TerraForm Power Reports First Quarter 2019 Results
Recent Highlights
- Generated cash available for distribution ("CAFD") of
$44 million compared to$23 million in the same period of the prior year
- Successfully transferred 10 of 16 projects in our North American wind fleet and all system control functions to General Electric (“GE”), and anticipate turning over the remaining sites to
GE byJuly 2019 , which is expected to yield approximately$20 million in annual cost savings on a run rate basis
- Transitioned operations for our 540 MW Spanish wind fleet to the original equipment manufacturers ("OEMs") and agreed to amend existing operations and maintenance ("O&M") agreements in
Portugal andUruguay , which together we expect will yield approximately$4 million in annual cost savings; in process of finalizing long term service agreements (“LTSAs”)
- Generated approximately
$2 million of incremental revenue, adjusted for resource and curtailment, as a result of the solar performance improvement plan completed late last year
- Executed letter of intent to acquire solar portfolio with a combined nameplate capacity of 15 MW for a purchase price of approximately
$24 million
- Closed the refinancing of our wind farm in
Uruguay , raising$65 million of incremental proceeds
- Declared a Q2 2019 dividend of $0.2014 per share, implying
$0.8056 per share on an annual basis
“During the first quarter of 2019, we made significant progress completing our margin enhancement initiatives, which we expect will cover approximately 75% of the growth required to achieve our 5% to 8% annual dividend increase target through 2022 with a payout ratio of 80% to 85% of CAFD,” said
Results
Three Months Ended |
Three Months Ended |
||||||
Generation (GWh) | 2,399 | 1,834 | |||||
Net Loss ($ in millions) | (36 | ) | (76 | ) | |||
Earnings (loss) per Share1 | $ | (0.04 | ) | $ | 0.56 | ||
Adjusted EBITDA2 ($ in millions) | 178 | 96 | |||||
CAFD2 ($ in millions) | 44 | 23 | |||||
CAFD per Share1,2,3 | $ | 0.21 | $ | 0.16 |
1 Earnings (loss) per share is calculated using Net (loss) income attributable to Class A common stockholders divided by a weighted average diluted Class A common stock shares outstanding. For the three months ended
2 Non-GAAP measures. See “Reconciliation of Non-GAAP Measures” section.
3 CAFD per share is calculated using a weighted average diluted Class A common stock shares outstanding.
Financial Results
In the first quarter of 2019,
Performance during the quarter further demonstrated the benefits of diversification of our renewable power portfolio. In
In the second quarter, we plan to finish all blade repair work that is required prior to turning over operations of the remainder of our wind fleet to
Liquidity Update
We continue to progress the execution of the
Operations
To date, we have turned over operations of 10 of 16 projects in our North American wind fleet and successfully transferred all system control functions to
In late 2018, we solicited proposals for LTSAs for our 540 MW Spanish wind fleet, which is comprised of turbines manufactured by Vestas,
Late last year, we launched a request for proposal process to improve the contract terms for the operations and maintenance of our North American solar fleet. Our goal is to lower our cost and improve the alignment of interests by implementing production guarantees with penalties and bonuses based upon performance. We have currently shortlisted a number of providers, who recently submitted proposals following completion of their due diligence. We are seeking to award contracts to one or more providers sometime in the second quarter of 2019 and expect
Growth Initiatives
In
Regulatory Update
In the Spanish general election on
Announcement of Quarterly Dividend
Annual Meeting of Stockholders
About
For more information about
Contacts for Investors / Media:
investors@terraform.com
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access TerraForm Power’s 2019 First Quarter Results, as well as the Letter to Shareholders and Supplemental Information, on TerraForm Power’s website at www.terraformpower.com.
