 | |||||||||||||
Restricted stock awards | 191,451 | 191,451 | 191,451 | 191,451 | |||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Class A common stock—fully diluted | 56,860,637 | 62,197,580 | 54,201,701 | 56,881,665 | |||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | (133,197 | ) | (133,197 | ) | (112,252 | ) | (112,252 | ) | |||||||||
Restricted stock awards | (191,451 | ) | (191,451 | ) | (191,451 | ) | (191,451 | ) | |||||||||
Class B common stock | (15,555,000 | ) | (15,555,000 | ) | — | — | |||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 40,980,989 | 46,317,932 | 53,897,998 | 56,577,962 | |||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 0.37 | $ | 0.33 | $ | 1.08 | $ | 1.01 | |||||||||
Undistributed loss | (0.53 | ) | (0.48 | ) | (1.24 | ) | (1.18 | ) | |||||||||
Basic loss per share | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.17 | ) | |||||
Class A common stock: | |||||||||||||||||
Diluted loss per share | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.20 | ) | $ | (0.19 | ) | |||||
Class B common stock: | |||||||||||||||||
Deemed dividends | $ | 0.46 | $ | 0.46 | $ | 0.94 | $ | 0.94 | |||||||||
Undistributed loss | (0.53 | ) | (0.48 | ) | (1.24 | ) | (1.18 | ) | |||||||||
Basic and diluted loss per share | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.30 | ) | $ | (0.24 | ) | |||||
Cash dividends declared per Class A common share | $ | 0.33 | $ | 0.33 | $ | 0.96 | $ | 0.96 | |||||||||
Deemed dividends per Class B common share | $ | 0.46 | $ | 0.46 | $ | 0.94 | $ | 0.94 | |||||||||
The following table presents the basic and diluted earnings (loss) per share as previously reported and as revised for the three and six months ended June 30, 2014: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||
As Reported | As Restated | As Reported | As Restated | ||||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 11,199 | $ | 11,199 | $ | (3,690 | ) | $ | (3,690 | ) | |||||||
Less: cash dividends declared on Class A common shares | (14,981 | ) | (14,981 | ) | (26,138 | ) | (26,138 | ) | |||||||||
Less: deemed dividends on Class B common shares | — | (7,457 | ) | — | (7,457 | ) | |||||||||||
Net loss attributable to common stockholders | $ | (3,782 | ) | $ | (11,239 | ) | $ | (29,828 | ) | $ | (37,285 | ) | |||||
Denominator for earnings (loss) per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 41,174,697 | 41,174,697 | 38,331,595 | 38,331,595 | |||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 107,979 | 107,979 | 100,814 | 100,814 | |||||||||||||
Restricted stock awards | 227,543 | 227,543 | 227,543 | 227,543 | |||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Class A common stock—fully diluted | 57,065,219 | 57,065,219 | 54,214,952 | 54,214,952 | |||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | — | — | — | (100,814 | ) | ||||||||||||
Restricted stock awards | — | — | — | (227,543 | ) | ||||||||||||
Class B common stock | — | (15,555,000 | ) | — | — | ||||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 57,065,219 | 41,510,219 | 54,214,953 | 53,886,595 | |||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 0.36 | $ | 0.36 | $ | 0.68 | $ | 0.68 | |||||||||
Undistributed loss | (0.07 | ) | (0.20 | ) | (0.55 | ) | (0.69 | ) | |||||||||
Basic earnings (loss) per share | $ | 0.3 | $ | 0.17 | $ | 0.13 | $ | (0.01 | ) | ||||||||
Class A common stock: | |||||||||||||||||
Diluted earnings (loss) per share | $ | 0.2 | $ | 0.16 | $ | (0.07 | ) | $ | (0.07 | ) | |||||||
Class B common stock: | |||||||||||||||||
Deemed dividends | $ | — | $ | 0.48 | $ | — | $ | 0.48 | |||||||||
Undistributed loss | (0.07 | ) | (0.20 | ) | (0.55 | ) | (0.69 | ) | |||||||||
Basic and diluted earnings (loss) per share | $ | (0.07 | ) | $ | 0.28 | $ | (0.55 | ) | $ | (0.21 | ) | ||||||
Cash dividends declared per Class A common share | $ | — | $ | 0.32 | $ | — | $ | 0.63 | |||||||||
Deemed dividends per Class B common share | $ | — | $ | 0.48 | $ | — | $ | 0.48 | |||||||||
The following table presents the basic and diluted earnings (loss) per share as previously reported and as revised for the three months ended March 31, 2014: | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
As Reported | As Restated | ||||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (14,889 | ) | $ | (14,889 | ) | |||||||||||
Less: cash dividends declared on Class A common shares | (11,179 | ) | (11,179 | ) | |||||||||||||
Net loss attributable to common stockholders | $ | (26,068 | ) | $ | (26,068 | ) | |||||||||||
Denominator for loss per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 35,533,166 | 35,533,166 | |||||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 95,219 | 95,219 | |||||||||||||||
Restricted stock awards | 238,546 | 238,546 | |||||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | |||||||||||||||
Class A common stock—fully diluted | 51,421,931 | 51,421,931 | |||||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | (95,219 | ) | — | ||||||||||||||
Restricted stock awards | (238,546 | ) | — | ||||||||||||||
Class B common stock | (15,555,000 | ) | — | ||||||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 35,533,166 | 51,421,931 | |||||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | |||||||||||||||
Calculation of basic and diluted loss per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 0.31 | $ | 0.31 | |||||||||||||
Undistributed loss | (0.51 | ) | (0.51 | ) | |||||||||||||
Basic loss per share | $ | (0.20 | ) | $ | (0.20 | ) | |||||||||||
Class A common stock: | |||||||||||||||||
Diluted loss per share | $ | (0.20 | ) | $ | (0.29 | ) | |||||||||||
Class B common stock: | |||||||||||||||||
Basic and diluted loss per share | $ | (0.51 | ) | $ | (0.51 | ) |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events | 21 | Subsequent Events | |
On February 24, 2015, the Company approved an increased dividend for the first quarter 2015, payable on April 30, 2015, to holders of record on March 31, 2015, in the amount of $0.342 per Class A share, which represents $1.368 on an annualized basis. This represents a 2% increase from the fourth quarter 2014 dividend of $0.335. | |||
On February 9, 2015, the Company completed an underwritten public offering of its Class A common stock. In total, 12,000,000 shares of the Company’s Class A common stock were sold. Of this amount, the Company issued and sold 7,000,000 shares of its Class A common stock and Pattern Development, the selling stockholder, sold 5,000,000 shares of its Class A common stock. The Company received net proceeds of approximately $196.6 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company did not receive any proceeds from the sale of shares sold by Pattern Development. As a result of the sale of shares by Pattern Development, its ownership interest in the Company decreased from 35% to 25% and it is no longer entitled to certain approval rights pursuant to the Shareholder Approval Rights Agreement dated October 2, 2013. |
Schedule_ICondensed_ParentComp
Schedule I-Condensed Parent-Company Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 34,772 | $ | 75,776 | |||||||||
Related party receivable | 1,982 | 1,000 | |||||||||||
Current deferred tax assets | 307 | — | |||||||||||
Prepaid expenses and other current assets | 4,484 | 446 | |||||||||||
Total current assets | 41,545 | 77,222 | |||||||||||
Investments in subsidiaries | 586,641 | 300,216 | |||||||||||
Investments in affiliates | 29,079 | 107,055 | |||||||||||
Net deferred tax assets | 147 | 573 | |||||||||||
Other assets | 85 | — | |||||||||||
Total assets | $ | 657,497 | $ | 485,066 | |||||||||
Liabilities and equity | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable and other accrued liabilities | $ | 6,404 | $ | 4,513 | |||||||||
Related party payable | 757 | 667 | |||||||||||
Dividend payable | 15,734 | 11,103 | |||||||||||
Current deferred tax liabilities | 147 | — | |||||||||||
Total current liabilities | 23,042 | 16,283 | |||||||||||
Net deferred tax liabilities | 307 | 573 | |||||||||||
Total liabilities | 23,349 | 16,856 | |||||||||||
Equity: | |||||||||||||
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 62,088,306 and 35,531,720 shares issued as of December 31, 2014 and 2013, respectively; 62,062,841 and 35,530,786 shares outstanding as of December 31, 2014 and 2013, respectively | 621 | 355 | |||||||||||
Class B convertible common stock, $0.01 par value per share: 20,000,000 shares authorized; 0 and 15,555,000 shares issued as of December 31, 2014 and 2013, respectively; 0 and 15,555,000 outstanding as of December 31, 2014 and 2013, respectively | — | 156 | |||||||||||
Additional paid-in capital | 696,378 | 461,852 | |||||||||||
Capital | — | — | |||||||||||
Accumulated (loss) income | (17,066 | ) | 14,224 | ||||||||||
Accumulated other comprehensive loss | (45,068 | ) | (8,353 | ) | |||||||||
Treasury stock, at cost; 25,465 and 934 shares of Class A common stock as of December 31, 2014 and 2013, respectively | (717 | ) | (24 | ) | |||||||||
Total equity | 634,148 | 468,210 | |||||||||||
Total liabilities and equity | $ | 657,497 | $ | 485,066 | |||||||||
See accompanying notes to parent company financial statements | |||||||||||||
Pattern Energy Group Inc. | |||||||||||||
Condensed Financial Information of Parent | |||||||||||||
Statements of Operations and Comprehensive Income (Loss) | |||||||||||||
(In thousands of U.S. dollars) | |||||||||||||
Year ended December 31, | October 17, 2012 | ||||||||||||
(initial capitalization) | |||||||||||||
2014 | 2013 | to December 31, 2012 | |||||||||||
Revenue | $ | — | $ | — | $ | — | |||||||
Expenses | 23,089 | 3,630 | 7 | ||||||||||
Operating loss | (23,089 | ) | (3,630 | ) | (7 | ) | |||||||
Other income (expense): | |||||||||||||
Equity in earnings (loss) from subsidiaries | 18,064 | 12,641 | (2,688 | ) | |||||||||
Equity in (loss) earnings from affiliates | (25,295 | ) | 7,846 | (40 | ) | ||||||||
Related party income | 2,612 | 665 | — | ||||||||||
Other expenses, net | (3,566 | ) | (563 | ) | — | ||||||||
Other (expense) income | (8,185 | ) | 20,589 | (2,728 | ) | ||||||||
Net (loss) income before income tax | (31,274 | ) | 16,959 | (2,735 | ) | ||||||||
Tax provision | 16 | — | — | ||||||||||
Net (loss) income | (31,290 | ) | 16,959 | (2,735 | ) | ||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Proportionate share of subsidiaries’ other comprehensive (loss) income activity, net of tax benefit of $734, $0 and $0, respectively | (30,724 | ) | 23,478 | 1,876 | |||||||||
Proportionate share of equity investee’s other comprehensive (loss) income activity, net of tax benefit (provision) of $1,855, ($615) and $302, respectively | (5,991 | ) | 2,473 | — | |||||||||
Total other comprehensive (loss) income, net of tax | (36,715 | ) | 25,951 | 1,876 | |||||||||
Comprehensive (loss) income | $ | (68,005 | ) | $ | 42,910 | $ | (859 | ) | |||||
See accompanying notes to parent company financial statements | |||||||||||||
Pattern Energy Group Inc. | |||||||||||||
Condensed Financial Information of Parent | |||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
(In thousands of U.S. dollars) | |||||||||||||
Year ended December 31, | October 17, 2012 | ||||||||||||
(initial capitalization) | |||||||||||||
2014 | 2013 | to December 31, 2012 | |||||||||||
Operating activities | |||||||||||||
Net (loss) income | $ | (31,290 | ) | $ | 16,959 | $ | (2,735 | ) | |||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||||||||||||
Stock-based compensation | 4,105 | 511 | — | ||||||||||
Net loss on transactions | 1,473 | — | — | ||||||||||
Equity in (earnings) loss from subsidiaries | (18,064 | ) | (12,641 | ) | 2,688 | ||||||||
Equity in loss (earnings) from affiliates | 25,295 | (7,846 | ) | 40 | |||||||||
Changes in operating assets and liabilities: | |||||||||||||
Prepaid expenses and other current assets | (3,545 | ) | (446 | ) | — | ||||||||
Accounts payable and other accrued liabilities | 1,999 | 93 | 7 | ||||||||||
Related party receivable/payable | (639 | ) | (1,007 | ) | — | ||||||||
Net cash used in operating activities | (20,666 | ) | (4,377 | ) | — | ||||||||
Investing activities | |||||||||||||
Distribution from subsidiaries | 108,581 | 233,226 | — | ||||||||||
Contribution to subsidiaries | (362,533 | ) | (172,130 | ) | — | ||||||||
Net cash (used in) provided by investing activities | (253,952 | ) | 61,096 | — | |||||||||
Financing activities | |||||||||||||
Proceeds from public offering, net of expenses | 286,757 | 317,926 | — | ||||||||||
Proceeds from exercise of stock options | 327 | — | — | ||||||||||
Repurchase of shares for employee tax withholding | (693 | ) | (24 | ) | — | ||||||||
Capital contributions—Pattern Development | — | 32,678 | 1 | ||||||||||
Capital distributions—Pattern Development | — | (98,884 | ) | — | |||||||||
Capital distributions—Contribution Transactions | — | (232,640 | ) | — | |||||||||
Dividends paid | (52,344 | ) | — | — | |||||||||
Payment for deferred equity issuance costs | (433 | ) | — | — | |||||||||
Net cash provided by financing activities | 233,614 | 19,056 | 1 | ||||||||||
Net change in cash and cash equivalents | (41,004 | ) | 75,775 | 1 | |||||||||
Cash and cash equivalents at beginning of period | 75,776 | 1 | — | ||||||||||
Cash and cash equivalents at end of period | $ | 34,772 | $ | 75,776 | $ | 1 | |||||||
Schedule of non-cash activities | |||||||||||||
Investments in subsidiaries | $ | — | $ | — | $ | 514,117 | |||||||
See accompanying notes to parent company financial statements | |||||||||||||
Pattern Energy Group Inc. | |||||||||||||
Note to Parent Company Financial Statements | |||||||||||||
Supplemental Notes | |||||||||||||
1 | Summary of Significant Accounting Policies | ||||||||||||
Basis of Presentation | |||||||||||||
The condensed, standalone, financial statements of Pattern Energy Group Inc. (“parent company”) have been presented in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the subsidiaries of the parent company exceed 25% of the consolidated net assets of the parent company and its subsidiaries. The condensed parent company financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with the parent company’s consolidated financial statements and the accompanying notes thereto. | |||||||||||||
Investments | |||||||||||||
For purposes of these financial statements, the parent company’s wholly owned and majority owned subsidiaries are recorded based on its proportionate share of the subsidiaries’ assets. The parent company’s share of net income of its unconsolidated subsidiaries is included in income using the equity method. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | ||||||||||||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with the 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. GAAP 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. | |||||||||||||||||||||||||
Reclassification | Reclassification | ||||||||||||||||||||||||
Certain prior period balances have been reclassified to conform to current period presentation of the Company’s consolidated financial statements and accompanying notes. Such reclassifications have no effect on previously reported balance sheet subtotals, results of operations or retained earnings. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Acquisitions | Acquisitions | ||||||||||||||||||||||||
Business Combinations | |||||||||||||||||||||||||
When we acquire a controlling interest, the purchase is accounted for using the acquisition method, and the fair value of purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess, if any, of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Conversely, the excess, if any, of the net fair values of identifiable assets and liabilities over the fair value of purchase consideration is recorded as gain. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. These estimates and assumptions are inherently uncertain, and as a result, actual results may differ from estimates. Significant estimates include, but are not limited to, future expected cash flows, useful lives and discount rates. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to either goodwill or gain, depending on whether the fair value of purchase consideration is in excess of or less than net assets acquired. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. | |||||||||||||||||||||||||
Equity Method Investments | Equity Method Investments | ||||||||||||||||||||||||
When the Company acquires a noncontrolling interest the investment is accounted for using the equity method of accounting and is initially recognized at cost. | |||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests | ||||||||||||||||||||||||
Noncontrolling interests represent the portion of the Company’s net (loss) income, net assets and comprehensive (loss) income that is not allocable to the Company and is calculated based on ownership percentage, for certain projects. | |||||||||||||||||||||||||
For the noncontrolling interests in the Company’s Gulf Wind, Panhandle 1 and Panhandle 2 projects, the Company has determined that the operating partnership agreements do 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, Panhandle 1 and Panhandle 2 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, Panhandle 1 and Panhandle 2 and the Company’s net (loss) income and comprehensive (loss) 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, Panhandle 1, Panhandle 2 and the third party. The noncontrolling interest balances in Gulf Wind, Panhandle 1 and Panhandle 2 are 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 and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in other comprehensive (loss) income, net of tax, in the accompanying consolidated statements of stockholders’ equity and comprehensive (loss) income. Where the U.S. dollar is the functional currency, re-measurement 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, that are 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 power purchase agreements (“PPAs”) and, in some cases, through individual renewable energy credits sale agreements. During the year ended December 31, 2014, Standard & Poor’s Rating Services (“S&P”) and Moody’s Investor Service (“Moody’s”) downgraded the credit rating of the Puerto Rico Electric Power Authority (“PREPA”) from BBB and Baa3 to CCC and Caa3, respectively. On December 31, 2014, the amount of trade receivables due from PREPA was $2.5 million. As of March 2, 2015, PREPA was current with respect to payments due under the PPA and the next payment will be due from PREPA under the PPA on approximately March 19, 2015. | |||||||||||||||||||||||||
The table below presents significant customers who accounted for the following percentages of total revenues and the related maximum amount of credit loss based on their percentages of total trade receivables as of December 31, 2014: | |||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Trade | Revenue | Trade | Revenue | Trade | ||||||||||||||||||||
Receivables | Receivables | Receivables | |||||||||||||||||||||||