The conference call can be accessed via webcast on
Safe Harbor Disclosure
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “opportunities,” “goal,” “guidance,” “outlook,” “initiatives,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that
By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to: risks related to weather conditions at our wind and solar assets; the willingness and ability of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; our ability to enter into contracts to sell power on acceptable prices and terms, including as our offtake agreements expire; government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy; our ability to compete against traditional utilities and renewable energy companies; pending and future litigation; our ability to successfully integrate projects we acquire from third parties, including Saeta Yield S.A.U., and our ability to realize the anticipated benefits from such acquisitions; our ability to implement and realize the benefit of our cost and performance enhancement initiatives, including the long-term service agreements with an affiliate of General Electric; risks related to the ability of our hedging activities to adequately manage our exposure to commodity and financial risk; risks related to our operations being located internationally, including our exposure to foreign currency exchange rate fluctuations and political and economic uncertainties, the regulated rate of return of renewable energy facilities in our Regulated Wind and Solar segment, a reduction of which could have a material negative impact on our results of operations; the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness in the future; operating and financial restrictions placed on us and our subsidiaries related to agreements governing indebtedness; our ability to identify or consummate any future acquisitions, including those identified by Brookfield; our ability to grow and make acquisitions with cash on hand, which may be limited by our cash dividend policy; risks related to the effectiveness of our internal control over financial reporting; and risks related to our relationship with Brookfield, including our ability to realize the expected benefits of the sponsorship.
The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties, which are described in our most recent Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q, as well as additional factors we may describe from time to time in other filings with the
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended |
|||||||
2019 | 2018 | ||||||
Operating revenues, net | $ | 225,332 | $ | 127,547 | |||
Operating costs and expenses: | |||||||
Cost of operations | 60,751 | 37,323 | |||||
General and administrative expenses | 23,162 | 24,284 | |||||
General and administrative expenses - affiliate | 5,164 | 3,474 | |||||
Acquisition costs | 182 | 3,080 | |||||
Acquisition costs - affiliate | — | 605 | |||||
Impairment of renewable energy facilities | — | 15,240 | |||||
Depreciation, accretion and amortization expense | 106,969 | 65,590 | |||||
Total operating costs and expenses | 196,228 | 149,596 | |||||
Operating income (loss) | 29,104 | (22,049 | ) | ||||
Other expenses (income): | |||||||
Interest expense, net | 86,287 | 53,554 | |||||
Gain on extinguishment of debt, net | (5,543 | ) | — | ||||
(Gain) loss on foreign currency exchange, net | (8,752 | ) | 891 | ||||
Other (income) expenses, net | (2,680 | ) | 849 | ||||
Total other expenses, net | 69,312 | 55,294 | |||||
Loss before income tax benefit | (40,208 | ) | (77,343 | ) | |||
Income tax benefit | (4,151 | ) | (1,030 | ) | |||
Net loss | (36,057 | ) | (76,313 | ) | |||
Less: Net loss attributable to redeemable non-controlling interests | (9,381 | ) | (2,022 | ) | |||
Less: Net loss attributable to non-controlling interests | (18,049 | ) | (157,087 | ) | |||
Net (loss) income attributable to Class A common stockholders | $ | (8,627 | ) | $ | 82,796 | ||
Weighted average number of shares: | |||||||
Class A common stock - Basic | 209,142 | 148,139 | |||||
Class A common stock - Diluted | 209,142 | 148,166 | |||||
(Loss) earnings per share: | |||||||
Class A common stock - Basic and diluted | $ | (0.04 | ) | $ | 0.56 | ||
Dividends declared per share: | |||||||