San Diego Gas & Electric | 22.09 | % | 14.13 | % | 16.31 | % | 26.21 | % | 0.17 | % | 9.09 | % | |||||||||||||
Manitoba Hydro | 14.47 | % | 9.39 | % | 16.69 | % | 17.18 | % | 30.23 | % | 14.08 | % | |||||||||||||
Electric Reliability Council of Texas | 14.34 | % | 15.93 | % | 11.59 | % | 2.59 | % | 17.24 | % | 3.41 | % | |||||||||||||
NV Energy, Inc. | 11.07 | % | 9.98 | % | 11.57 | % | 6.54 | % | 8.82 | % | 29.16 | % | |||||||||||||
Pacific Gas & Electric | 10.93 | % | 9.54 | % | 13.77 | % | 14.47 | % | 21.79 | % | 13.81 | % | |||||||||||||
The Company’s interest rate derivative assets are placed with counterparties that are creditworthy institutions. An additional 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 interconnection 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 includes cash to collateralize bank letters of credit related primarily to interconnection rights, 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), Puerto Rico and Chilean energy markets. The Company believes that all amounts are collectible and an allowance for doubtful accounts is not required as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Reimbursable Interconnection Costs | Reimbursable Interconnection Costs | ||||||||||||||||||||||||
The Company may, from time to time, pay to construct interconnection network upgrades on behalf of the Company’s utility customers. The interconnection upgrades are owned by each utility customer who will reimburse the Company with interest when the project reaches commercial operations. | |||||||||||||||||||||||||
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 turbine assets are placed in service. | |||||||||||||||||||||||||
Deferred Development Costs | Deferred Development Costs | ||||||||||||||||||||||||
Deferred development costs represent the accumulated costs 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. Upon commencement of construction, deferred development costs are recorded as a component of construction in progress. Upon achievement of commercial operation, construction in progress, which includes deferred development costs, is reclassified to property, plant and equipment. | |||||||||||||||||||||||||
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 achieves commercial operation. | |||||||||||||||||||||||||
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets | ||||||||||||||||||||||||
Finite-lived intangible assets relate to easements and land options and mining rights. The Company amortizes finite-lived intangible assets using the straight-line method over the term of their estimated useful lives, which represents the term of the easements and land option and mining rights agreements, ranging from eleven months to twenty years. The Company periodically evaluates whether events or changes in circumstances have occurred that indicate the carrying amount of finite-lived intangible assets may not be recoverable, or information indicates that impairment may exist. | |||||||||||||||||||||||||
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 respective assets’ useful lives. Wind farms are depreciated over twenty years and the remaining assets are depreciated over two 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 long-lived assets for potential impairment whenever events or changes in circumstances have occurred that indicate that impairment may exist, or the carrying amount of the long-lived asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable based on its estimated future undiscounted cash flows. An impairment loss is calculated based on the excess of the carrying value of the long-lived asset over the fair value of such long-lived asset , with the fair value determined based on an estimate of discounted future cash flows. Through December 31, 2014, 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, unless the derivative instruments qualify for the “normal purchase normal sale” (“NPNS”) scope exception to derivative accounting. 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 (loss) income (“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 (loss) income on the consolidated statement of operations. For undesignated derivative instruments, the change in fair value is reported as a component of net (loss) income on the consolidated statement of operations. Certain of our electricity price derivatives that qualify for the NPNS scope exception to derivative accounting are accounted for under the accrual method of accounting. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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 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 that are subject to Canadian income taxes, its Chilean entities, that are subject to Chilean income taxes, a U.S. entity that is subject to Puerto Rican taxes and a U.S. entity that 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 basis 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 obligations related to projects acquired through business combinations and contingent bonuses payable to turbine service and maintenance providers associated with long-term turbine service and maintenance arrangements. Contingent liabilities are reported at fair value at each reporting period. | |||||||||||||||||||||||||
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 power sale agreements (“PSAs”) 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 PSAs 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, 2014, there were no PSAs 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 is 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 term of the stock option. 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 (Loss) Income | Comprehensive (Loss) Income | ||||||||||||||||||||||||
Comprehensive (loss) income consists of net (loss) income and other comprehensive (loss) income, net of tax. Other comprehensive (loss) income, net of tax included in accumulated other comprehensive (loss) income 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. | |||||||||||||||||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | ||||||||||||||||||||||||
In February 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” to modify the analysis that companies must perform in order to determine whether a legal entity should be consolidated. ASU 2015-02 simplifies current guidance by reducing the number of consolidation models; eliminating the risk that a reporting entity may have to consolidate based on a fee arrangement with another legal entity; placing more weight on the risk of loss in order to identify the party that has a controlling financial interest; reducing the number of instances that related party guidance needs to be applied when determining the party that has a controlling financial interest; and changing rules for companies in certain industries that ordinarily employ limited partnership or VIE structures. ASU 2015-02 is effective for public companies beginning after December 15, 2015 and interim periods within those fiscal periods. Early adoption on a modified retrospective or full retrospective basis is permitted. The Company is currently assessing the future impact of this update on its consolidated financial statements. | |||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-17, “Business Combinations: Pushdown Accounting”, which provides an entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in ASU 2014-17 are effective November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company does not anticipate that the adoption of this update will have a material impact on its consolidated financial statements. | |||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging – Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity”, which provides clarification on how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. ASU 2014-16 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the future impact of this update on its consolidated financial statements. | |||||||||||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which requires an entity’s management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted for interim and annual reporting periods for which the financial statements have not been previously issued. The Company does not anticipate that the adoption of this update will have a material impact on its consolidated financial statements. | |||||||||||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, “Compensation – Stock Compensation” which requires an entity to treat a performance target that affects vesting that could be achieved after an employee completes the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted either prospectively or retrospectively to all prior periods presented. The Company does not anticipate that the adoption of this update will have a material impact on its financial condition, results of operations or cash flows. | |||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The Company is currently assessing the future impact of this update on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
Schedule of Percentages of Total Revenues and Related Maximum Amount of Credit Loss of Total Trade Receivables from Significant Customers | The table below presents significant customers who accounted for the following percentages of total revenues and the related maximum amount of credit loss based on their percentages of total trade receivables as of December 31, 2014: | ||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Trade | Revenue | Trade | Revenue | Trade | ||||||||||||||||||||
Receivables | Receivables | Receivables | |||||||||||||||||||||||
San Diego Gas & Electric | 22.09 | % | 14.13 | % | 16.31 | % | 26.21 | % | 0.17 | % | 9.09 | % | |||||||||||||
Manitoba Hydro | 14.47 | % | 9.39 | % | 16.69 | % | 17.18 | % | 30.23 | % | 14.08 | % | |||||||||||||
Electric Reliability Council of Texas | 14.34 | % | 15.93 | % | 11.59 | % | 2.59 | % | 17.24 | % | 3.41 | % | |||||||||||||
NV Energy, Inc. | 11.07 | % | 9.98 | % | 11.57 | % | 6.54 | % | 8.82 | % | 29.16 | % | |||||||||||||
Pacific Gas & Electric | 10.93 | % | 9.54 | % | 13.77 | % | 14.47 | % | 21.79 | % | 13.81 | % |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
E1 Arrayan [Member] | |||||||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The consolidated fair value of the assets acquired and liabilities assumed in connection with the AEI El Arrayán acquisition are as follows (in thousands): | ||||||||
Consolidated | |||||||||
interest | |||||||||
June 25, 2014 | |||||||||
Cash and cash equivalents | $ | 713 | |||||||
Trade receivables | 3,829 | ||||||||
VAT receivable | 17,031 | ||||||||
Prepaid expenses and other current assets | 174 | ||||||||
Restricted cash, non-current | 10,392 | ||||||||
Property, plant and equipment | 341,417 | ||||||||
Intangible assets | 1,121 | ||||||||
Net deferred tax assets | 5,455 | ||||||||
Accounts payable and other accrued liabilities | (6,830 | ) | |||||||
Accrued construction costs | (9,495 | ) | |||||||
Accrued interest | (2,592 | ) | |||||||
Derivative liabilities, current | (1,942 | ) | |||||||
Current portion of long-term debt | (16,586 | ) | |||||||
Long-term debt | (209,295 | ) | |||||||
Derivative liabilities, non-current | (501 | ) | |||||||
Asset retirement obligation | (2,354 | ) | |||||||
Net deferred tax liabilities | (13,001 | ) | |||||||
Total consideration | 117,536 | ||||||||
Less: non-controlling interest | (35,259 | ) | |||||||
Controlling interest | $ | 82,277 | |||||||
Schedule of Supplemental Pro Forma Data | The unaudited pro forma data should not be considered representative of the Company’s future financial condition or results of operations. | ||||||||
Year ended | |||||||||
December 31, | |||||||||
Unaudited pro forma data (in thousands) | 2014 | 2013 | |||||||
Pro forma total revenue | $ | 268,116 | $ | 201,573 | |||||
Pro forma total expenses | 326,990 | 192,762 | |||||||
Pro forma net (loss) income | (58,874 | ) | 8,811 | ||||||
Less: pro forma net loss attributable to noncontrolling interest | (8,662 | ) | (7,176 | ) | |||||
Pro forma net (loss) income attributable to controlling interest | $ | (50,212 | ) | $ | 15,987 | ||||
Panhandle 1 [Member] | |||||||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The consolidated fair value of the assets acquired and liabilities assumed in connection with the Panhandle 1 acquisition are as follows (in thousands): | ||||||||
June 30, 2014 | |||||||||
Cash and cash equivalents | $ | 1,038 | |||||||
Trade receivables | 1,850 | ||||||||
Prepaid expenses and other current assets | 71 | ||||||||
Restricted cash, non-current | 14,293 | ||||||||
Property, plant and equipment | 332,953 | ||||||||
Accounts payable and other accrued liabilities | (148 | ) | |||||||
Accrued construction costs | (12,806 | ) | |||||||
Related party payable | (44 | ) | |||||||
Asset retirement obligation | (2,557 | ) | |||||||
Total consideration before non-controlling interest | 334,650 | ||||||||
Less: tax equity noncontrolling interest contributions | (210,250 | ) | |||||||
Total consideration after non-controlling interest | $ | 124,400 | |||||||
Logan's Gap [Member] | |||||||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The consolidated fair value of the assets acquired and liabilities assumed in connection with the Logan’s Gap acquisition are as follows (in thousands): | ||||||||
December 19, 2014 | |||||||||
Cash and cash equivalents | $ | 2 | |||||||
Restricted cash, current | 5,003 | ||||||||
Prepaid expenses and other current assets | 1,722 | ||||||||
Deferred financing costs, current | 2,117 | ||||||||
Construction in progress | 23,770 | ||||||||
Property, plant and equipment | 116 | ||||||||
Other assets | 80 | ||||||||
Accrued construction costs | (4,733 | ) | |||||||
Current portion of contingent liabilities | (7,975 | ) | |||||||
Related party payable | (5,003 | ) | |||||||
Total consideration | $ | 15,099 | |||||||
Panhandle 2 [Member] | |||||||||
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The consolidated fair value of the assets acquired and liabilities assumed in connection with the Panhandle 2 acquisition are as follows (in thousands): | ||||||||
November 10, 2014 | |||||||||
Cash and cash equivalents | $ | 240 | |||||||
Trade receivables | 1,156 | ||||||||
Prepaid expenses and other current assets | 28,997 | ||||||||
Property, plant and equipment | 315,109 | ||||||||
Accrued construction costs | (24,197 | ) | |||||||
Related party payable | (121 | ) | |||||||
Short-term debt | (195,351 | ) | |||||||
Asset retirement obligation | (2,003 | ) | |||||||
Total consideration | $ | 123,830 | |||||||
E1 Arrayan, Panhandle 1, Panhandle 2 and Logans Gap [Member] | |||||||||
Schedule of Amounts Included in Consolidated Statements of Operations | The following table presents the amounts included in the consolidated statements of operations for AEI El Arrayán, Panhandle 1, Panhandle 2 and Logan’s Gap since their respective dates of acquisition: | ||||||||
Year ended | |||||||||
December 31, | |||||||||
Unaudited data (in thousands) | 2014 | ||||||||
Total revenue | $ | 30,841 | |||||||
Total expenses | 41,232 | ||||||||
Net loss | (10,391 | ) | |||||||
Less: net loss attributable to noncontrolling interest | (6,673 | ) | |||||||
Net loss attributable to controlling interest | $ | (3,718 | ) | ||||||
Prepaid_expenses_and_other_cur1
Prepaid expenses and other current assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 15,275 | $ | 10,132 | |||||
Prepaid construction costs | 5,155 | — | |||||||
Sales tax | 786 | 50 | |||||||
Other current assets: | |||||||||
Deposit for letters of credit | 3,425 | — | |||||||
Deferred equity issuance costs | 2,331 | — | |||||||
Other | 982 | 1,233 | |||||||
Prepaid expenses and other current assets | $ | 27,954 | $ | 11,415 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Operating wind farms | $ | 2,624,640 | $ | 1,652,119 | |||||
Furniture, fixtures and equipment | 4,366 | 3,785 | |||||||
Land | 141 | 16 | |||||||
Subtotal | 2,629,147 | 1,655,920 | |||||||
Less: accumulated depreciation | (278,291 | ) | (179,778 | ) | |||||
Property, plant and equipment, net | $ | 2,350,856 | $ | 1,476,142 | |||||
Unconsolidated_Investments_Tab
Unconsolidated Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
South Kent | $ | 17,360 | $ | 59,488 | 50 | % | 50 | % | |||||||||
Grand | 11,719 | 26,464 | 45 | % | 45 | % | |||||||||||
El Arrayán | — | 21,103 | N/A | 31.5 | % | ||||||||||||
Unconsolidated investments | $ | 29,079 | $ | 107,055 | |||||||||||||
Summary of Aggregated Balance Sheets and Operating Results | The following summarizes the aggregated balance sheets of El Arrayán as of December 31, 2014 and 2013, and its operating results for the period from January 1, 2014 to June 25, 2014 and the years ended December 31, 2013 and 2012, respectively (in thousands): | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | — | $ | 16,362 | |||||||||||||
Non-current assets | — | 260,187 | |||||||||||||||
Total assets | $ | — | $ | 276,549 | |||||||||||||
Current liabilities | $ | — | $ | 9,224 | |||||||||||||
Non-current liabilities | — | 197,597 | |||||||||||||||
Total liabilities | — | 206,821 | |||||||||||||||
Total equity | — | 69,728 | |||||||||||||||
Total liabilities and equity | $ | — | $ | 276,549 | |||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Revenue | $ | 1,821 | $ | — | $ | — | |||||||||||
Other (income) expense | 3,083 | 941 | 384 | ||||||||||||||
Net loss | $ | (1,262 | ) | $ | (941 | ) | $ | (384 | ) | ||||||||
Accounts_payable_and_other_acc1
Accounts payable and other accrued liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Accounts payable | $ | 673 | $ | 168 | |||||
Other accrued liabilities | 9,202 | 6,329 | |||||||
Warranty settlement payments | 639 | 2,187 | |||||||
LTSA upgrades liability | 680 | — | |||||||
Land lease rent payable | 2,115 | 953 | |||||||
Payroll liabilities | 4,453 | 2,162 | |||||||
Property tax payable | 4,625 | 3,490 | |||||||
Sales tax payable | 2,406 | 261 | |||||||
Accounts payable and other accrued liabilities | $ | 24,793 | $ | 15,550 | |||||
Long_term_debt_Tables
Long term debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Long Term Debt | The Company’s long term debt as of December 31, 2014 and 2013 is presented below (in thousands): | ||||||||||||||||||||
December 31, | Interest Rate as of | Interest | |||||||||||||||||||
December 31, | Type | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Maturity | |||||||||||||||||
Hatchet Ridge term loan | $ | 228,288 | $ | 239,865 | 1.43 | % | 1.43 | % | Imputed | December 2032 | |||||||||||
Gulf Wind term loan | 156,122 | 166,448 | 3.23 | % | 3.25 | % | Variable | Mar-20 | |||||||||||||
St. Joseph term loan | 189,472 | 215,330 | 5.88 | % | 5.88 | % | Fixed | May-31 | |||||||||||||
Spring Valley term loan | 167,261 | 173,110 | 2.62 | % | 2.63 | % | Variable | Jun-30 | |||||||||||||
Santa Isabel term loan | 112,609 | 115,721 | 4.57 | % | 4.57 | % | Fixed | September 2033 | |||||||||||||
El Arrayan commercial term loan | 99,665 | — | 2.92 | % | N/A | Variable | Mar-29 | ||||||||||||||
El Arrayan EKF term loan | 109,630 | — | 5.56 | % | N/A | Fixed | Mar-29 | ||||||||||||||
Ocotillo commercial term loan | 222,175 | 230,944 | 1.98 | % | 3 | % | Variable | Aug-20 | |||||||||||||
Ocotillo development term loan | 106,700 | 107,800 | 2.33 | % | 2.35 | % | Variable | Aug-33 | |||||||||||||
Logan’s Gap construction loan | 58,691 | — | 1.64 | % | N/A | Variable | Dec-15 | ||||||||||||||
1,450,613 | 1,249,218 | ||||||||||||||||||||
Less: current portion | (121,561 | ) | (48,851 | ) | |||||||||||||||||
$ | 1,329,052 | $ | 1,200,367 | ||||||||||||||||||
Summary of Principal Payments Due under Long Term Debt | The following are principal payments due under long-term debt as of December 31, 2014 (in thousands): | ||||||||||||||||||||
For the year ending December 31, | |||||||||||||||||||||
2015 | $ | 121,561 | |||||||||||||||||||
2016 | 65,877 | ||||||||||||||||||||
2017 | 67,277 | ||||||||||||||||||||
2018 | 72,750 | ||||||||||||||||||||
2019 | 83,613 | ||||||||||||||||||||
Thereafter | 1,039,535 | ||||||||||||||||||||
$ | 1,450,613 | ||||||||||||||||||||
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, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Interest and commitment fees incurred | $ | 59,864 | $ | 57,478 | $ | 43,496 | |||||||||||||||
Capitalized interest, commitment fees, and letter of credit fees | (2,856 | ) | (4,210 | ) | (10,259 | ) | |||||||||||||||
Letter of credit fees | 4,377 | 3,530 | 720 | ||||||||||||||||||
Amortization of financing costs | 6,309 | 6,816 | 2,545 | ||||||||||||||||||
Interest expense | $ | 67,694 | $ | 63,614 | $ | 36,502 | |||||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2014, 2013 and 2012 (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning asset retirement obligations | $ | 20,834 | $ | 19,056 | $ | 10,342 | |||||||
Additions during the year | 7,195 | 767 | 7,971 | ||||||||||
Foreign currency translation adjustment | (228 | ) | (172 | ) | 59 | ||||||||
Accretion expense | 1,471 | 1,183 | 684 | ||||||||||
Ending asset retirement obligations | $ | 29,272 | $ | 20,834 | $ | 19,056 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Schedule of Derivative Instruments Classified as Assets (Liabilities) | Undesignated Derivative Instruments Classified as Assets (Liabilities): | ||||||||||||||||||
As of | Year ended | ||||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||||
Derivative Type | Project | Quantity | Maturity | Current | Long-Term | Recognized into | |||||||||||||
Dates | Portion | Portion | Income | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/30 | $ | (3,403 | ) | $ | 2,523 | $ | (11,339 | ) | ||||||||
Interest rate cap | Gulf Wind | 1 | 12/31/24 | — | 352 | (329 | ) | ||||||||||||
Energy derivative | Gulf Wind | 1 | 4/30/19 | 18,506 | 45,969 | (3,878 | ) | ||||||||||||
$ | 15,103 | $ | 48,844 | $ | (15,546 | ) | |||||||||||||
December 31, 2013 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/30 | $ | (3,899 | ) | $ | 14,358 | $ | 15,367 | |||||||||
Interest rate cap | Gulf Wind | 1 | 12/31/24 | — | 681 | 234 | |||||||||||||
Energy derivative | Gulf Wind | 1 | 4/30/19 | 13,937 | 54,416 | (11,272 | ) | ||||||||||||
$ | 10,038 | $ | 69,455 | $ | 4,329 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/30 | $ | (1,980 | ) | $ | (2,931 | ) | $ | (4,909 | ) | |||||||
Interest rate cap | Gulf Wind | 1 | 12/31/24 | — | 447 | (44 | ) | ||||||||||||
Energy derivative | Gulf Wind | 1 | 4/30/19 | 17,177 | 62,448 | (6,951 | ) | ||||||||||||
$ | 15,197 | $ | 59,964 | $ | (11,904 | ) | |||||||||||||
Designated Derivative Instruments Classified as Assets (Liabilities): | |||||||||||||||||||
As of | Year ended | ||||||||||||||||||
Fair Market Value | YTD Gain (Loss) | ||||||||||||||||||
Derivative Type | Project | Quantity | Maturity | Current | Long-Term | Recognized in | |||||||||||||
Dates | Portion | Portion | OCI | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/33 | $ | (1,917 | ) | $ | 525 | $ | (8,912 | ) | ||||||||
Interest rate swaps | El Arrayan | 3 | 3/31/32 | (1,822 | ) | (3,338 | ) | (1,983 | ) | ||||||||||
Interest rate swaps | Gulf Wind | 7 | 3/15/20 | (4,719 | ) | (6,915 | ) | 1,094 | |||||||||||
Interest rate swaps | Spring Valley | 2 | 6/28/30 | (4,446 | ) | (7,214 | ) | (9,869 | ) | ||||||||||
$ | (12,904 | ) | $ | (16,942 | ) | $ | (19,670 | ) | |||||||||||
December 31, 2013 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/33 | $ | (2,105 | ) | $ | 9,625 | $ | 10,434 | |||||||||
Interest rate swaps | Gulf Wind | 7 | 3/15/20 | (5,289 | ) | (7,439 | ) | 9,398 | |||||||||||
Interest rate swaps | Spring Valley | 2 | 6/28/30 | (4,878 | ) | 3,087 | 17,043 | ||||||||||||
$ | (12,272 | ) | $ | 5,273 | $ | 36,875 | |||||||||||||
December 31, 2012 | |||||||||||||||||||
Interest rate swaps | Ocotillo | 6 | 6/30/33 | $ | (952 | ) | $ | (1,962 | ) | $ | (2,914 | ) | |||||||
Interest rate swaps | Gulf Wind | 7 | 3/15/20 | (5,558 | ) | (16,568 | ) | (1,835 | ) | ||||||||||
Interest rate swaps | Spring Valley | 2 | 6/28/30 | (4,972 | ) | (13,865 | ) | (6,421 | ) | ||||||||||
$ | (11,482 | ) | $ | (32,395 | ) | $ | (11,170 | ) | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Summary of Accumulated Other Comprehensive (Loss) Income | The following table summarizes changes in the accumulated other comprehensive (loss) income balance by component: | ||||||||||||||||
Effective Portion of | Proportionate | ||||||||||||||||
Foreign | Change in Fair Value | Share of Equity | |||||||||||||||
Currency | of Derivatives | Investee’s OCI | Total | ||||||||||||||
Balances at January 1, 2012 | $ | (2,903 | ) | $ | (32,707 | ) | $ | — | $ | (35,610 | ) | ||||||
Net current period other comprehensive income (loss) | 2,749 | (11,170 | ) | (1,475 | ) | (9,896 | ) | ||||||||||
Balances at December 31, 2012 | (154 | ) | (43,877 | ) | (1,475 | ) | (45,506 | ) | |||||||||
Net current period other comprehensive (loss) income | (8,309 | ) | 36,875 | 2,473 | 31,039 | ||||||||||||
Grand acquisition | — | — | (2,910 | ) | (2,910 | ) | |||||||||||
Balances at December 31, 2013 | (8,463 | ) | (7,002 | ) | (1,912 | ) | (17,377 | ) | |||||||||
Net current period other comprehensive (loss) income | (10,875 | ) | (19,670 | ) | (5,991 | ) | (36,536 | ) | |||||||||
Balances at December 31, 2014 | $ | (19,338 | ) | $ | (26,672 | ) | $ | (7,903 | ) | $ | (53,913 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Financial Assets and (Liabilities) Required Fair Value Measurement on Recurring Basis | The Company’s financial assets and (liabilities) which require fair value measurement on a recurring basis are classified within the fair value hierarchy as follows (in thousands): | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | (30,726 | ) | $ | — | $ | (30,726 | ) | |||||||||||
Interest rate cap | — | 352 | — | 352 | |||||||||||||||||
Energy derivative | — | — | 64,475 | 64,475 | |||||||||||||||||
$ | — | $ | (30,374 | ) | $ | 64,475 | $ | 34,101 | |||||||||||||
December 31, 2013 | |||||||||||||||||||||
Interest rate swaps | $ | — | $ | 3,460 | $ | — | $ | 3,460 | |||||||||||||
Interest rate cap | — | 681 | — | 681 | |||||||||||||||||
Energy derivative | — | — | 68,353 | 68,353 | |||||||||||||||||
$ | — | $ | 4,141 | $ | 68,353 | $ | 72,494 | ||||||||||||||
Reconciliation of Contingent Liabilities and Energy Derivative Contract Measured at Fair Value | The following table presents a reconciliation of contingent liabilities and the energy derivative contract measured at fair value, in thousands, on a recurring basis using significant unobservable inputs for the years ended December 31, 2014, 2013 and 2012, respectively. There were no transfers between Level 2 and Level 3 during the periods presented. | ||||||||||||||||||||
Contingent | Energy | Total | |||||||||||||||||||
Liabilities | Derivative | ||||||||||||||||||||
Balance at December 31, 2011 | $ | (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 | ||||||||||||||||||
Settlements | — | (13,524 | ) | (13,524 | ) | ||||||||||||||||
Change in fair value, net of settlements | — | 9,646 | 9,646 | ||||||||||||||||||
Balances at December 31, 2014 | $ | — | $ | 64,475 | $ | 64,475 | |||||||||||||||
Carrying Amounts and Fair Values of Company's Financial Liabilities | The following table presents the carrying amount and fair value, in thousands, and the fair value hierarchy of the Company’s financial liabilities that are not measured at fair value in the consolidated balance sheets as of December 31, 2014 and 2013, but for which fair value is disclosed. | ||||||||||||||||||||
As reflected on | Fair Value | ||||||||||||||||||||
the balance sheet | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Long-term debt, including current portion | $ | 1,450,613 | $ | — | $ | 1,416,744 | $ | — | $ | 1,416,744 | |||||||||||
31-Dec-13 | |||||||||||||||||||||
Long-term debt, including current portion | $ | 1,249,218 | $ | — | $ | 1,165,119 | $ | — | $ | 1,165,119 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | 182 | — | — | ||||||||||
Total current expense (benefit) | 182 | — | — | ||||||||||
Deferred: | |||||||||||||
Federal | — | 2,961 | — | ||||||||||
State | — | — | — | ||||||||||
Foreign | 2,954 | 1,585 | (3,604 | ) | |||||||||
Total deferred expense (benefit) | 2,954 | 4,546 | (3,604 | ) | |||||||||
Total provision for income taxes | $ | 3,136 | $ | 4,546 | $ | (3,604 | ) | ||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | (34,788 | ) | $ | 4,022 | $ | (17,810 | ) | |||||
Foreign | (2,075 | ) | 10,596 | 830 | |||||||||
Total | $ | (36,863 | ) | $ | 14,618 | $ | (16,980 | ) | |||||
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, 2014, 2013 and 2012: | ||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Computed tax at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Book/tax basis difference | — | — | 27.2 | % | |||||||||
Partnership income not subject to taxes | — | — | (40.9 | %) | |||||||||
Adjustment for income in non-taxable entities allocable to noncontrolling interest | (7.6 | %) | 16.5 | % | — | ||||||||
Foreign rate differential | — | — | — | ||||||||||
Tax rate differential on pre-tax book income, other | 5.6 | % | 2.1 | % | — | ||||||||
Local tax on branch profits/(losses)—Puerto Rico | 1.6 | % | 13.1 | % | — | ||||||||
Permanent book/tax differences (domestic only) | (0.1 | %) | (2.2 | %) | — | ||||||||
Valuation Allowance | (33.4 | %) | 187.2 | % | — | ||||||||
Deferred tax liability on Chilean shareholder liability due to tax regime change | (3.6 | %) | — | — | |||||||||
Change in tax rate due to change in Chilean tax regime | (6.2 | %) | — | — | |||||||||
Other | 0.1 | % | 3.1 | % | — | ||||||||
ARRA Section 1603 grant-basis reduction deferred tax assets | — | (223.7 | %) | — | |||||||||
Effective income tax rate | (8.6 | %) | 31.1 | % | 21.3 | % | |||||||
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, 2014 and 2013 (in thousands): | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred tax assets/(liabilities)—current: | |||||||||||||
Accruals, prepaids and other current deferred tax assets and liabilities | $ | (344 | ) | $ | 2,399 | $ | — | ||||||
Basis difference in derivatives | 4,779 | 2,835 | — | ||||||||||
Total gross deferred tax assets/(liabilities) | 4,435 | 5,234 | — | ||||||||||
Less: valuation allowance | (4,266 | ) | (4,661 | ) | — | ||||||||
Total net deferred tax assets/(liabilities)—current | $ | 169 | $ | 573 | $ | — | |||||||
Deferred tax assets/(liabilities)—non-current: | |||||||||||||
Property, plant and equipment | $ | (104,767 | ) | $ | (36,548 | ) | $ | (47,894 | ) | ||||
Basis difference in foreign subsidiaries | 37,626 | 40,097 | — | ||||||||||
Partnership interest | 994 | (4,917 | ) | — | |||||||||
Lease Hatchet Ridge | 28,044 | 29,314 | — | ||||||||||
Asset retirement obligation | 5,216 | 4,649 | — | ||||||||||
Equity method | — | 3,794 | — | ||||||||||
Unrealized loss on derivatives | — | (5,830 | ) | — | |||||||||
Other temp differences | 256 | — | |||||||||||
Net operating loss carryforwards | 130,248 | 61,441 | 45,302 | ||||||||||
Other non current deferred tax assets and liabilities | (5,081 | ) | (4,595 | ) | (690 | ) | |||||||
Change in tax status | — | — | 4,599 | ||||||||||
Accruals not currently deductible | — | — | 443 | ||||||||||
Total gross deferred tax assets/(liabilities)—non-current | 92,536 | 87,405 | 1,760 | ||||||||||
Less: valuation allowance | (107,480 | ) | (95,318 | ) | (482 | ) | |||||||
Total net deferred tax assets/(liabilities)—non-current | $ | (14,944 | ) | $ | (7,913 | ) | $ | 1,278 | |||||
Total net deferred tax assets/(liabilities) | $ | (14,775 | ) | $ | (7,340 | ) | $ | 1,278 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Summary of Noncontrolling Interest Balances | Noncontrolling Interests | ||||||||||||||||
The following table presents the noncontrolling interest balances, reported in stockholders’ equity in the consolidated balance sheets by project as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
Noncontrolling Ownership Percentage | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gulf Wind | $ | 97,061 | $ | 99,794 | 60 | % | 60 | % | |||||||||
El Arrayán | 35,624 | — | 30 | % | N/A | ||||||||||||
Panhandle 1 | 205,333 | — | 21 | % | N/A | ||||||||||||
Panhandle 2 | 192,568 | — | 19 | % | N/A | ||||||||||||
Noncontrolling interest | $ | 530,586 | $ | 99,794 | |||||||||||||
Equity_Incentive_Award_Plan_Ta
Equity Incentive Award Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Weighted Average Assumptions | The following weighted average assumptions were used: | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options: | |||||||||||||||||
Risk-free interest rate | 1.68 | % | 1.68 | % | |||||||||||||
Expected life (in years) | 5.8 | 5.8 | |||||||||||||||
Expected volatility | 36 | % | 36 | % | |||||||||||||
Expected dividend yield | 5.7 | 5.7 | |||||||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity under the 2013 Plan for the year ended December 31, 2014: | ||||||||||||||||
Weighted Average | |||||||||||||||||
Remaining | |||||||||||||||||
Number of Options | Weighted Average | Contractual Life | Aggregate | ||||||||||||||
Outstanding | Exercise Price | (in years) | Instrinsic Value | ||||||||||||||
Outstanding at December 31, 2013 | 444,823 | $ | 22 | ||||||||||||||
Exercised | (14,861 | ) | 22 | $ | 108,191 | ||||||||||||
Outstanding at December 31, 2014 | 429,962 | $ | 22 | 8.8 | $ | 1,143,699 | |||||||||||
Exercisable at December 31, 2014 | 170,434 | $ | 22 | 8.8 | $ | 453,354 | |||||||||||
Vested and expected to vest as of December 31, 2014 | 429,962 | $ | 22 | 8.8 | $ | 1,143,699 | |||||||||||
Summary of Restricted Stock Awards Activity | The following table summarizes restricted stock awards activity under the 2013 Plan for the year ended December 31, 2014: | ||||||||||||||||
Weighted Average | Aggregate | ||||||||||||||||
Number of RSAs | Grant Date | Intrinsic | |||||||||||||||
Outstanding | Fair Value | Value | |||||||||||||||
Balance at December 31, 2013 | 76,262 | 22.53 | |||||||||||||||
Granted | 178,089 | 27.54 | |||||||||||||||
Released | (81,914 | ) | 26.64 | ||||||||||||||
Forfeited | (2,174 | ) | 27.03 | ||||||||||||||
Repurchased for employee tax withholding | (24,531 | ) | 26.44 | ||||||||||||||
Balance at December 31, 2014 | 145,732 | $ | 25.62 | $ | 3,593,751 | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Computations of Basic and Diluted Earnings (Loss) per Share | The computations for basic and diluted earnings (loss) per share are as follows: | ||||||||||||||||
Year ended December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||||||
Net loss attributable to controlling interest | $ | (31,290 | ) | $ | (13,336 | ) | |||||||||||
Less: dividends declared | (56,976 | ) | (11,103 | ) | |||||||||||||
Less: deemed dividends | (21,901 | ) | — | ||||||||||||||
Undistributed loss | $ | (110,167 | ) | $ | (24,439 | ) | |||||||||||
Denominator for basic and diluted loss per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 42,361,959 | 35,448,056 | |||||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 52,915 | 14,462 | |||||||||||||||
Restricted stock awards | 27,401 | 38,131 | |||||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | |||||||||||||||
Class A common stock—fully diluted | 57,997,275 | 51,055,649 | |||||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | (52,915 | ) | (14,462 | ) | |||||||||||||
Restricted stock awards | (27,401 | ) | (38,131 | ) | |||||||||||||
Class B common stock | (15,555,000 | ) | (15,555,000 | ) | |||||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 42,361,959 | 35,448,056 | |||||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | |||||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 1.34 | $ | 0.31 | |||||||||||||
Undistributed loss | (1.90 | ) | (0.48 | ) | |||||||||||||
Basic loss per share | $ | (0.56 | ) | $ | (0.17 | ) | |||||||||||
Class A common stock: | |||||||||||||||||
Diluted loss per share | $ | (0.56 | ) | $ | (0.17 | ) | |||||||||||
Class B common stock: | |||||||||||||||||
Deemed dividends | $ | 1.41 | $ | — | |||||||||||||
Undistributed loss | (1.90 | ) | (0.48 | ) | |||||||||||||
Basic and diluted loss per share | $ | (0.49 | ) | $ | (0.48 | ) | |||||||||||
Cash dividends declared per Class A common share | $ | 1.3 | $ | 0.31 | |||||||||||||
Deemed dividends per Class B common share | $ | 1.41 | $ | — | |||||||||||||
As Previously Reported [Member] | |||||||||||||||||
Computations of Basic and Diluted Earnings (Loss) per Share | The following table presents the basic and diluted earnings (loss) per share as previously reported and as revised for the three and nine months ended September 30, 2014: | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||
As Reported | As Revised | As Reported | As Revised | ||||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||||||
Net loss attributable to controlling interest | $ | (7,208 | ) | $ | (7,208 | ) | $ | (10,898 | ) | $ | (10,898 | ) | |||||
Less: cash dividends declared on Class A common shares | (15,258 | ) | (15,258 | ) | (41,395 | ) | (41,395 | ) | |||||||||
Less: deemed dividends on Class B common shares | (7,222 | ) | (7,222 | ) | (14,679 | ) | (14,679 | ) | |||||||||
Net loss attributable to common stockholders | $ | (29,688 | ) | $ | (29,688 | ) | $ | (66,972 | ) | $ | (66,972 | ) | |||||
Denominator for basic and diluted loss per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 40,980,989 | 46,317,932 | 38,342,998 | 41,022,962 | |||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 133,197 | 133,197 | 112,252 | 112,252 | |||||||||||||
Restricted stock awards | 191,451 | 191,451 | 191,451 | 191,451 | |||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Class A common stock—fully diluted | 56,860,637 | 62,197,580 | 54,201,701 | 56,881,665 | |||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | (133,197 | ) | (133,197 | ) | (112,252 | ) | (112,252 | ) | |||||||||
Restricted stock awards | (191,451 | ) | (191,451 | ) | (191,451 | ) | (191,451 | ) | |||||||||