Class A common stock | $ | 0.2014 | $ | 0.19 |
2019 |
2018 |
||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 286,400 | $ | 248,524 | |||
Restricted cash, current | 27,598 | 27,784 | |||||
Accounts receivable, net | 152,342 | 145,161 | |||||
Derivative assets, current, including consolidated variable interest entities of |
29,970 | 14,371 | |||||
Prepaid expenses and other current assets | 51,085 | 65,149 | |||||
Due from affiliate | — | 196 | |||||
Total current assets | 547,395 | 501,185 | |||||
Renewable energy facilities, net, including consolidated variable interest entities of |
6,629,437 | 6,470,026 | |||||
Intangible assets, net, including consolidated variable interest entities of |
1,932,795 | 1,996,404 | |||||
114,867 | 120,553 | ||||||
Restricted cash | 95,836 | 116,501 | |||||
Derivative assets, including consolidated variable interest entities of |
94,238 | 90,984 | |||||
Other assets | 37,261 | 34,701 | |||||
Total assets | $ | 9,451,829 | $ | 9,330,354 | |||
Liabilities, Redeemable Non-controlling Interests and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt, including consolidated variable interest entities of |
$ | 429,094 | $ | 464,332 | |||
Accounts payable, accrued expenses and other current liabilities, including consolidated variable interest entities of |
191,913 | 181,400 | |||||
Due to affiliates | 6,260 | 6,991 | |||||
Derivative liabilities, current portion | 35,595 | 35,559 | |||||
Total current liabilities | 662,862 | 688,282 | |||||
Long-term debt, less current portion, including consolidated variable interest entities of |
5,277,976 | 5,297,513 | |||||
Operating lease obligations, less current portion, including consolidated variable interest entities of |
246,871 | — | |||||
Asset retirement obligations, including consolidated variable interest entities of |
213,912 | 212,657 | |||||
Derivative liabilities, less current portion | 105,525 | 93,848 | |||||
Deferred income taxes | 169,030 | 178,849 | |||||
Other liabilities | 92,910 | 90,788 | |||||
Total liabilities | 6,769,086 | 6,561,937 | |||||
Redeemable non-controlling interests | 31,459 | 33,495 | |||||
Stockholders' equity: | |||||||
Class A common stock, |
2,096 | 2,096 | |||||
Additional paid-in capital | 2,341,576 | 2,391,435 | |||||
Accumulated deficit | (368,230 | ) | (359,603 | ) | |||
Accumulated other comprehensive income | 32,313 | 40,238 | |||||
(6,712 | ) | (6,712 | ) | ||||
2,001,043 | 2,067,454 | ||||||
Non-controlling interests | 650,241 | 667,468 | |||||
Total stockholders' equity | 2,651,284 | 2,734,922 | |||||
Total liabilities, redeemable non-controlling interests and stockholders' equity | $ | 9,451,829 | $ | 9,330,354 | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
|||||||
Three Months Ended |
|||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (36,057 | ) | $ | (76,313 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation, accretion and amortization expense | 106,969 | 65,590 | |||||
Amortization of favorable and unfavorable rate revenue contracts, net | 9,138 | 9,817 | |||||
Impairment of renewable energy facilities | — | 15,240 | |||||
Amortization of deferred financing costs and debt discounts | 2,453 | 2,684 | |||||
Unrealized loss on interest rate swaps | 13,925 | — | |||||
Unrealized (gain) loss on commodity contract derivatives, net | (804 | ) | 2,148 | ||||
Recognition of deferred revenue | (209 | ) | (464 | ) | |||
Stock-based compensation expense | 160 | — | |||||
Gain on extinguishment of debt, net | (5,543 | ) | — | ||||
Loss on disposal of renewable energy facilities | 1,933 | — | |||||
Unrealized (gain) loss on foreign currency exchange, net | (6,718 | ) | 779 | ||||
Deferred taxes | (4,318 | ) | (936 | ) | |||
Other, net | 313 | 2,907 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (9,058 | ) | (6,410 | ) | |||
Prepaid expenses and other current assets | 10,345 | 15,390 | |||||
Accounts payable, accrued expenses and other current liabilities | (1,888 | ) | 18,895 | ||||
Due to affiliates | (535 | ) | (599 | ) | |||
Other, net | 4,893 | 3,361 | |||||
Net cash provided by operating activities | 84,999 | 52,089 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (7,368 | ) | (2,720 | ) | |||