Class B common stock | (15,555,000 | ) | (15,555,000 | ) | — | — | |||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 40,980,989 | 46,317,932 | 53,897,998 | 56,577,962 | |||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 0.37 | $ | 0.33 | $ | 1.08 | $ | 1.01 | |||||||||
Undistributed loss | (0.53 | ) | (0.48 | ) | (1.24 | ) | (1.18 | ) | |||||||||
Basic loss per share | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.16 | ) | $ | (0.17 | ) | |||||
Class A common stock: | |||||||||||||||||
Diluted loss per share | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.20 | ) | $ | (0.19 | ) | |||||
Class B common stock: | |||||||||||||||||
Deemed dividends | $ | 0.46 | $ | 0.46 | $ | 0.94 | $ | 0.94 | |||||||||
Undistributed loss | (0.53 | ) | (0.48 | ) | (1.24 | ) | (1.18 | ) | |||||||||
Basic and diluted loss per share | $ | (0.06 | ) | $ | (0.02 | ) | $ | (0.30 | ) | $ | (0.24 | ) | |||||
Cash dividends declared per Class A common share | $ | 0.33 | $ | 0.33 | $ | 0.96 | $ | 0.96 | |||||||||
Deemed dividends per Class B common share | $ | 0.46 | $ | 0.46 | $ | 0.94 | $ | 0.94 | |||||||||
The following table presents the basic and diluted earnings (loss) per share as previously reported and as revised for the three and six months ended June 30, 2014: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, 2014 | June 30, 2014 | ||||||||||||||||
As Reported | As Restated | As Reported | As Restated | ||||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||||||
Net income (loss) attributable to controlling interest | $ | 11,199 | $ | 11,199 | $ | (3,690 | ) | $ | (3,690 | ) | |||||||
Less: cash dividends declared on Class A common shares | (14,981 | ) | (14,981 | ) | (26,138 | ) | (26,138 | ) | |||||||||
Less: deemed dividends on Class B common shares | — | (7,457 | ) | — | (7,457 | ) | |||||||||||
Net loss attributable to common stockholders | $ | (3,782 | ) | $ | (11,239 | ) | $ | (29,828 | ) | $ | (37,285 | ) | |||||
Denominator for earnings (loss) per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 41,174,697 | 41,174,697 | 38,331,595 | 38,331,595 | |||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 107,979 | 107,979 | 100,814 | 100,814 | |||||||||||||
Restricted stock awards | 227,543 | 227,543 | 227,543 | 227,543 | |||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Class A common stock—fully diluted | 57,065,219 | 57,065,219 | 54,214,952 | 54,214,952 | |||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | — | — | — | (100,814 | ) | ||||||||||||
Restricted stock awards | — | — | — | (227,543 | ) | ||||||||||||
Class B common stock | — | (15,555,000 | ) | — | — | ||||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 57,065,219 | 41,510,219 | 54,214,953 | 53,886,595 | |||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | |||||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 0.36 | $ | 0.36 | $ | 0.68 | $ | 0.68 | |||||||||
Undistributed loss | (0.07 | ) | (0.20 | ) | (0.55 | ) | (0.69 | ) | |||||||||
Basic earnings (loss) per share | $ | 0.3 | $ | 0.17 | $ | 0.13 | $ | (0.01 | ) | ||||||||
Class A common stock: | |||||||||||||||||
Diluted earnings (loss) per share | $ | 0.2 | $ | 0.16 | $ | (0.07 | ) | $ | (0.07 | ) | |||||||
Class B common stock: | |||||||||||||||||
Deemed dividends | $ | — | $ | 0.48 | $ | — | $ | 0.48 | |||||||||
Undistributed loss | (0.07 | ) | (0.20 | ) | (0.55 | ) | (0.69 | ) | |||||||||
Basic and diluted earnings (loss) per share | $ | (0.07 | ) | $ | 0.28 | $ | (0.55 | ) | $ | (0.21 | ) | ||||||
Cash dividends declared per Class A common share | $ | — | $ | 0.32 | $ | — | $ | 0.63 | |||||||||
Deemed dividends per Class B common share | $ | — | $ | 0.48 | $ | — | $ | 0.48 | |||||||||
The following table presents the basic and diluted earnings (loss) per share as previously reported and as revised for the three months ended March 31, 2014: | |||||||||||||||||
Three months ended | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
As Reported | As Restated | ||||||||||||||||
Numerator for basic and diluted earnings per share: | |||||||||||||||||
Net income (loss) attributable to controlling interest | $ | (14,889 | ) | $ | (14,889 | ) | |||||||||||
Less: cash dividends declared on Class A common shares | (11,179 | ) | (11,179 | ) | |||||||||||||
Net loss attributable to common stockholders | $ | (26,068 | ) | $ | (26,068 | ) | |||||||||||
Denominator for loss per share: | |||||||||||||||||
Weighted average number of shares: | |||||||||||||||||
Class A common stock—basic | 35,533,166 | 35,533,166 | |||||||||||||||
Add dilutive effect of: | |||||||||||||||||
Stock options | 95,219 | 95,219 | |||||||||||||||
Restricted stock awards | 238,546 | 238,546 | |||||||||||||||
Class B common stock | 15,555,000 | 15,555,000 | |||||||||||||||
Class A common stock—fully diluted | 51,421,931 | 51,421,931 | |||||||||||||||
Less: antidilutive securities | |||||||||||||||||
Stock options | (95,219 | ) | — | ||||||||||||||
Restricted stock awards | (238,546 | ) | — | ||||||||||||||
Class B common stock | (15,555,000 | ) | — | ||||||||||||||
Class A common stock—diluted (excluding antidilutive securities) | 35,533,166 | 51,421,931 | |||||||||||||||
Class B common stock—basic and diluted | 15,555,000 | 15,555,000 | |||||||||||||||
Calculation of basic and diluted loss per share: | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Dividends | $ | 0.31 | $ | 0.31 | |||||||||||||
Undistributed loss | (0.51 | ) | (0.51 | ) | |||||||||||||
Basic loss per share | $ | (0.20 | ) | $ | (0.20 | ) | |||||||||||
Class A common stock: | |||||||||||||||||
Diluted loss per share | $ | (0.20 | ) | $ | (0.29 | ) | |||||||||||
Class B common stock: | |||||||||||||||||
Basic and diluted loss per share | $ | (0.51 | ) | $ | (0.51 | ) |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
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, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
United States | $ | 201,408 | $ | 161,505 | $ | 73,089 | $ | 1,784,219 | $ | 1,210,319 | |||||||||||
Canada | 46,593 | 40,068 | 41,439 | 233,690 | 265,823 | ||||||||||||||||
Chile | 17,492 | — | — | 332,947 | — | ||||||||||||||||
Total | $ | 265,493 | $ | 201,573 | $ | 114,528 | $ | 2,350,856 | $ | 1,476,142 | |||||||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Warranties (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Payments Related to Land Leases | The future minimum payments related to these leases as of December 31, 2014, are as follows (in thousands): | ||||
For the year ending December 31, | |||||
2015 | $ | 5,971 | |||
2016 | 5,406 | ||||
2017 | 5,412 | ||||
2018 | 5,418 | ||||
2019 | 5,425 | ||||
Thereafter | 141,443 | ||||
Total | $ | 169,075 | |||
Schedule of Operations and Maintenance Commitments | The following table presents operations and maintenance commitments over the next five years (in thousands): | ||||
For the year ending December 31, | |||||
2015 | $ | 40,118 | |||
2016 | 44,583 | ||||
2017 | 44,387 | ||||
2018 | 38,746 | ||||
2019 | 36,707 | ||||
Thereafter | 148,872 | ||||
Total | $ | 353,413 | |||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Project expense | $ | — | $ | 1,995 | $ | 1,998 | |||||||
Related party general and administrative | 5,787 | 8,169 | 10,604 | ||||||||||
Related party income | (2,612 | ) | (665 | ) | — | ||||||||
Other income, net | — | (551 | ) | (210 | ) | ||||||||
Total | $ | 3,175 | $ | 8,948 | $ | 12,392 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 two year period ended December 31, 2014. 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 per share data: | |||||||||||||||||
Three months ended | |||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
Revenue | $ | 79,418 | $ | 71,519 | $ | 65,007 | $ | 49,549 | |||||||||
Gross profit | $ | 26,311 | $ | 17,669 | $ | 27,023 | $ | 12,298 | |||||||||
Net (loss) income | $ | (15,986 | ) | $ | (9,281 | ) | $ | 7,167 | $ | (21,899 | ) | ||||||
Net (loss) income attributable to noncontrolling interest | $ | 4,406 | $ | (2,073 | ) | $ | (4,032 | ) | $ | (7,010 | ) | ||||||
Net (loss) income attributable to controlling interest | $ | (20,392 | ) | $ | (7,208 | ) | $ | 11,199 | $ | (14,889 | ) | ||||||
Basic (loss) earnings per share—Class A | $ | (0.36 | ) | $ | (0.15 | ) | $ | 0.17 | $ | (0.20 | ) | ||||||
Diluted (loss) earnings per share—Class A | $ | (0.36 | ) | $ | (0.15 | ) | $ | 0.16 | $ | (0.29 | ) | ||||||
Basic and diluted earnings (loss) per share—Class B | $ | (0.23 | ) | $ | (0.02 | ) | $ | 0.28 | $ | (0.51 | ) | ||||||
Cash dividends declared per Class A common share | $ | 0.34 | $ | 0.33 | $ | 0.32 | $ | 0.31 | |||||||||
Deemed dividends on Class B common shares | $ | 0.46 | $ | 0.46 | $ | 0.48 | $ | — | |||||||||
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 | |||||||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 14-May-14 | Oct. 02, 2013 | Oct. 17, 2012 | Sep. 24, 2013 | |
Schedule Of Description Of Business [Line Items] | |||||||
Preferred Stock, shares authorized | 100,000,000 | ||||||
Common stock conversion basis | All of the outstanding Class B common stock automatically convert, on a one-for-one basis, into Class A shares. There are no other conversion rights attached to Class B common stock. | ||||||
Prior period expense of entity | $28,320,000 | $12,988,000 | $11,636,000 | ||||
Net proceeds from issuance of shares | 286,757,000 | 317,926,000 | |||||
Portion of net proceeds utilized as consideration | 306,584,000 | 30,070,000 | |||||
Class A Common Stock [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Issuance of common stock | 62,088,306 | 35,531,720 | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||
Net proceeds from issuance of shares | 286,800,000 | ||||||
Number of shares purchased upon exercise of overallotment option | 2,400,000 | ||||||
Common stock shares issued and sold | 21,117,171 | ||||||
Class A Common Stock [Member] | Follow On Public Offering [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Issuance of common stock | 10,810,810 | ||||||
Class A Common Stock [Member] | IPO [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Shares issued in initial public offering | 16,000,000 | ||||||
Net proceeds from issuance of shares | 317,000,000 | ||||||
Class B Common Stock [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Common stock conversion basis | One-to-one basis | ||||||
Pattern Development [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Portion of net proceeds utilized as consideration | 232,600,000 | ||||||
Number of wind power projects | 8 | ||||||
Pattern Development [Member] | Projects in operation [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Number of wind power projects | 6 | ||||||
Pattern Development [Member] | Projects under construction [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Number of wind power projects | 2 | ||||||
Pattern Development [Member] | Gulf Wind [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 40.00% | ||||||
Pattern Development [Member] | Distributable Cash Flow of Gulf Wind [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 27.00% | ||||||
Pattern Development [Member] | Pre IPO [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 63.00% | ||||||
Pattern Development [Member] | Secondary Offering [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 35.00% | ||||||
Pattern Development [Member] | Class A Common Stock [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Issuance of common stock | 19,445,000 | ||||||
Number of shares purchased upon exercise of overallotment option | 2,754,413 | ||||||
Common stock shares sold | 10,306,361 | ||||||
Pattern Development [Member] | Class B Common Stock [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Issuance of common stock | 15,555,000 | ||||||
Pattern Energy Unconsolidated [Member] | Maximum [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Prior period expense of entity | $10,000 | $10,000 | |||||
Pattern Renewables LP [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Issuance of common stock | 100 | ||||||
Pattern Energy Group Inc. [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Common stock, shares authorized | 620,000,000 | ||||||
Preferred Stock, shares authorized | 100,000,000 | ||||||
Pattern Energy Group Inc. [Member] | Class A Common Stock [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Common stock, shares authorized | 500,000,000 | ||||||
Pattern Energy Group Inc. [Member] | Class B Common Stock [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Common stock, shares authorized | 20,000,000 | ||||||
Common stock conversion basis | One-for-one basis | ||||||
Hatchet Ridge [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
St Josephs [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Spring Valley [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Pattern Santa Isabel LLC [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Ocotillo [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Logan's Gap [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Pattern Energy [Member] | Distributable Cash Flow of Gulf Wind [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 40.00% | ||||||
Corporate Joint Venture [Member] | Gulf Wind [Member] | |||||||
Schedule Of Description Of Business [Line Items] | |||||||
Ownership interest | 33.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ||
Trade receivables | $35,759,000 | $20,951,000 |
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 | 2 years | |
Minimum [Member] | Land and mining rights [Member] | ||
Significant Accounting Policies [Line Items] | ||
Term of estimated useful lives | 11 months | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment useful lives | 5 years | |
Maximum [Member] | Land and mining rights [Member] | ||
Significant Accounting Policies [Line Items] | ||
Term of estimated useful lives | 20 years | |
Wind Farm [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment useful lives | 20 years | |
PREPA [Member] | ||
Significant Accounting Policies [Line Items] | ||
Trade receivables | $2,500,000 | |
Gulf Wind [Member] | ||
Significant Accounting Policies [Line Items] | ||
Percentage of fixed price on electricity by derivative | 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 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Percentages of Total Revenues and Related Maximum Amount of Credit Loss of Total Trade Receivables from Significant Customers (Detail) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
San Diego Gas and Electric [Member] | Trade Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 14.13% | 26.21% | 9.09% |
Electric Reliability Council Of Texas [Member] | Trade Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 15.93% | 2.59% | 3.41% |
NV Energy, Inc. [Member] | Trade Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 9.98% | 6.54% | 29.16% |
Pacific Gas and Electric [Member] | Trade Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 9.54% | 14.47% | 13.81% |
Revenue [Member] | San Diego Gas and Electric [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 22.09% | 16.31% | 0.17% |
Revenue [Member] | Electric Reliability Council Of Texas [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 14.34% | 11.59% | 17.24% |
Revenue [Member] | NV Energy, Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 11.07% | 11.57% | 8.82% |
Revenue [Member] | Pacific Gas and Electric [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 10.93% | 13.77% | 21.79% |
Manitoba [Member] | Hydro [Member] | Trade Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 9.39% | 17.18% | 14.08% |
Manitoba [Member] | Revenue [Member] | Hydro [Member] | |||
Concentration Risk [Line Items] | |||
Concentrations of credit risk | 14.47% | 16.69% | 30.23% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Jun. 25, 2014 | Jun. 25, 2014 | Dec. 19, 2014 | Jun. 30, 2014 | Nov. 10, 2014 | |
MW | MW | MW | MW | ||||||
Business Acquisition [Line Items] | |||||||||
Carrying value of investment | $29,079,000 | $107,055,000 | |||||||
Net gain on transactions | 13,843,000 | 5,995,000 | 4,173,000 | ||||||
Contingent obligations payable | 4,000,000 | ||||||||
Contingent obligations paid | 306,584,000 | 30,070,000 | |||||||
Pattern Development [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent obligations paid | 232,600,000 | ||||||||
E1 Arrayan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired percentage of issued and outstanding of common stock | 100.00% | ||||||||
Effective date of acquisition | 25-Jun-14 | ||||||||
Ownership interest | 38.50% | 38.50% | |||||||
Indirect interest | 31.50% | 31.50% | |||||||
Completed construction of wind power project | 115 | 115 | |||||||
Total purchase price | 45,300,000 | 45,300,000 | |||||||
Additional ownership interest acquired, percentage | 38.50% | 38.50% | |||||||
Commercial operations start date | 4-Jun-14 | ||||||||
Fair value of equity interest at acquisition date | 37,000,000 | ||||||||
Fair value of equity value | 117,500,000 | 117,500,000 | |||||||
Carrying value of investment | 19,100,000 | ||||||||
Net gain on transactions | 17,900,000 | ||||||||
Percentage of ownership | 70.00% | 70.00% | |||||||
Transaction-related expenses | 400,000 | ||||||||
Non recurring transaction expenses | 2,900,000 | ||||||||
Non recurring transaction gain | 17,900,000 | ||||||||
Net loss in equity earnings | 400,000 | ||||||||
E1 Arrayan [Member] | Majority control [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 70.00% | 70.00% | |||||||
Logan's Gap [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase price | 15,099,000 | ||||||||
Transaction-related expenses | 300,000 | ||||||||
Contingent obligations payable | 8,000,000 | 7,975,000 | |||||||
Logan's Gap [Member] | Pattern Development [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Effective date of acquisition | 19-Dec-14 | ||||||||
Ownership interest | 100.00% | ||||||||
Ownership interest | 100.00% | ||||||||
Business acquisition acquired entity purchase price | 15,100,000 | ||||||||
Power generation capacity | 164 | ||||||||
Noncontrolling ownership interest | 82.00% | ||||||||
Contingent obligations payable | 8,000,000 | ||||||||
Ownership interest | 18.00% | ||||||||
Logan's Gap [Member] | Upon construction financing [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent obligations paid | 4,000,000 | ||||||||
Logan's Gap [Member] | Upon earlier of commercial operations [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Contingent obligations payable | 4,000,000 | ||||||||
Panhandle 1 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase price | 334,650,000 | ||||||||
Net gain on transactions | 500,000 | ||||||||
Panhandle 1 [Member] | Pattern Development [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Effective date of acquisition | 30-Jun-14 | ||||||||
Commercial operations start date | 25-Jun-14 | ||||||||
Ownership interest | 79.00% | 79.00% | 79.00% | ||||||
Business acquisition acquired entity purchase price | 124,400,000 | 124,400,000 | 124,400,000 | ||||||
Power generation capacity | 218 | 218 | |||||||
Panhandle 2 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase price | 123,830,000 | ||||||||
Commercial operations start date | 7-Nov-14 | ||||||||
Transaction-related expenses | 200,000 | 600,000 | |||||||
Ownership interest | 81.00% | ||||||||
Power generation capacity | 182 | ||||||||
Panhandle 2 [Member] | Pattern Development [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition acquired entity purchase price | $123,800,000 | ||||||||
Class B Membership Interests [Member] | Panhandle 1 [Member] | Pattern Development [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 100.00% | 100.00% | 100.00% | ||||||
Class B Membership Interests [Member] | Panhandle 2 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 100.00% | ||||||||
Class B Membership Interests [Member] | Panhandle 2 [Member] | Pattern Development [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 100.00% | ||||||||
Class A [Member] | Panhandle 1 [Member] | Investor [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 100.00% | ||||||||
Noncontrolling ownership interest | 21.00% | ||||||||
Class A [Member] | Panhandle 2 [Member] | Investor [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership interest | 100.00% | ||||||||
Noncontrolling ownership interest | 19.00% |
Acquisitions_Schedule_of_Fair_
Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 | Jun. 25, 2014 | Jun. 30, 2014 | Nov. 10, 2014 | Dec. 19, 2014 |
In Thousands, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Current portion of contingent liabilities | ($4,000) | ||||
E1 Arrayan [Member] | |||||
Business Acquisition [Line Items] | |||||
Total consideration | 45,300 | ||||
E1 Arrayan [Member] | Consolidated Interest [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 713 | ||||
Trade receivables | 3,829 | ||||
VAT receivable | 17,031 | ||||
Prepaid expenses and other current assets | 174 | ||||
Restricted cash, non-current | 10,392 | ||||
Property, plant and equipment | 341,417 | ||||
Intangible assets | 1,121 | ||||
Net deferred tax assets | 5,455 | ||||
Accounts payable and other accrued liabilities | -6,830 | ||||
Accrued construction costs | -9,495 | ||||
Accrued interest | -2,592 | ||||
Derivative liabilities, current | -1,942 | ||||
Current portion of long-term debt | -16,586 | ||||
Long-term debt | -209,295 | ||||
Derivative liabilities, non-current | -501 | ||||
Asset retirement obligation | -2,354 | ||||
Net deferred tax liabilities | -13,001 | ||||
Total consideration | 117,536 | ||||
Less: tax equity noncontrolling interest contributions | -35,259 | ||||
Total consideration after non-controlling interest | 82,277 | ||||
Panhandle 1 [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 1,038 | ||||
Trade receivables | 1,850 | ||||
Prepaid expenses and other current assets | 71 | ||||
Restricted cash, non-current | 14,293 | ||||
Property, plant and equipment | 332,953 | ||||
Accounts payable and other accrued liabilities | -148 | ||||
Accrued construction costs | -12,806 | ||||
Related party payable | -44 | ||||
Asset retirement obligation | -2,557 | ||||
Total consideration | 334,650 | ||||
Less: tax equity noncontrolling interest contributions | -210,250 | ||||
Total consideration after non-controlling interest | 124,400 | ||||
Panhandle 2 [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 240 | ||||
Trade receivables | 1,156 | ||||
Prepaid expenses and other current assets | 28,997 | ||||
Property, plant and equipment | 315,109 | ||||
Accrued construction costs | -24,197 | ||||
Related party payable | -121 | ||||
Short-term debt | -195,351 | ||||
Asset retirement obligation | -2,003 | ||||
Total consideration | 123,830 | ||||
Logan's Gap [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 2 | ||||
Restricted cash, current | 5,003 | ||||
Prepaid expenses and other current assets | 1,722 | ||||
Deferred financing costs, current | 2,117 | ||||
Construction in progress | 23,770 | ||||
Property, plant and equipment | 116 | ||||
Other assets | 80 | ||||
Accrued construction costs | -4,733 | ||||
Current portion of contingent liabilities | -8,000 | -7,975 | |||
Related party payable | -5,003 | ||||
Total consideration | $15,099 |
Acquisitions_Schedule_of_Suppl
Acquisitions - Schedule of Supplemental Pro Forma Data (Detail) (E1 Arrayan, Panhandle 1, Panhandle 2 and Logans Gap [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
E1 Arrayan, Panhandle 1, Panhandle 2 and Logans Gap [Member] | ||
Business Acquisition [Line Items] | ||
Pro forma total revenue | $268,116 | $201,573 |
Pro forma total expenses | 326,990 | 192,762 |
Pro forma net (loss) income | -58,874 | 8,811 |
Less: pro forma net loss attributable to noncontrolling interest | -8,662 | -7,176 |
Pro forma net (loss) income attributable to controlling interest | ($50,212) | $15,987 |
Acquisitions_Schedule_of_Amoun
Acquisitions - Schedule of Amounts Included in Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||||||||||||
Total revenue | $79,418,000 | $71,519,000 | $65,007,000 | $49,549,000 | $41,767,000 | $57,257,000 | $58,712,000 | $43,837,000 | $265,493,000 | $201,573,000 | $114,528,000 | ||
Total expenses | 28,320,000 | 12,988,000 | 11,636,000 | ||||||||||
Net loss | -15,986,000 | -9,281,000 | 7,167,000 | -21,899,000 | -19,376,000 | 4,244,000 | 43,988,000 | -18,784,000 | -39,999,000 | 10,072,000 | -13,376,000 | ||
Less: net loss attributable to noncontrolling interest | 4,406,000 | -2,073,000 | -4,032,000 | -7,010,000 | -6,197,000 | 3,248,000 | -359,000 | -3,579,000 | -8,709,000 | -6,887,000 | -7,089,000 | ||
Net loss attributable to controlling interest | -20,392,000 | -7,208,000 | 11,199,000 | -14,889,000 | -13,179,000 | 996,000 | 44,347,000 | -15,205,000 | -3,690,000 | -10,898,000 | -31,290,000 | 16,959,000 | -6,287,000 |
E1 Arrayan, Panhandle 1, Panhandle 2 and Logans Gap [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total revenue | 30,841,000 | ||||||||||||
Total expenses | 41,232,000 | ||||||||||||
Net loss | -10,391,000 | ||||||||||||
Less: net loss attributable to noncontrolling interest | -6,673,000 | ||||||||||||
Net loss attributable to controlling interest | ($3,718,000) |
Recovered_Sheet1
Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $15,275 | $10,132 |
Prepaid construction costs | 5,155 | |
Sales tax | 786 | 50 |
Other current assets: | ||
Deposit for letters of credit | 3,425 | |
Deferred equity issuance costs | 2,331 | |
Other | 982 | 1,233 |
Prepaid expenses and other current assets | $27,954 | $11,415 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | $2,629,147 | $1,655,920 |
Less: accumulated depreciation | -278,291 | -179,778 |
Property, plant and equipment, net | 2,350,856 | 1,476,142 |
Operating wind farms [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 2,624,640 | 1,652,119 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 4,366 | 3,785 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | $141 | $16 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense related to property, plant and equipment | $102.90 | $82 | $48.30 | ||
Decrease in depreciation expense | 12.7 | 13 | 1.5 | ||
Ocotillo [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash grant received | 115.9 | ||||
Pattern Santa Isabel LLC [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash grant received | 57.6 | ||||
Spring Valley [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash grant received | $79.90 |
Unconsolidated_Investments_Sch
Unconsolidated Investments - Schedule of Projects Accounted under Equity Method of Accounting (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 25, 2014 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | |||
Unconsolidated investments | $29,079 | $107,055 | |
South Kent [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Unconsolidated investments | 17,360 | 59,488 | |
Percentage of ownership | 50.00% | 50.00% | |
Grand [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Unconsolidated investments | 11,719 | 26,464 | |
Percentage of ownership | 45.00% | 45.00% | |
E1 Arrayan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Unconsolidated investments | $21,103 | ||
Percentage of ownership | 31.50% | 70.00% |
Unconsolidated_Investments_Add
Unconsolidated Investments - Additional Information (Detail) | Jun. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 |
In Millions, unless otherwise specified | E1 Arrayan [Member] | E1 Arrayan [Member] | South Kent [Member] | South Kent [Member] | Grand [Member] | Grand [Member] | Grand [Member] | Grand [Member] | Grand [Member] |
USD ($) | USD ($) | CAD | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
PPA of project | 20 years | 20 years | 20 years | ||||||
Business acquisition, percentage of equity interest | 45.00% | ||||||||
Business acquisition price | $79.50 | ||||||||
Business acquisition, contingent payment based on exchange rate | $4.30 | 5 | |||||||
Percentage of ownership | 70.00% | 31.50% | 50.00% | 50.00% | 45.00% | 45.00% | 45.00% |
Unconsolidated_Investments_Sum
Unconsolidated Investments - Summary of Aggregated Balance Sheets and Operating Results (Detail) (E1 Arrayan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
E1 Arrayan [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $16,362 | ||
Non-current assets | 260,187 | ||
Total assets | 276,549 | ||
Current liabilities | 9,224 | ||
Non-current liabilities | 197,597 | ||
Total liabilities | 206,821 | ||
Total equity | 69,728 | ||
Total liabilities and equity | 276,549 | ||
Revenue | 1,821 | ||
Other (income) expense | 3,083 | 941 | 384 |
Net loss | ($1,262) | ($941) | ($384) |
Recovered_Sheet2
Accounts Payable and Other Accrued Liabilities - Components of Accounts Payable and Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accounts payable | $673 | $168 |
Other accrued liabilities | 9,202 | 6,329 |
Warranty settlement payments | 639 | 2,187 |
LTSA upgrades liability | 680 | |
Land lease rent payable | 2,115 | 953 |
Payroll liabilities | 4,453 | 2,162 |
Property tax payable | 4,625 | 3,490 |
Sales tax payable | 2,406 | 261 |
Accounts payable and other accrued liabilities | $24,793 | $15,550 |
Long_Term_Debt_Schedule_of_Lon
Long Term Debt - Schedule of Long Term Debt (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Long term debt | $1,450,613 | $1,249,218 |
Less: current portion | -121,561 | -48,851 |
Long term debt, noncurrent | 1,329,052 | 1,200,367 |
Hatchet Ridge [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Imputed | |
Long term debt | 228,288 | 239,865 |
Long term debt, Interest Rate | 1.43% | 1.43% |
Long term debt, Maturity | Dec-32 | |
Gulf Wind [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Variable | |
Long term debt | 156,122 | 166,448 |
Long term debt, Interest Rate | 3.23% | 3.25% |
Long term debt, Maturity | Mar-20 | |
St. Joseph [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Fixed | |
Long term debt | 189,472 | 215,330 |
Long term debt, Interest Rate | 5.88% | 5.88% |
Long term debt, Maturity | May-31 | |
Spring Valley [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Variable | |
Long term debt | 167,261 | 173,110 |
Long term debt, Interest Rate | 2.62% | 2.63% |
Long term debt, Maturity | Jun-30 | |
Santa Isabel [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Fixed | |
Long term debt | 112,609 | 115,721 |
Long term debt, Interest Rate | 4.57% | 4.57% |
Long term debt, Maturity | Sep-33 | |
E1 Arrayan commercial [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Variable | |
Long term debt | 99,665 | |
Long term debt, Interest Rate | 2.92% | |
Long term debt, Maturity | Mar-29 | |
E1 Arrayan EKF [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Fixed | |
Long term debt | 109,630 | |
Long term debt, Interest Rate | 5.56% | |
Long term debt, Maturity | Mar-29 | |
Ocotillo commercial [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Variable | |
Long term debt | 222,175 | 230,944 |
Long term debt, Interest Rate | 1.98% | 3.00% |
Long term debt, Maturity | Aug-20 | |
Ocotillo development [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Variable | |
Long term debt | 106,700 | 107,800 |
Long term debt, Interest Rate | 2.33% | 2.35% |
Long term debt, Maturity | Aug-33 | |
Logan's Gap [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, Interest Type | Variable | |
Long term debt | $58,691 | |
Long term debt, Interest Rate | 1.64% | |
Long term debt, Maturity | Dec-15 |
Long_Term_Debt_Summary_of_Prin
Long Term Debt - Summary of Principal Payments Due under Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $121,561 | |
2016 | 65,877 | |
2017 | 67,277 | |
2018 | 72,750 | |
2019 | 83,613 | |
Thereafter | 1,039,535 | |
Long term debt | $1,450,613 | $1,249,218 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Interest and commitment fees incurred | $59,864 | $57,478 | $43,496 |
Capitalized interest, commitment fees, and letter of credit fees | -2,856 | -4,210 | -10,259 |
Letter of credit fees | 4,377 | 3,530 | 720 |
Amortization of financing costs | 6,309 | 6,816 | 2,546 |
Interest expense | $67,694 | $63,614 | $36,502 |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | 31-May-12 | Nov. 15, 2012 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 15, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2011 | Oct. 31, 2014 | Oct. 31, 2012 | Sep. 20, 2013 | Oct. 31, 2012 | Sep. 20, 2013 | Oct. 31, 2012 | Sep. 20, 2013 | Oct. 31, 2012 | Dec. 31, 2014 | 31-May-12 | 31-May-12 | Dec. 31, 2014 | 31-May-12 | 31-May-12 | Dec. 31, 2014 | 31-May-12 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | Eurodollar [Member] | Eurodollar [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | E1 Arrayan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Development bank loan [Member] | Commercial bank loan [Member] | Hatchet Ridge [Member] | Hatchet Ridge [Member] | Gulf Wind [Member] | Gulf Wind [Member] | Gulf Wind [Member] | St. Joseph [Member] | St. Joseph [Member] | St. Joseph [Member] | Spring Valley [Member] | Spring Valley [Member] | Spring Valley [Member] | Santa Isabel [Member] | Santa Isabel [Member] | Santa Isabel [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Ocotillo [Member] | Commercial Tranche [Member] | Commercial Tranche [Member] | Commercial Tranche [Member] | EKF Tranche [Member] | EKF Tranche [Member] | Letter of Credit Facility [Member] | Corpbanca [Member] | Corpbanca [Member] | Logan's Gap [Member] | Logan's Gap [Member] | Logan's Gap [Member] | |
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest rate swaps [Member] | Revolving Credit Facility [Member] | Development bank loan [Member] | Development bank loan [Member] | Commercial bank loan [Member] | Commercial bank loan [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | Interest rate swaps [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | USD ($) | Revolving Credit Facility [Member] | Commercial bank loan [Member] | |||||
SecurityLoan | Letter of Credit Facility [Member] | USD ($) | USD ($) | USD ($) | E1 Arrayan [Member] | USD ($) | USD ($) | USD ($) | USD ($) | SecurityLoan | Letter of Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | Letter of Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||
USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [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 | 250,000,000 | 178,900,000 | 119,000,000 | 351,500,000 | 110,000,000 | 241,500,000 | 247,100,000 | ||||||||||||||||||||||||||||||||||||||||
Bridge loan facility | 53,300,000 | 57,500,000 | 56,600,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt maturity period | 30-Sep-33 | 31-Dec-15 | |||||||||||||||||||||||||||||||||||||||||||||
Loan facility | 1,450,613,000 | 1,249,218,000 | 228,288,000 | 239,865,000 | 156,122,000 | 166,448,000 | 189,472,000 | 215,330,000 | 167,261,000 | 173,110,000 | 112,609,000 | 115,721,000 | 467,300,000 | 58,691,000 | |||||||||||||||||||||||||||||||||
Number of construction loan | 2 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility outstanding amount | 50,000,000 | 0 | 59,200,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of loan in interest rate swaps | 90.00% | 95.80% | |||||||||||||||||||||||||||||||||||||||||||||
Prepaid bank loan | 2,200,000 | 5,300,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt interest rate decrease | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility | 225,000,000 | 145,000,000 | 350,000,000 | 120,000,000 | 20,000,000 | 282,800,000 | 35,700,000 | 15,000,000 | |||||||||||||||||||||||||||||||||||||||
Borrowings | 100,000,000 | 110,000,000 | 15,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Description of base rate | The base rate loans accrue interest at the fluctuating rate per annum equal to the greatest of the (i) the prime rate, (ii) the federal funds rate plus 0.50% 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%, plus an applicable margin ranging from 1.25% to 1.75%. The Eurodollar rate loans accrue interest at a rate per annum equal to LIBOR, plus an applicable margin ranging from 2.25% to 2.75%. | The commercial tranche loan is a LIBOR loan and accrues interest at LIBOR plus 2.75% per annum from the closing until the sixth anniversary of closing, 3.00% from the sixth anniversary to the tenth anniversary of closing, 3.25% from the tenth anniversary to the fourteenth anniversary of closing, and 3.50% after the fourteenth anniversary of closing. | The EKF Tranche term loan accrues interest at a fixed rate of 5.56%, in each case, plus a margin of 0.25% from the sixth anniversary to the tenth anniversary of the closing, 0.50% from the tenth anniversary to the fourteenth anniversary of closing, and 0.75% after the fourteenth anniversary of closing. | Chilean Interbank Rate plus 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Termination year | Nov-15 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt maturity period extended | 31-Mar-16 | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility increased | 35,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Increase of additional borrowings | 25,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit issued | 45,100,000 | 44,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility amount drawn | $50,000,000 | $56,000,000 | $50,000,000 | $56,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Revolving commitment fee, percentage | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, margin range | 1.25% | 1.75% | 2.25% | 2.75% |
Asset_Retirement_Obligations_A
Asset Retirement Obligations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning asset retirement obligations | $20,834 | $19,056 | $10,342 |
Additions during the year | 7,195 | 767 | 7,971 |
Foreign currency translation adjustment | -228 | -172 | 59 |
Accretion expense | 1,471 | 1,183 | 684 |
Ending asset retirement obligations | $29,272 | $20,834 | $19,056 |
Derivative_Instruments_Schedul
Derivative Instruments - Schedule of Undesignated Derivative Instruments Classified as Assets (Liabilities) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Fair Market Value, Current Portion | ($16,307) | ($16,171) | |