Proceeds from reimbursable interconnection costs | 2,836 | 4,084 | |||||
Other investing activities | 729 | — | |||||
Net cash (used in) provided by investing activities | (3,803 | ) | 1,364 | ||||
Cash flows from financing activities: | |||||||
Revolving credit facility draws | 50,000 | 52,000 | |||||
Revolving credit facility repayments | (15,000 | ) | (42,000 | ) | |||
Term Loan principal payments | (875 | ) | (875 | ) | |||
Principal payments and prepayments on non-recourse long-term debt | (50,194 | ) | (8,681 | ) | |||
Debt financing fees | (1,197 | ) | (2,134 | ) | |||
Sale of membership interests and contributions from non-controlling interests in renewable energy facilities | 5,562 | 7,685 | |||||
Purchase of membership interests and distributions to non-controlling interests in renewable energy facilities |
(6,103 | ) | (5,786 | ) | |||
Due to/from affiliates, net | — | 3,214 | |||||
Payment of dividends | (41,987 | ) | (28,008 | ) | |||
Net cash used in financing activities | (59,794 | ) | (24,585 | ) | |||
Net increase in cash, cash equivalents and restricted cash | 21,402 | 28,868 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,377 | ) | (258 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 392,809 | 224,787 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 409,834 | $ | 253,397 | |||
Reconciliation of Non-GAAP Measures
This communication contains references to Adjusted Revenue, Adjusted EBITDA, and cash available for distribution (“CAFD”), which are supplemental Non-GAAP measures that should not be viewed as alternatives to GAAP measures of performance, including revenue, net income (loss), operating income or net cash provided by operating activities. Our definitions and calculation of these Non-GAAP measures may differ from definitions of Adjusted Revenue, Adjusted EBITDA and CAFD or other similarly titled measures used by other companies. We believe that Adjusted Revenue, Adjusted EBITDA and CAFD are useful supplemental measures that may assist investors in assessing the financial performance of
Calculation of Non-GAAP Measures
We define Adjusted Revenue as operating revenues, net, adjusted for non-cash items, including (i) unrealized gain/loss on derivatives, net, (ii) amortization of favorable and unfavorable rate revenue contracts, net, (iii) an adjustment for wholesale market revenues to the extent above or below the regulated price bands, and (iv) other items that we believe are representative of our core business or future operating performance.
We define Adjusted EBITDA as net income (loss) plus (i) depreciation, accretion and amortization, (ii) interest expense, (iii) non-operating general and administrative costs, (iv) impairment charges, (v) loss on extinguishment of debt, (vi) acquisition and related costs, (vii) income tax (benefit) expense, (viii) adjustment for wholesale market revenues to the extent above or below the regulated price bands, (ix) management fees to Brookfield, and (x) certain other non-cash charges, unusual or non-recurring items and other items that we believe are not representative of our core business or future operating performance.
We define “cash available for distribution” or “CAFD” as Adjusted EBITDA (i) minus management fees to Brookfield, (ii) minus annualized scheduled interest and project level payments of principal in accordance with the related borrowing arrangements, (iii) minus cash distributions paid to non-controlling interests in our renewable energy facilities, if any, (iv) minus average annual sustaining capital expenditures (based on the long-sustaining capital expenditure plans) which are recurring in nature and used to maintain the reliability and efficiency of our power generating assets over our long-term investment horizon, and (v) plus or minus operating items as necessary to present the cash flows we deem representative of our core business operations.
Use of Non-GAAP Measures
We disclose Adjusted Revenue because it presents the component of operating revenue that relates to energy production from our plants, and is, therefore, useful to investors and other stakeholders in evaluating performance of our renewable energy assets and comparing that performance across periods in each case without regard to non-cash revenue items.