Fair Market Value, Long-Term Portion | -17,467 | -7,439 | |
Fair Market Value, Current Portion | 18,506 | 13,937 | |
Fair Market Value, Long-Term Portion | 49,369 | 82,167 | |
Undesignated Derivative Instruments [Member] | |||
Derivative [Line Items] | |||
Fair Market Value, Current Portion | 15,103 | 10,038 | 15,197 |
Fair Market Value, Long-Term Portion | 48,844 | 69,455 | 59,964 |
Gain (loss) Recognized into Income | -15,546 | 4,329 | -11,904 |
Undesignated Derivative Instruments [Member] | Interest rate swaps [Member] | Ocotillo [Member] | |||
Derivative [Line Items] | |||
Maturity Dates | 30-Jun-30 | 30-Jun-30 | 30-Jun-30 |
Fair Market Value, Current Portion | -3,403 | -3,899 | -1,980 |
Fair Market Value, Long-Term Portion | -2,931 | ||
Quantity | 6 | 6 | 6 |
Fair Market Value, Long-Term Portion | 2,523 | 14,358 | |
Gain (loss) Recognized into Income | -11,339 | 15,367 | -4,909 |
Undesignated Derivative Instruments [Member] | Interest rate cap [Member] | Gulf Wind [Member] | |||
Derivative [Line Items] | |||
Maturity Dates | 31-Dec-24 | 31-Dec-24 | 31-Dec-24 |
Quantity | 1 | 1 | 1 |
Fair Market Value, Long-Term Portion | 352 | 681 | 447 |
Gain (loss) Recognized into Income | -329 | 234 | -44 |
Undesignated Derivative Instruments [Member] | Energy derivative [Member] | Gulf Wind [Member] | |||
Derivative [Line Items] | |||
Maturity Dates | 30-Apr-19 | 30-Apr-19 | 30-Apr-19 |
Quantity | 1 | 1 | 1 |
Fair Market Value, Current Portion | 18,506 | 13,937 | 17,177 |
Fair Market Value, Long-Term Portion | 45,969 | 54,416 | 62,448 |
Gain (loss) Recognized into Income | -3,878 | -11,272 | -6,951 |
Designated Derivative Instruments [Member] | |||
Derivative [Line Items] | |||
Fair Market Value, Current Portion | -12,904 | -12,272 | -11,482 |
Fair Market Value, Long-Term Portion | -16,942 | -32,395 | |
Gain (loss) Recognized in OCI | -19,670 | 36,875 | -11,170 |
Fair Market Value, Long-Term Portion | 5,273 | ||
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | Ocotillo [Member] | |||
Derivative [Line Items] | |||
Quantity | 6 | 6 | 6 |
Maturity Dates | 30-Jun-33 | 30-Jun-33 | 30-Jun-33 |
Fair Market Value, Current Portion | -1,917 | -2,105 | -952 |
Fair Market Value, Long-Term Portion | -1,962 | ||
Gain (loss) Recognized in OCI | -8,912 | 10,434 | -2,914 |
Fair Market Value, Long-Term Portion | 525 | 9,625 | |
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | Gulf Wind [Member] | |||
Derivative [Line Items] | |||
Quantity | 7 | 7 | 7 |
Maturity Dates | 15-Mar-20 | 15-Mar-20 | 15-Mar-20 |
Fair Market Value, Current Portion | -4,719 | -5,289 | -5,558 |
Fair Market Value, Long-Term Portion | -6,915 | -7,439 | -16,568 |
Gain (loss) Recognized in OCI | 1,094 | 9,398 | -1,835 |
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | E1 Arrayan [Member] | |||
Derivative [Line Items] | |||
Quantity | 3 | ||
Maturity Dates | 31-Mar-32 | ||
Fair Market Value, Current Portion | -1,822 | ||
Fair Market Value, Long-Term Portion | -3,338 | ||
Gain (loss) Recognized in OCI | -1,983 | ||
Designated Derivative Instruments [Member] | Interest rate swaps [Member] | Spring Valley [Member] | |||
Derivative [Line Items] | |||
Quantity | 2 | 2 | 2 |
Maturity Dates | 28-Jun-30 | 28-Jun-30 | 28-Jun-30 |
Fair Market Value, Current Portion | -4,446 | -4,878 | -4,972 |
Fair Market Value, Long-Term Portion | -7,214 | -13,865 | |
Gain (loss) Recognized in OCI | -9,869 | 17,043 | -6,421 |
Fair Market Value, Long-Term Portion | $3,087 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2011 | Oct. 31, 2012 | |
Derivative [Line Items] | ||||||
Unrealized (losses) gains | ($11,668,000) | $15,601,000 | ($4,953,000) | |||
Earnings from accumulated other comprehensive loss, tax | 404,000 | 0 | 0 | |||
Interest rate swaps [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 6.60% | 6.60% | 6.60% | |||
Recorded cash flow hedge ineffectiveness | 0 | 0 | 0 | |||
Reclassification into earnings from accumulated other comprehensive (loss) income | 5,500,000 | 5,700,000 | 5,700,000 | |||
Interest rate swaps [Member] | Ocotillo [Member] | ||||||
Derivative [Line Items] | ||||||
Recorded cash flow hedge ineffectiveness | 0 | 0 | 0 | |||
Reclassification into earnings from accumulated other comprehensive (loss) income | 2,200,000 | 1,100,000 | 0 | |||
Unrealized (losses) gains | -11,300,000 | 15,400,000 | -4,900,000 | |||
Interest rate swaps [Member] | Ocotillo [Member] | Development bank term loans [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 2.50% | |||||
Interest rate swaps [Member] | Ocotillo [Member] | Commercial bank term loans [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 2.20% | |||||
Interest rate swaps [Member] | E1 Arrayan [Member] | ||||||
Derivative [Line Items] | ||||||
Reclassification into earnings from accumulated other comprehensive (loss) income | 1,100,000 | 0 | 0 | |||
Earnings from accumulated other comprehensive loss, tax | 400,000 | 0 | 0 | |||
Interest rate swaps [Member] | E1 Arrayan [Member] | First two years [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 3.40% | |||||
Debt interest rate increases by every four years | 5.80% | |||||
Interest rate swaps [Member] | E1 Arrayan [Member] | Every fourth anniversary [Member] | ||||||
Derivative [Line Items] | ||||||
Debt interest rate increases by every four years | 0.25% | |||||
Interest rate swaps [Member] | Spring Valley [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 5.50% | |||||
Recorded cash flow hedge ineffectiveness | 0 | 0 | 0 | |||
Reclassification into earnings from accumulated other comprehensive (loss) income | 5,000,000 | 5,100,000 | 0 | |||
Debt interest rate increases by every four years | 0.25% | |||||
Interest rate swaps [Member] | Undesignated Derivative Instruments [Member] | Ocotillo [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 30-Jun-30 | 30-Jun-30 | 30-Jun-30 | |||
Interest rate swaps [Member] | Two through eight years [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 6.60% | |||||
Interest rate swaps [Member] | Year nine [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 7.10% | |||||
Interest rate swaps [Member] | Year ten [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate | 7.60% | |||||
Interest rate cap [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative future rate | 6.00% | |||||
Derivative effective date | 31-Mar-20 | |||||
Term of loan to be refinanced | 10 years | |||||
Unrealized (losses) gains | -300,000 | 200,000 | 0 | |||
Derivative instrument, fair value | 400,000 | 700,000 | 400,000 | |||
Interest rate cap [Member] | Undesignated Derivative Instruments [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 31-Dec-24 | 31-Dec-24 | 31-Dec-24 | |||
Notional amount reduced quarterly | 42,100,000 | |||||
Energy derivative [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized (losses) gains | -3,900,000 | -11,300,000 | -7,000,000 | |||
Energy derivative [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Unrealized (losses) gains | -3,900,000 | -11,300,000 | -7,000,000 | |||
Derivative instrument, fair value | $64,500,000 | $68,400,000 | $79,600,000 | |||
Fixed price of derivative instrument | 58.00% | |||||
Energy derivative [Member] | Undesignated Derivative Instruments [Member] | Gulf Wind [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative maturity date | 30-Apr-19 | 30-Apr-19 | 30-Apr-19 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Summary of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | ($17,377) | ($45,506) | ($35,610) |
Net current period other comprehensive income (loss) | -36,536 | 31,039 | -9,896 |
Accumulated other comprehensive income (loss), Ending balance | -53,913 | -17,377 | -45,506 |
Grand [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Acquisition | -2,910 | ||
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | -8,463 | -154 | -2,903 |
Net current period other comprehensive income (loss) | -10,875 | -8,309 | 2,749 |
Accumulated other comprehensive income (loss), Ending balance | -19,338 | -8,463 | -154 |
Effective Portion of Change in Fair Value of Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | -7,002 | -43,877 | -32,707 |
Net current period other comprehensive income (loss) | -19,670 | 36,875 | -11,170 |
Accumulated other comprehensive income (loss), Ending balance | -26,672 | -7,002 | -43,877 |
Proportionate Share of Equity Investee's OCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), Beginning balance | -1,912 | -1,475 | |
Net current period other comprehensive income (loss) | -5,991 | 2,473 | -1,475 |
Accumulated other comprehensive income (loss), Ending balance | -7,903 | -1,912 | -1,475 |
Proportionate Share of Equity Investee's OCI [Member] | Grand [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Acquisition | ($2,910) |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and (Liabilities) Required Fair Value Measurement on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | $34,101 | $72,494 |
Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | -30,726 | 3,460 |
Interest rate cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | 352 | 681 |
Energy derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | 64,475 | 68,353 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | -30,374 | 4,141 |
Level 2 [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | -30,726 | 3,460 |
Level 2 [Member] | Interest rate cap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | 352 | 681 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | 64,475 | 68,353 |
Level 3 [Member] | Energy derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets and (liabilities) | $64,475 | $68,353 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unrealized (losses) gains | ($11,668) | $15,601 | ($4,953) |
Energy derivative [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Unrealized (losses) gains | ($3,900) | ($11,300) | ($7,000) |
Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair value inputs, discount rate | 7.00% | ||
Fair value inputs, probability factor | 75.00% |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Contingent Liabilities and Energy Derivative Contract Measured at Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | $68,353 | $71,624 | $80,591 |
Settlements | -13,524 | -8,797 | -19,644 |
Change in fair value, net of settlements | 9,646 | 5,526 | 10,677 |
Ending balance | 64,475 | 68,353 | 71,624 |
Energy derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | 68,353 | 79,625 | 86,577 |
Settlements | -13,524 | -16,798 | -19,644 |
Change in fair value, net of settlements | 9,646 | 5,526 | 12,692 |
Ending balance | 64,475 | 68,353 | 79,625 |
Contingent Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning balance | -8,001 | -5,986 | |
Settlements | 8,001 | ||
Change in fair value, net of settlements | -2,015 | ||
Ending balance | ($8,001) |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Fair Values of Company's Financial Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion, As reflected on the balance sheet | $1,450,613 | $1,249,218 |
Fair value, Long-term debt, including current portion | 1,416,744 | 1,165,119 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value, Long-term debt, including current portion | $1,416,744 | $1,165,119 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $0 | $0 | $0 |
State | 0 | 0 | 0 |
Foreign | 182 | ||
Total current expense (benefit) | 182 | ||
Deferred: | |||
Federal | 2,961 | ||
State | 0 | 0 | 0 |
Foreign | 2,954 | 1,585 | -3,604 |
Total deferred expense (benefit) | 2,954 | 4,546 | -3,604 |
Total provision for income taxes | $3,136 | $4,546 | ($3,604) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. | ($34,788) | $4,022 | ($17,810) |
Foreign | -2,075 | 10,596 | 830 |
Total | ($36,863) | $14,618 | ($16,980) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Computed tax at statutory rate | 35.00% | 35.00% | 35.00% |
Book/tax basis difference | 27.20% | ||
Partnership income not subject to taxes | -40.90% | ||
Adjustment for income in non-taxable entities allocable to noncontrolling interest | -7.60% | 16.50% | |
Foreign rate differential | 0.00% | 0.00% | 0.00% |
Tax rate differential on pre-tax book income, other | 5.60% | 2.10% | |
Local tax on branch profits/(losses)-Puerto Rico | 1.60% | 13.10% | |
Permanent book/tax differences (domestic only) | -0.10% | -2.20% | |
Valuation Allowance | -33.40% | 187.20% | |
Deferred tax liability on Chilean shareholder liability due to tax regime change | -3.60% | ||
Change in tax rate due to change in Chilean tax regime | -6.20% | ||
Other | 0.10% | 3.10% | |
ARRA Section 1603 grant-basis reduction deferred tax assets | -223.70% | ||
Effective income tax rate | -8.60% | 31.10% | 21.30% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets/(liabilities)-current: | |||
Accruals, prepaids and other current deferred tax assets and liabilities | ($344) | $2,399 | |
Basis difference in derivatives | 4,779 | 2,835 | |
Total gross deferred tax assets/(liabilities) | 4,435 | 5,234 | |
Less: valuation allowance | -4,266 | -4,661 | |
Total net deferred tax assets/(liabilities)-current | 169 | 573 | |
Deferred tax assets/(liabilities)-non-current: | |||
Property, plant and equipment | -104,767 | -36,548 | -47,894 |
Basis difference in foreign subsidiaries | 37,626 | 40,097 | |
Partnership interest | 994 | -4,917 | |
Lease Hatchet Ridge | 28,044 | 29,314 | |
Asset retirement obligation | 5,216 | 4,649 | |
Equity method | 3,794 | ||
Unrealized loss on derivatives | -5,830 | ||
Other temp differences | 256 | ||
Net operating loss carryforwards | 130,248 | 61,441 | 45,302 |
Other non current deferred tax assets and liabilities | -5,081 | -4,595 | -690 |
Change in tax status | 4,599 | ||
Accruals not currently deductible | 443 | ||
Total gross deferred tax assets/(liabilities)-non-current | 92,536 | 87,405 | 1,760 |
Less: valuation allowance | -107,480 | -95,318 | -482 |
Total net deferred tax assets/(liabilities)-non-current | -14,944 | -7,913 | 1,278 |
Total net deferred tax assets/(liabilities) | ($14,775) | ($7,340) | $1,278 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Net change in valuation allowance | $11,800,000 | $99,500,000 | |
Limitation on set off of net operating loss | 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") and credit carryforwards, as well as built-in loss items, after a change in control (generally greater than 50% change in ownership) of a loss corporation. | ||
Unrecognized tax benefits | 0 | ||
Significant change in unrecognized tax benefits is reasonably possible, amount | 0 | ||
Interest expense or penalties associated with unrecognized tax benefits | 0 | 0 | 0 |
Undistributed earnings of foreign subsidiary | 7,600,000 | ||
Special tax rate related to tax holiday | 4.00% | ||
Income tax holiday, termination date | For a 15 year period and is scheduled to terminate on December 31, 2026. | ||
Tax holiday impact, decrease in foreign deferred tax expense | 2,100,000 | ||
Class A Common Stock [Member] | |||
Income Taxes [Line Items] | |||
Tax holiday impact on net income per share of basic and diluted | $0.05 | ||
Class B Common Stock [Member] | |||
Income Taxes [Line Items] | |||
Tax holiday impact on net income per share of basic and diluted | $0.14 | ||
Domestic [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 225,600,000 | ||
Net operating loss carryforwards, beginning expiry year | 2032 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $25,500,000 | ||
Net operating loss carryforwards, beginning expiry year | 2032 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||
Common stock conversion basis | All of the outstanding Class B common stock automatically convert, on a one-for-one basis, into Class A shares. There are no other conversion rights attached to Class B common stock. | ||
Common stock voting rights | Holders of the Companybs Class A common stock and Class B common stock are entitled to one vote per share on all matters submitted to a vote of stockholders and will vote as a single class under all circumstances, unless otherwise required by law. Shares held by Pattern Development are entitled to certain approval rights if Pattern Development beneficially owns not less than thirty-three and one-third percent of the Companybs outstanding common stock, pursuant to the Shareholder Approval Rights Agreement between the Company and Pattern Development dated October 2, 2013. | ||
Preferred stock, authorized | 100,000,000 | 100,000,000 | |
Preferred stock, issued | 0 | 0 | 0 |
Preferred stock, outstanding | 0 | 0 | 0 |
Class B Common Stock [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||
Common stock conversion basis | One-to-one basis | ||
Class A Common Stock [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||
Dividends payable, amount per share | 0.335 | $0.34 | |
Common stock dividends per share annualized basis | 1.34 | ||
Dividend declared date | 29-Oct-14 | ||
Dividend payable date | 30-Jan-15 | ||
Dividend payment, date of stockholders record | 31-Dec-14 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Noncontrolling Interest Balances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 25, 2014 |
In Thousands, unless otherwise specified | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest | $530,586 | $99,794 | |
E1 Arrayan [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership | 31.50% | 70.00% | |
Noncontrolling Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest | 530,586 | 99,794 | |
Noncontrolling Interest [Member] | Gulf Wind [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest | 97,061 | 99,794 | |
Percentage of ownership | 60.00% | 60.00% | |
Noncontrolling Interest [Member] | E1 Arrayan [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest | 35,624 | ||
Percentage of ownership | 30.00% | ||
Noncontrolling Interest [Member] | Panhandle 1 [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest | 205,333 | ||
Percentage of ownership | 21.00% | ||
Noncontrolling Interest [Member] | Panhandle 2 [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest | $192,568 | ||
Percentage of ownership | 19.00% |
Equity_Incentive_Award_Plan_Ad
Equity Incentive Award Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $4,105,000 | $511,000 | |
Performance based restricted stock awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 600,000 | ||
Restricted stock awards vested | 27,717 | ||
Restricted stock awards vested, weighted average grant date fair value | $27.03 | ||
Restricted stock awards unvested | 0 | ||
2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of stock options exercised | 100,000 | 0 | |
Cash received from employee stock option exercises | 300,000 | 0 | |
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 | 2,292,642 | ||
2013 Plan [Member] | Restricted stock awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of RSAs granted | 178,089 | ||
Stock-based compensation expense | 4,100,000 | 500,000 | |