We disclose Adjusted EBITDA because we believe it is useful to investors and other stakeholders as a measure of our financial and operating performance and debt service capabilities. We believe Adjusted EBITDA provides an additional tool to investors and securities analysts to compare our performance across periods without regard to interest expense, taxes and depreciation and amortization. Adjusted EBITDA has certain limitations, including that it: (i) does not reflect cash expenditures or future requirements for capital expenditures or contractual liabilities or future working capital needs, (ii) does not reflect the significant interest expenses that we expect to incur or any income tax payments that we may incur, and (iii) does not reflect depreciation and amortization and, although these charges are non-cash, the assets to which they relate may need to be replaced in the future, and (iv) does not take into account any cash expenditures required to replace those assets. Adjusted EBITDA also includes adjustments for impairment charges, gains and losses on derivatives and foreign currency swaps, acquisition related costs and items we believe are infrequent, unusual or non-recurring, including adjustments for general and administrative expenses we have incurred as a result of the SunEdison bankruptcy.
We disclose CAFD because we believe cash available for distribution is useful to investors and other stakeholders in evaluating our operating performance and as a measure of our ability to pay dividends. CAFD is not a measure of liquidity or profitability, nor is it indicative of the funds needed by us to operate our business. CAFD has certain limitations, such as the fact that CAFD includes all of the adjustments and exclusions made to Adjusted EBITDA described above.
The adjustments made to Adjusted EBITDA and CAFD for infrequent, unusual or non-recurring items and items that we do not believe are representative of our core business involve the application of management judgment, and the presentation of Adjusted EBITDA and CAFD should not be construed to infer that our future results will be unaffected by infrequent, non-operating, unusual or non-recurring items.
In addition, these measures are used by our management for internal planning purposes, including for certain aspects of our consolidated operating budget, as well as evaluating the attractiveness of investments and acquisitions. We believe these Non-GAAP measures are useful as a planning tool because they allow our management to compare performance across periods on a consistent basis in order to more easily view and evaluate operating and performance trends and as a means of forecasting operating and financial performance and comparing actual performance to forecasted expectations. For these reasons, we also believe these Non-GAAP measures are also useful for communicating with investors and other stakeholders.
The following tables present a reconciliation of operating revenues to Adjusted Revenue and net loss to Adjusted EBITDA and to CAFD:
Three Months Ended |
||||
(in millions) | 2019 | 2018 | ||
Reconciliation of Net Loss to Adjusted EBITDA | ||||
Net loss | $(36) | $(76) | ||
Depreciation, accretion and amortization expense (a) | 117 | 76 | ||
Interest expense, net | 86 | 54 | ||
Non-operating general and administrative expenses (b) | 12 | 18 | ||
Impairment charges | — | 15 | ||
Loss on extinguishment of debt | (6) | — | ||
Acquisition and related costs | — | 4 | ||
Income tax benefit | (4) | (1) | ||
Regulated Solar and Wind price band adjustment (c) | 5 | — | ||
Management Fee (d) | 5 | 3 | ||
Other non-cash or non-operating items (e) | (1) | 3 | ||
Adjusted EBITDA | $178 | $96 | ||
(in millions) | Three Months Ended |
|||
Reconciliation of Operating Revenues, net to Adjusted Revenue | 2019 | 2018 | ||
Operating revenues, net | ||||
Unrealized (gain) loss on commodity contract derivatives, net (f) | (1) | 2 | ||
Amortization of favorable and unfavorable rate revenue contracts, net (g) | 9 | 9 | ||
Regulated Solar and Wind price band adjustment (c) | 5 | — | ||
Other items (h) | 4 | — | ||
Adjusted Revenue | $242 | $139 | ||
(in millions) | Three Months Ended |
|||
Reconciliation of Adjusted Revenue to Adjusted EBITDA and Adjusted EBITDA to CAFD | 2019 | 2018 | ||
Adjusted Revenue | ||||
Direct Operating costs | (65) | (43) | ||
Settled FX gain (loss) | 1 | — | ||
Adjusted EBITDA | $178 | $96 | ||
Fixed management fee (h) | (3) | (2) | ||
Variable management fee (h) | (2) | (1) | ||
Adjusted interest expense (i) | (72) | (50) | ||
Levelized principal payments (j) | (59) | (24) | ||
Cash distributions to non-controlling interests (k) | (5) | (5) | ||
Sustaining capital expenditures (l) | (2) | (2) | ||
Other (m) | 9 | 11 | ||
Cash available for distribution (CAFD) | $44 |
a) Includes reductions (increases) within operating revenues due to net amortization of favorable and unfavorable rate revenue contracts as detailed in the reconciliation of Adjusted Revenue.
b) Non-operating items and other items incurred directly by
$ in millions | Q1 2019 | Q1 2018 | ||
Operating general and administrative expenses in Corporate |
c) Represents Regulated Solar and Wind Price Band Adjustment to Return on Investment Revenue as dictated by market conditions. To the extent that the wholesale market price is greater or less than a price band centered around the market price forecasted by the Spanish regulator during the preceding three years, the difference in revenues assuming average generation accumulates in a tracking account. The Return on Investment is either increased or decreased in order to amortize the balance of the tracking account over the remaining regulatory life of the assets.
d) Represents management fee that is not included in Direct operating costs.
e) Represents other non-cash items as detailed in the reconciliation of Adjusted Revenue and associated footnote and certain other items that we believe are not representative of our core business or future operating performance, including but not limited to: loss (gain) on foreign exchange (“FX”), unrealized loss on commodity contracts, loss on investments and receivables with affiliate, and loss on disposal of renewable energy facilities.
f) Represents unrealized (gain) loss on commodity contracts associated with energy derivative contracts that are accounted for at fair value with the changes recorded in operating revenues, net. The amounts added back represent changes in the value of the energy derivative related to future operating periods and are expected to have little or no net economic impact since the change in value is expected to be largely offset by changes in value of the underlying energy sale in the spot or day-ahead market.
g) Represents net amortization of purchase accounting related to intangibles arising from past business combinations related to favorable and unfavorable rate revenue contracts.
h) Primarily represents insurance compensation for revenue losses and adjustments for SREC recognition due to timing.
i) Represents project-level and other interest expense and interest income attributed to normal operations. The reconciliation from Interest expense, net as shown on the Consolidated Statements of Operations to adjusted interest expense applicable to CAFD is as follows:
$ in millions | Q1 2019 | Q1 2018 | ||||
Interest expense, net | $ | (86 | ) | $ | (54 | ) |
Amortization of deferred financing costs and debt discounts | 2 | 3 | ||||
Other, primarily fair value changes in interest rate swaps and purchase accounting adjustments due to acquisition | 12 | 1 | ||||
Adjusted interest expense | $ | (72 | ) | $ | (50 | ) |
j) Represents levelized project-level and other principal debt payments to the extent paid from operating cash.
k) Represents cash distributions paid to non-controlling interests in our renewable energy facilities. The reconciliation from Distributions to non-controlling interests as shown on the Consolidated Statement of Cash Flows to Cash distributions to non-controlling interests, net for the three months
$ in millions | Q1 2019 | Q1 2018 | ||||
Purchase of membership interests | $ | (6 | ) | $ | (6 | ) |
Buyout of non-controlling interests and Additional Paid in Capital | 1 | 0 | ||||
Adjustment for non-operating cash distributions | 0 | 1 | ||||
Purchase of membership interests and distributions to non-controlling interests | $ | (5 | ) | $ | (5 | ) |
l) Represents long-term average sustaining capex to maintain reliability and efficiency of the assets.
m) Represents other cash flows as determined by management to be representative of normal operations including, but not limited to, wind plant “pay as you go” contributions received from tax equity partners, interconnection upgrade reimbursements, major maintenance reserve releases or (additions), releases or (postings) of collateral held by counterparties of energy market hedges for certain wind plants, and recognized SREC gains that are covered by loan agreements.