Unrecorded stock-based compensation expense | 3,100,000 | ||
Weighted-average period for amortization | 1 year 9 months 18 days | ||
Fair value of restricted stock awards released | 2,900,000 | 200,000 | |
Weighted average grant date fair value | $27.54 | $24.15 | |
Restricted stock awards vested | 81,914 | ||
Restricted stock awards vested, weighted average grant date fair value | $26.64 | ||
Restricted stock awards unvested | 145,732 | 76,262 | |
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 | ||
Aggregate intrinsic value of stock options exercised | 108,191 | ||
Unrecorded stock-based compensation expense | $1,100,000 | ||
Weighted-average period for amortization | 1 year 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 | 161,757 | ||
2013 Plan [Member] | Director [Member] | Restricted stock awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of RSAs granted | 16,332 |
Equity_Incentive_Award_Plan_Sc
Equity Incentive Award Plan - Schedule of Weighted Average Assumptions (Detail) (Stock options [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.68% | 1.68% |
Expected life (in years) | 5 years 9 months 18 days | 5 years 9 months 18 days |
Expected volatility | 36.00% | 36.00% |
Expected dividend yield | 5.70% | 5.70% |
Equity_Incentive_Award_Plan_Su
Equity Incentive Award Plan - Summary of Stock Option Activity (Detail) (2013 Plan [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate Intrinsic Value, Exercised | $100,000 | $0 |
Stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options Outstanding, Beginning balance | 444,823 | |
Number of Options Outstanding, Exercised | -14,861 | |
Number of Options Outstanding, Ending balance | 429,962 | |
Number of Options Outstanding, Exercisable at December 31, 2014 | 170,434 | |
Number of Options Outstanding, Vested and expected to vest as of December 31, 2014 | 429,962 | |
Weighted Average Exercise Price, Beginning balance | $22 | |
Weighted Average Exercise Price, Exercised | $22 | |
Weighted Average Exercise Price, Ending balance | $22 | |
Weighted Average Exercise Price, Exercisable at December 31, 2014 | $22 | |
Weighted Average Exercise Price, Vested and expected to vest as of December 31, 2014 | $22 | |
Weighted Average Remaining Contractual Life (in years), Ending balance | 8 years 9 months 18 days | |
Weighted Average Remaining Contractual Life (in years), Exercisable at December 31, 2014 | 8 years 9 months 18 days | |
Weighted Average Remaining Contractual Life (in years), Vested and expected to vest as of December 31, 2014 | 8 years 9 months 18 days | |
Aggregate Intrinsic Value, Exercised | 108,191 | |
Aggregate Intrinsic Value, Ending balance | 1,143,699 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2014 | 453,354 | |
Aggregate Intrinsic Value, Vested and expected to vest as of December 31, 2014 | $1,143,699 |
Equity_Incentive_Award_Plan_Su1
Equity Incentive Award Plan - Summary of Restricted Stock Awards Activity (Detail) (Restricted stock awards [Member], 2013 Plan [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted stock awards [Member] | 2013 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSAs Outstanding, Beginning balance | 76,262 | |
Number of RSAs Outstanding, Granted | 178,089 | |
Number of RSAs Outstanding, Released | -81,914 | |
Number of RSAs Outstanding, Forfeited | -2,174 | |
Number of RSAs Outstanding, Repurchased for employee tax withholding | -24,531 | |
Number of RSAs Outstanding, Ending balance | 145,732 | 76,262 |
Weighted Average Grant Date Fair Value, Beginning balance | $22.53 | |
Weighted Average Grant Date Fair Value, Granted | $27.54 | $24.15 |
Weighted Average Grant Date Fair Value, Released | $26.64 | |
Weighted Average Grant Date Fair Value, Forfeited | $27.03 | |
Weighted Average Grant Date Fair Value, Repurchased for employee tax withholding | $26.44 | |
Weighted Average Grant Date Fair Value, Ending balance | $25.62 | $22.53 |
Aggregate Intrinsic Value, Ending balance | $3,593,751 |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Earnings (Loss) per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Net loss attributable to controlling interest | ($20,392) | ($7,208) | $11,199 | ($14,889) | ($13,179) | $996 | $44,347 | ($15,205) | ($3,690) | ($10,898) | ($31,290) | $16,959 | ($6,287) |
Less: dividends declared | -56,976 | -11,103 | |||||||||||
Less: deemed dividends | -21,901 | ||||||||||||
Net loss attributable to common stockholders | -29,688 | -11,239 | -26,068 | -37,285 | -66,972 | -110,167 | -24,439 | ||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 41,174,697 | 38,331,595 | |||||||||||
Stock options [Member] | |||||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | 52,915 | 14,462 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -112,252 | -52,915 | -14,462 | |||||||||
Restricted stock awards [Member] | |||||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | 27,401 | 38,131 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -191,451 | -27,401 | -38,131 | |||||||||
Class A Common Stock [Member] | |||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Less: dividends declared | -15,258 | -14,981 | -11,179 | -26,138 | -41,395 | ||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 46,317,932 | 35,533,166 | 41,022,962 | 42,361,959 | 35,448,056 | ||||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 62,197,580 | 57,065,219 | 51,421,931 | 54,214,953 | 56,881,665 | 57,997,275 | 51,055,649 | ||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 46,317,932 | 57,065,219 | 51,421,931 | 54,214,953 | 56,577,962 | 42,361,959 | 35,448,056 | ||||||
Class B common stock-basic and diluted | 42,361,959 | 35,448,056 | |||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Dividends | $0.33 | $0.36 | $0.31 | $0.68 | $1.01 | $1.34 | $0.31 | ||||||
Undistributed loss | ($0.48) | ($0.20) | ($0.51) | ($0.69) | ($1.18) | ($1.90) | ($0.48) | ||||||
Basic loss per share | ($0.36) | ($0.15) | $0.17 | ($0.20) | ($0.01) | ($0.17) | ($0.56) | ($0.17) | |||||
Basic and diluted loss per share | ($0.17) | ($0.56) | ($0.17) | ||||||||||
Diluted loss per share | ($0.36) | ($0.15) | $0.16 | ($0.29) | ($0.07) | ($0.19) | ($0.56) | ($0.17) | |||||
Cash dividends declared per Class A common share | $0.34 | $0.33 | $0.32 | $0.31 | $0.63 | $0.96 | $1.30 | $0.31 | |||||
Class B Common Stock [Member] | |||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Less: deemed dividends | $7,222 | $7,457 | $7,457 | $14,679 | $21,901 | ||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | -15,555,000 | ||||||||||
Class B common stock-basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Deemed dividends | $0.46 | $0.46 | $0.48 | $0.48 | $0.94 | $1.41 | |||||||
Undistributed loss | ($0.48) | ($0.20) | ($0.69) | ($1.18) | ($1.90) | ($0.48) | |||||||
Basic and diluted loss per share | ($0.23) | ($0.02) | $0.28 | ($0.51) | ($0.48) | ($0.21) | ($0.24) | ($0.49) | ($0.48) | ||||
Deemed dividends per Class B common share | $0.46 | $0.46 | $0.48 | $0.48 | $0.94 | $1.41 |
Geographic_Information_Summary
Geographic Information - Summary of Geographical Revenues and Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $79,418 | $71,519 | $65,007 | $49,549 | $41,767 | $57,257 | $58,712 | $43,837 | $265,493 | $201,573 | $114,528 |
Property, Plant and Equipment, net | 2,350,856 | 1,476,142 | 2,350,856 | 1,476,142 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 201,408 | 161,505 | 73,089 | ||||||||
Property, Plant and Equipment, net | 1,784,219 | 1,210,319 | 1,784,219 | 1,210,319 | |||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 46,593 | 40,068 | 41,439 | ||||||||
Property, Plant and Equipment, net | 233,690 | 265,823 | 233,690 | 265,823 | |||||||
Chile [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 17,492 | ||||||||||
Property, Plant and Equipment, net | $332,947 | $332,947 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Warranties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Commitments [Line Items] | |||
Operating leases, Rent expense | $8.80 | $6.10 | $4.20 |
Purchase commitments, outstanding | 16.7 | ||
Warranty settlements for liquidated damage payments | 21.9 | ||
Blade manufacturer [Member] | |||
Other Commitments [Line Items] | |||
Warranty settlements | 24.1 | ||
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Future refund of liquidated damage | 0.6 | 2.2 | |
Pattern Santa Isabel LLC [Member] | |||
Other Commitments [Line Items] | |||
Tax indemnification liability | 7.2 | ||
Construction-related open commitments [Member] | |||
Other Commitments [Line Items] | |||
Purchase commitments, outstanding | 171 | ||
Wind Turbine [Member] | |||
Other Commitments [Line Items] | |||
Purchase commitments, outstanding | 6.3 | ||
Additional contingency liability | 4 | ||
Service and Maintenance Agreements [Member] | |||
Other Commitments [Line Items] | |||
Term of agreement | 12 years | ||
Purchase commitments, outstanding | 353.4 | ||
Wind Farm [Member] | |||
Other Commitments [Line Items] | |||
Term of agreement | 20 years | ||
Purchase commitments, outstanding | 6.7 | ||
Power purchase agreements [Member] | |||
Other Commitments [Line Items] | |||
Irrevocable letters of credit | 57.2 | ||
Power purchase agreements [Member] | Minimum [Member] | |||
Other Commitments [Line Items] | |||
Power purchase agreements termination period | 2025 | ||
Power purchase agreements [Member] | Maximum [Member] | |||
Other Commitments [Line Items] | |||
Power purchase agreements termination period | 2039 | ||
Project Finance Agreements [Member] | |||
Other Commitments [Line Items] | |||
Irrevocable letters of credit | 107.1 | ||
Project Finance Agreements [Member] | Revolving Credit Facility [Member] | |||
Other Commitments [Line Items] | |||
Irrevocable letters of credit | 45.1 | ||
Service Providers [Member] | |||
Other Commitments [Line Items] | |||
Bonuses payable | 0.2 | ||
Turbine manufacturers [Member] | |||
Other Commitments [Line Items] | |||
Bonuses payable | $0 | $0 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Warranties - Schedule of Future Minimum Payments Related to Land Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $5,971 |
2016 | 5,406 |
2017 | 5,412 |
2018 | 5,418 |
2019 | 5,425 |
Thereafter | 141,443 |
Total | $169,075 |
Commitments_Contingencies_and_4
Commitments, Contingencies and Warranties - Schedule of Operations and Maintenance Commitments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $40,118 |
2016 | 44,583 |
2017 | 44,387 |
2018 | 38,746 |
2019 | 36,707 |
Thereafter | 148,872 |
Total | $353,413 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 19, 2014 | Jun. 25, 2014 | Dec. 31, 2014 | Jun. 25, 2014 | Jun. 25, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 05, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 19, 2014 | Dec. 31, 2014 | Dec. 19, 2014 | Jun. 30, 2014 | Jun. 25, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 25, 2014 | Jun. 30, 2014 | Jun. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 20, 2013 | Nov. 10, 2014 | Dec. 31, 2014 | Nov. 10, 2014 | Nov. 10, 2014 | |
USD ($) | USD ($) | USD ($) | Logan's Gap [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | E1 Arrayan [Member] | Panhandle 1 [Member] | Indirect Guarantee of Indebtedness [Member] | Guarantee Obligation by PEG LP [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 Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Pattern Development [Member] | Grand [Member] | Grand [Member] | Grand [Member] | Panhandle 2 [Member] | Panhandle 2 [Member] | Panhandle 2 [Member] | Panhandle 2 [Member] | |
USD ($) | USD ($) | Majority control [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Logan's Gap [Member] | Logan's Gap [Member] | Logan's Gap [Member] | Panhandle 1 [Member] | Panhandle 1 [Member] | Panhandle 1 [Member] | Panhandle 1 [Member] | Panhandle 1 [Member] | Class B Membership Interests [Member] | Class B Membership Interests [Member] | USD ($) | CAD | Panhandle 1 [Member] | Panhandle 1 [Member] | Panhandle 1 [Member] | Class B Membership Interests [Member] | |||||||
MW | MW | USD ($) | USD ($) | MW | MW | USD ($) | USD ($) | Panhandle 1 [Member] | Panhandle 1 [Member] | USD ($) | USD ($) | Panhandle 1 [Member] | |||||||||||||||||||
MW | |||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||
Percentage of service fee of direct costs | 5.00% | ||||||||||||||||||||||||||||||
Amounts payable for services and supplies | $800,000 | $1,200,000 | |||||||||||||||||||||||||||||
Related party receivable | 700,000 | 200,000 | 100,000 | 0 | |||||||||||||||||||||||||||
Letters-of-credit outstanding | 0 | 0 | |||||||||||||||||||||||||||||
Guarantee for payment obligations | 14,000,000 | 20,000,000 | |||||||||||||||||||||||||||||
Remaining credit facility | 6,000,000 | ||||||||||||||||||||||||||||||
Business acquisition, percentage of equity interest | 38.50% | 70.00% | 100.00% | 45.00% | |||||||||||||||||||||||||||
Business acquisition, contingent payment | 4,000,000 | 4,300,000 | 5,000,000 | ||||||||||||||||||||||||||||
Acquired percentage of issued and outstanding of common stock | 100.00% | ||||||||||||||||||||||||||||||
Effective date of acquisition | 25-Jun-14 | 19-Dec-14 | 30-Jun-14 | 10-Nov-14 | |||||||||||||||||||||||||||
Indirect interest | 31.50% | ||||||||||||||||||||||||||||||
Completed construction of wind power project | 115 | ||||||||||||||||||||||||||||||
Total purchase price | 15,099,000 | 45,300,000 | 334,650,000 | ||||||||||||||||||||||||||||
Additional ownership interest acquired, percentage | 38.50% | ||||||||||||||||||||||||||||||
Ownership interest | 100.00% | 79.00% | 79.00% | 100.00% | 100.00% | 81.00% | 100.00% | ||||||||||||||||||||||||
Business acquisition acquired entity purchase price | 15,100,000 | 124,400,000 | 124,400,000 | 123,800,000 | |||||||||||||||||||||||||||
Capacity agreed to acquire | 172 | 147 | |||||||||||||||||||||||||||||
Power generation capacity | 164 | 218 | 218 | 182 | |||||||||||||||||||||||||||
Amount paid for acquiring trade name | 1 | ||||||||||||||||||||||||||||||
Repayments of acquired debt | 195,400,000 | ||||||||||||||||||||||||||||||
Related party payable | 5,003,000 | 44,000 | 5,000,000 | ||||||||||||||||||||||||||||
Management fees | 3,317,000 | 911,000 | |||||||||||||||||||||||||||||
Employer contribution, percentage | 5.00% | ||||||||||||||||||||||||||||||
Employer contribution, amount | $300,000 | $100,000 | $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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | |||
Project expense | $1,995 | $1,998 | |
Related party general and administrative | 5,787 | 8,169 | 10,604 |
Related party income | -2,612 | -665 | |
Other income, net | -551 | -210 | |
Total | $3,175 | $8,948 | $12,392 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Summary of Quarterly Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||||
Revenue | $79,418 | $71,519 | $65,007 | $49,549 | $41,767 | $57,257 | $58,712 | $43,837 | $265,493 | $201,573 | $114,528 | ||
Gross profit (loss) | 26,311 | 17,669 | 27,023 | 12,298 | 4,729 | 21,471 | 26,222 | 8,294 | 83,301 | 60,716 | 30,658 | ||
Net (loss) income | -15,986 | -9,281 | 7,167 | -21,899 | -19,376 | 4,244 | 43,988 | -18,784 | -39,999 | 10,072 | -13,376 | ||
Net (loss) income attributable to noncontrolling interest | 4,406 | -2,073 | -4,032 | -7,010 | -6,197 | 3,248 | -359 | -3,579 | -8,709 | -6,887 | -7,089 | ||
Net (loss) income attributable to controlling interest | ($20,392) | ($7,208) | $11,199 | ($14,889) | ($13,179) | $996 | $44,347 | ($15,205) | ($3,690) | ($10,898) | ($31,290) | $16,959 | ($6,287) |
Class A Common Stock [Member] | |||||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||||
Basic (loss) earnings per share | ($0.36) | ($0.15) | $0.17 | ($0.20) | ($0.01) | ($0.17) | ($0.56) | ($0.17) | |||||
Diluted (loss) earnings per share | ($0.36) | ($0.15) | $0.16 | ($0.29) | ($0.07) | ($0.19) | ($0.56) | ($0.17) | |||||
Basic and diluted earnings (loss) per share | ($0.17) | ($0.56) | ($0.17) | ||||||||||
Cash dividends declared per share | $0.34 | $0.33 | $0.32 | $0.31 | $0.63 | $0.96 | $1.30 | $0.31 | |||||
Class B Common Stock [Member] | |||||||||||||
Schedule Of Quarterly Financial Information [Line Items] | |||||||||||||
Basic and diluted earnings (loss) per share | ($0.23) | ($0.02) | $0.28 | ($0.51) | ($0.48) | ($0.21) | ($0.24) | ($0.49) | ($0.48) | ||||
Deemed dividends | $0.46 | $0.46 | $0.48 | $0.48 | $0.94 | $1.41 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data - Computations of Basic and Diluted Earnings (Loss) per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Net income (loss) attributable to controlling interest | ($20,392) | ($7,208) | $11,199 | ($14,889) | ($13,179) | $996 | $44,347 | ($15,205) | ($3,690) | ($10,898) | ($31,290) | $16,959 | ($6,287) |
Dividends declared on Class A common stock | -56,976 | -11,103 | |||||||||||
Less: deemed dividends on Class B common shares | 21,901 | ||||||||||||
Net loss attributable to common stockholders | -29,688 | -11,239 | -26,068 | -37,285 | -66,972 | -110,167 | -24,439 | ||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 41,174,697 | 38,331,595 | |||||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 41,174,697 | 38,331,595 | |||||||||||
Stock options [Member] | |||||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | 52,915 | 14,462 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -112,252 | -52,915 | -14,462 | |||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | 52,915 | 14,462 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -112,252 | -52,915 | -14,462 | |||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | 52,915 | 14,462 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -112,252 | -52,915 | -14,462 | |||||||||
Restricted stock awards [Member] | |||||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | 27,401 | 38,131 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -191,451 | -27,401 | -38,131 | |||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | 27,401 | 38,131 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -191,451 | -27,401 | -38,131 | |||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | 27,401 | 38,131 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -191,451 | -27,401 | -38,131 | |||||||||
As Previously Reported [Member] | |||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Net income (loss) attributable to controlling interest | -7,208 | 11,199 | -14,889 | -3,690 | -10,898 | ||||||||
Net loss attributable to common stockholders | -29,688 | -3,782 | -26,068 | -29,828 | -66,972 | ||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 41,174,697 | 38,331,595 | |||||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 41,174,697 | 38,331,595 | |||||||||||
As Previously Reported [Member] | Stock options [Member] | |||||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -95,219 | -112,252 | ||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -95,219 | -112,252 | ||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 133,197 | 107,979 | 95,219 | 100,814 | 112,252 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -133,197 | -95,219 | -112,252 | ||||||||||
As Previously Reported [Member] | Restricted stock awards [Member] | |||||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -238,546 | -191,451 | ||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -238,546 | -191,451 | ||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 191,451 | 227,543 | 238,546 | 227,543 | 191,451 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -191,451 | -238,546 | -191,451 | ||||||||||
Class A Common Stock [Member] | |||||||||||||
Earnings Per Share [Line Items] | |||||||||||||
Diluted earnings (loss) per share | ($0.36) | ($0.15) | $0.16 | ($0.29) | ($0.07) | ($0.19) | ($0.56) | ($0.17) | |||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Dividends declared on Class A common stock | -15,258 | -14,981 | -11,179 | -26,138 | -41,395 | ||||||||
Cash dividends declared per Class A common share | $0.34 | $0.33 | $0.32 | $0.31 | $0.63 | $0.96 | $1.30 | $0.31 | |||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 46,317,932 | 35,533,166 | 41,022,962 | 42,361,959 | 35,448,056 | ||||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 62,197,580 | 57,065,219 | 51,421,931 | 54,214,953 | 56,881,665 | 57,997,275 | 51,055,649 | ||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 46,317,932 | 57,065,219 | 51,421,931 | 54,214,953 | 56,577,962 | 42,361,959 | 35,448,056 | ||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 62,197,580 | 57,065,219 | 51,421,931 | 54,214,953 | 56,881,665 | 57,997,275 | 51,055,649 | ||||||
Class A common stock-fully diluted | 62,197,580 | 57,065,219 | 51,421,931 | 54,214,953 | 56,881,665 | 57,997,275 | 51,055,649 | ||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 46,317,932 | 57,065,219 | 51,421,931 | 54,214,953 | 56,577,962 | 42,361,959 | 35,448,056 | ||||||
Class B common stock-basic and diluted | 42,361,959 | 35,448,056 | |||||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 46,317,932 | 35,533,166 | 41,022,962 | 42,361,959 | 35,448,056 | ||||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 62,197,580 | 57,065,219 | 51,421,931 | 54,214,953 | 56,881,665 | 57,997,275 | 51,055,649 | ||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 46,317,932 | 57,065,219 | 51,421,931 | 54,214,953 | 56,577,962 | 42,361,959 | 35,448,056 | ||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Dividends | $0.33 | $0.36 | $0.31 | $0.68 | $1.01 | $1.34 | $0.31 | ||||||
Undistributed loss | ($0.48) | ($0.20) | ($0.51) | ($0.69) | ($1.18) | ($1.90) | ($0.48) | ||||||
Basic earnings (loss) per share | ($0.36) | ($0.15) | $0.17 | ($0.20) | ($0.01) | ($0.17) | ($0.56) | ($0.17) | |||||
Undistributed loss | ($0.48) | ($0.20) | ($0.51) | ($0.69) | ($1.18) | ($1.90) | ($0.48) | ||||||
Basic and diluted earnings (loss) per share | ($0.17) | ($0.56) | ($0.17) | ||||||||||
Class A Common Stock [Member] | As Previously Reported [Member] | |||||||||||||
Earnings Per Share [Line Items] | |||||||||||||
Diluted earnings (loss) per share | ($0.15) | $0.20 | ($0.20) | ($0.07) | ($0.20) | ||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Dividends declared on Class A common stock | -15,258 | -14,981 | -11,179 | -26,138 | -41,395 | ||||||||
Cash dividends declared per Class A common share | $0.33 | $0.96 | |||||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 40,980,989 | 35,533,166 | 38,342,998 | ||||||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 56,860,637 | 57,065,219 | 51,421,931 | 54,214,953 | 54,201,701 | ||||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 40,980,989 | 57,065,219 | 35,533,166 | 54,214,953 | 53,897,998 | ||||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 56,860,637 | 57,065,219 | 51,421,931 | 54,214,953 | 54,201,701 | ||||||||
Class A common stock-fully diluted | 56,860,637 | 57,065,219 | 51,421,931 | 54,214,953 | 54,201,701 | ||||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 40,980,989 | 57,065,219 | 35,533,166 | 54,214,953 | 53,897,998 | ||||||||
Weighted average number of shares: | |||||||||||||
Class A common stock-basic | 40,980,989 | 35,533,166 | 38,342,998 | ||||||||||
Add dilutive effect of: | |||||||||||||
Class A common stock-fully diluted | 56,860,637 | 57,065,219 | 51,421,931 | 54,214,953 | 54,201,701 | ||||||||
Less: antidilutive securities | |||||||||||||
Class A common stock-diluted (excluding antidilutive securities) | 40,980,989 | 57,065,219 | 35,533,166 | 54,214,953 | 53,897,998 | ||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Dividends | $0.37 | $0.36 | $0.31 | $0.68 | $1.08 | ||||||||
Undistributed loss | ($0.53) | ($0.07) | ($0.51) | ($0.55) | ($1.24) | ||||||||
Basic earnings (loss) per share | ($0.15) | $0.30 | ($0.20) | $0.13 | ($0.16) | ||||||||
Undistributed loss | ($0.53) | ($0.07) | ($0.51) | ($0.55) | ($1.24) | ||||||||
Class B Common Stock [Member] | |||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Less: deemed dividends on Class B common shares | -7,222 | -7,457 | -7,457 | -14,679 | -21,901 | ||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | -15,555,000 | ||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | -15,555,000 | ||||||||||
Class B common stock-basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | -15,555,000 | ||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Undistributed loss | ($0.48) | ($0.20) | ($0.69) | ($1.18) | ($1.90) | ($0.48) | |||||||
Deemed dividends | $0.46 | $0.46 | $0.48 | $0.48 | $0.94 | $1.41 | |||||||
Undistributed loss | ($0.48) | ($0.20) | ($0.69) | ($1.18) | ($1.90) | ($0.48) | |||||||
Basic and diluted earnings (loss) per share | ($0.23) | ($0.02) | $0.28 | ($0.51) | ($0.48) | ($0.21) | ($0.24) | ($0.49) | ($0.48) | ||||
Deemed dividends per Class B common share | $0.46 | $0.46 | $0.48 | $0.48 | $0.94 | $1.41 | |||||||
Class B Common Stock [Member] | As Previously Reported [Member] | |||||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Less: deemed dividends on Class B common shares | ($7,222) | ($14,679) | |||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | |||||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | |||||||||||
Class B common stock-basic and diluted | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||||
Add dilutive effect of: | |||||||||||||
Dilutive effect | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | 15,555,000 | ||||||||
Less: antidilutive securities | |||||||||||||
Antidilutive securities | -15,555,000 | -15,555,000 | |||||||||||
Calculation of basic and diluted earnings (loss) per share: | |||||||||||||
Undistributed loss | ($0.53) | ($0.07) | ($0.55) | ($1.24) | |||||||||
Deemed dividends | $0.46 | $0.94 | |||||||||||
Undistributed loss | ($0.53) | ($0.07) | ($0.55) | ($1.24) | |||||||||
Basic and diluted earnings (loss) per share | ($0.06) | ($0.07) | ($0.51) | ($0.55) | ($0.30) | ||||||||
Deemed dividends per Class B common share | $0.46 | $0.94 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | 14-May-14 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 24, 2015 | Feb. 09, 2015 |
Subsequent Event [Member] | Pattern Development [Member] | |||||
Subsequent Event [Line Items] | |||||
Ownership interest | 25.00% | ||||
Pre-Subsequent Event [Member] | Pattern Development [Member] | |||||
Subsequent Event [Line Items] | |||||
Ownership interest | 35.00% | ||||
Class A Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends payable, amount per share | $0.34 | $0.34 | |||
Dividend declared date | 29-Oct-14 | ||||
Dividend payable date | 30-Jan-15 | ||||
Dividend payment, date of stockholders record | 31-Dec-14 | ||||
Common stock shares issued and sold | 21,117,171 | ||||
Class A Common Stock [Member] | Pattern Development [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock shares sold | 10,306,361 | ||||
Class A Common Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends payable, amount per share | $0.34 | ||||
Dividends payable amount per share annualized | $1.37 | ||||
Percentage of increase in dividend | 2.00% | ||||
Dividends payable amount per share quarterly | $0.34 | ||||
Dividend declared date | 24-Feb-15 | ||||
Dividend payable date | 30-Apr-15 | ||||
Dividend payment, date of stockholders record | 31-Mar-15 | ||||
Common stock shares sold | 12,000,000 | ||||
Class A Common Stock [Member] | Subsequent Event [Member] | Follow On Public Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock shares issued and sold | 7,000,000 | ||||
Net proceeds from issuance of shares | 196.6 | ||||
Class A Common Stock [Member] | Subsequent Event [Member] | Pattern Development [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock shares sold | 5,000,000 |
Condensed_Financial_Informatio
Condensed Financial Information of Parent Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $101,656 | $103,569 | $17,574 | $47,672 |
Related party receivable | 671 | 167 | ||
Current deferred tax assets | 318 | 573 | ||
Prepaid expenses and other current assets | 27,954 | 11,415 | ||
Total current assets | 208,956 | 160,035 | ||
Investments in subsidiaries | 29,079 | 107,055 | ||
Net deferred tax assets | 5,474 | 2,017 | ||
Other assets | 12,678 | 13,243 | ||
Total assets | 2,832,042 | 1,903,631 | ||
Current liabilities: | ||||
Accounts payable and other accrued liabilities | 24,793 | 15,550 | ||
Related party payable | 5,757 | 1,245 | ||
Dividend payable | 15,734 | 11,103 | ||
Current deferred tax liabilities | 149 | |||
Total current liabilities | 262,067 | 96,619 | ||
Net deferred tax liabilities | 20,418 | 9,930 | ||
Total liabilities | 1,667,308 | 1,335,627 | ||
Equity: | ||||
Additional paid-in capital | 723,938 | 489,412 | ||
Accumulated (loss) income | -44,626 | -13,336 | ||
Accumulated other comprehensive loss | -53,913 | -17,377 | -45,506 | -35,610 |
Total equity | 1,164,734 | 568,004 | ||
Total liabilities and equity | 2,832,042 | 1,903,631 | ||
Class A Common Stock [Member] | ||||
Equity: | ||||
Common stock value | 621 | 355 | ||
Treasury stock, value | -717 | -24 | ||
Class B Convertible Common Stock [Member] | ||||
Equity: | ||||
Common stock value | 156 | |||
Pattern Energy Group Inc | ||||
Current assets: | ||||
Cash and cash equivalents | 34,772 | 75,776 | 1 | |
Related party receivable | 1,982 | 1,000 | ||
Current deferred tax assets | 307 | |||
Prepaid expenses and other current assets | 4,484 | 446 | ||
Total current assets | 41,545 | 77,222 | ||
Investments in subsidiaries | 586,641 | 300,216 | ||
Investments in affiliates | 29,079 | 107,055 | ||
Net deferred tax assets | 147 | |||
Other assets | 85 | 573 | ||
Total assets | 657,497 | 485,066 | ||
Current liabilities: | ||||
Accounts payable and other accrued liabilities | 6,404 | 4,513 | ||
Related party payable | 757 | 667 | ||
Dividend payable | 15,734 | 11,103 | ||
Current deferred tax liabilities | 147 | |||
Total current liabilities | 23,042 | 16,283 | ||
Net deferred tax liabilities | 307 | 573 | ||
Total liabilities | 23,349 | 16,856 | ||
Equity: | ||||
Additional paid-in capital | 696,378 | 461,852 | ||
Capital | 0 | 0 | ||
Accumulated (loss) income | -17,066 | 14,224 | ||
Accumulated other comprehensive loss | -45,068 | -8,353 | ||
Total equity | 634,148 | 468,210 | ||
Total liabilities and equity | 657,497 | 485,066 | ||
Pattern Energy Group Inc | Class A Common Stock [Member] | ||||
Equity: | ||||
Common stock value | 621 | 355 | ||
Treasury stock, value | -717 | -24 | ||
Pattern Energy Group Inc | Class B Convertible Common Stock [Member] | ||||
Equity: | ||||
Common stock value | $156 |
Condensed_Financial_Informatio1
Condensed Financial Information of Parent Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 62,088,306 | 35,531,720 |
Common stock, shares outstanding | 62,062,841 | 35,530,786 |
Treasury stock, shares | 25,465 | 934 |
Class A Common Stock [Member] | Pattern Energy Group Inc | ||
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 | 62,088,306 | 35,531,720 |
Common stock, shares outstanding | 62,062,841 | 35,530,786 |
Treasury stock, shares | 25,465 | 934 |
Class B Convertible Common Stock [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 0 | 15,555,000 |
Common stock, shares outstanding | 0 | 15,555,000 |
Class B Convertible Common Stock [Member] | Pattern Energy Group Inc | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 0 | 15,555,000 |
Common stock, shares outstanding | 0 | 15,555,000 |
Condensed_Financial_Informatio2
Condensed Financial Information of Parent Statements of Operations and Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | $79,418,000 | $71,519,000 | $65,007,000 | $49,549,000 | $41,767,000 | $57,257,000 | $58,712,000 | $43,837,000 | $265,493,000 | $201,573,000 | $114,528,000 |
Expenses | 28,320,000 | 12,988,000 | 11,636,000 | ||||||||
Operating income (loss) | 54,981,000 | 47,728,000 | 19,022,000 | ||||||||
Other income (expense): | |||||||||||
Equity in earnings (loss) from subsidiaries | -25,295,000 | 7,846,000 | -40,000 | ||||||||
Related party income | 2,612,000 | 665,000 | |||||||||
Other expenses, net | 433,000 | 2,496,000 | 1,320,000 | ||||||||
Other (expense) income | -91,844,000 | -33,110,000 | -36,002,000 | ||||||||
Net (loss) income before income tax | -36,863,000 | 14,618,000 | -16,980,000 | ||||||||
Tax provision | -3,136,000 | -4,546,000 | 3,604,000 | ||||||||
Net (loss) income | -15,986,000 | -9,281,000 | 7,167,000 | -21,899,000 | -19,376,000 | 4,244,000 | 43,988,000 | -18,784,000 | -39,999,000 | 10,072,000 | -13,376,000 |
Other comprehensive income (loss), net of tax | |||||||||||
Proportionate share of equity investee's other comprehensive (loss) income activity, net of tax benefit (provision) of $1,855, ($615) and $302, respectively | -5,991,000 | 2,473,000 | -1,475,000 | ||||||||
Total other comprehensive (loss) income, net of tax | -36,536,000 | 31,039,000 | -9,896,000 | ||||||||
Comprehensive (loss) income | -68,005,000 | 42,910,000 | -15,399,000 | ||||||||
Pattern Energy Group Inc | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Expenses | 23,089,000 | 3,630,000 | 7,000 | ||||||||
Operating income (loss) | -23,089,000 | -3,630,000 | -7,000 | ||||||||
Other income (expense): | |||||||||||
Equity in earnings (loss) from subsidiaries | 18,064,000 | 12,641,000 | -2,688,000 | ||||||||
Equity in (loss) earnings from affiliates | -25,295,000 | 7,846,000 | -40,000 | ||||||||
Related party income | 2,612,000 | 665,000 | |||||||||
Other expenses, net | -3,566,000 | -563,000 | |||||||||
Other (expense) income | -8,185,000 | 20,589,000 | -2,728,000 | ||||||||
Net (loss) income before income tax | -31,274,000 | 16,959,000 | -2,735,000 | ||||||||
Tax provision | 16,000 | ||||||||||
Net (loss) income | -31,290,000 | 16,959,000 | -2,735,000 | ||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Proportionate share of subsidiaries' other comprehensive (loss) income activity, net of tax benefit of $734, $0 and $0, respectively | -30,724,000 | 23,478,000 | 1,876,000 | ||||||||
Proportionate share of equity investee's other comprehensive (loss) income activity, net of tax benefit (provision) of $1,855, ($615) and $302, respectively | -5,991,000 | 2,473,000 | |||||||||
Total other comprehensive (loss) income, net of tax | -36,715,000 | 25,951,000 | 1,876,000 | ||||||||
Comprehensive (loss) income | ($68,005,000) | $42,910,000 | ($859,000) |
Condensed_Financial_Informatio3
Condensed Financial Information of Parent Statements of Operations and Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Proportionate share of equity investee's other comprehensive (loss) income activity, net of tax (provision) benefit | $1,855 | ($615) | $302 |
Pattern Energy Group Inc | |||
Condensed Financial Statements, Captions [Line Items] | |||
Other Comprehensive Income (Loss), Net of Tax | 734 | 0 | 0 |
Proportionate share of equity investee's other comprehensive (loss) income activity, net of tax (provision) benefit | $1,855 | ($615) | $302 |
Condensed_Financial_Informatio4
Condensed Financial Information of Parent Consolidated Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net (loss) income | ($39,999) | $10,072 | ($13,376) |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||
Stock-based compensation | 4,105 | 511 | |
Net loss on transactions | -16,526 | -5,995 | -4,173 |
Equity in (earnings) loss from subsidiaries | 25,295 | -7,846 | 40 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | 12,916 | -2,698 | -5,842 |
Accounts payable and other accrued liabilities | 3,667 | 3,036 | -379 |
Related party receivable/payable | -942 | 190 | -100 |
Net cash provided by operating activities | 110,448 | 78,152 | 35,051 |
Investing activities | |||
Net cash (used in) provided by investing activities | -379,380 | 72,391 | -638,953 |
Financing activities | |||
Proceeds from public offering, net of expenses | 286,757 | 317,926 | |
Proceeds from exercise of stock options | 327 | ||
Repurchase of shares for employee tax withholding | -693 | -24 | |
Capital contributions-Pattern Development | 32,679 | 281,519 | |
Capital distributions-Pattern Development | -98,886 | -114,236 | |
Dividends paid | -52,344 | ||
Payment for deferred equity issuance costs | -550 | ||
Net cash provided by (used in) financing activities | 268,989 | -63,401 | 573,167 |
Net change in cash and cash equivalents | -1,913 | 85,995 | -30,098 |
Cash and cash equivalents at beginning of period | 103,569 | 17,574 | 47,672 |
Cash and cash equivalents at end of period | 101,656 | 103,569 | 17,574 |
Pattern Energy Group Inc | |||
Operating activities | |||
Net (loss) income | -31,290 | 16,959 | -2,735 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||
Stock-based compensation | 4,105 | 511 | |
Net loss on transactions | 1,473 | ||
Equity in (earnings) loss from subsidiaries | -18,064 | -12,641 | 2,688 |
Equity in loss (earnings) from affiliates | 25,295 | -7,846 | 40 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | -3,545 | -446 | |
Accounts payable and other accrued liabilities | 1,999 | 93 | 7 |
Related party receivable/payable | -639 | -1,007 | |
Net cash provided by operating activities | -20,666 | -4,377 | |
Investing activities | |||
Distribution from subsidiaries | 108,581 | 233,226 | |
Contribution to subsidiaries | -362,533 | -172,130 | |
Net cash (used in) provided by investing activities | -253,952 | 61,096 | |
Financing activities | |||
Proceeds from public offering, net of expenses | 286,757 | 317,926 | |
Proceeds from exercise of stock options | 327 | ||
Repurchase of shares for employee tax withholding | -693 | -24 | |
Capital contributions-Pattern Development | 32,678 | 1 | |
Capital distributions-Pattern Development | -98,884 | ||
Capital distributions-Contribution Transactions | -232,640 | ||
Dividends paid | -52,344 | ||
Payment for deferred equity issuance costs | -433 | ||
Net cash provided by (used in) financing activities | 233,614 | 19,056 | 1 |
Net change in cash and cash equivalents | -41,004 | 75,775 | 1 |
Cash and cash equivalents at beginning of period | 75,776 | 1 | |
Cash and cash equivalents at end of period | 34,772 | 75,776 | 1 |
Schedule of non-cash activities | |||
Investments in subsidiaries | $514,117 |