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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
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The Company records a contribution or distribution from SunEdison upon final funding of the acquisition. The difference between the cash paid and historical cost of the net assets acquired from SunEdison for projects that achieved final funding during the years ended December 31, 2016, 2015 and 2014 was $19.5 million, $41.8 million and $1.5 million, respectively, and has been recorded as a net contribution from SunEdison, which is reflected within Net SunEdison investment on the consolidated statements of stockholders' equity.

The operating revenues of the facilities acquired from SunEdison in 2016, 2015 and 2014 reflected in the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014, respectively, are $2.3 million, $37.6 million and $1.2 million. The net income (loss) of the facilities acquired from SunEdison in 2016, 2015 and 2014 reflected in the consolidated statements of operations for the years ended December 31, 2016, 2015 and 2014, respectively, are $0.7 million, $(3.9) million and $(3.6) million.

4. ASSETS HELD FOR SALE

The Company commenced a sale of substantially all of its portfolio of solar power plants located in the United Kingdom (the "U.K.") through a broad based sales process pursuant to a plan approved by management during 2016 (24 operating projects for sale representing 365.0 MW, the "U.K. Portfolio"), and it was determined that this portfolio met the criteria to be classified as held for sale during the first quarter of 2016. As a result, the Company classified $592.6 million of assets and $427.2 million of liabilities as held for sale as of December 31, 2016 and measured each at the lower of carrying value or fair value less costs to sell. The Company's analysis indicated that the fair value less costs to sell exceeded the carrying value of the assets and no impairment losses were recognized during the year ended December 31, 2016.

The Company also began exploring a sale of substantially all of its portfolio of residential rooftop solar assets located in the United States through a strategic sales process in 2016, and these assets were determined to meet the criteria to be classified as held for sale during the fourth quarter of 2016. As a result, the Company classified $21.2 million of assets and $5.3 million of liabilities as held for sale as of December 31, 2016 and measured each at the lower of carrying value or fair value less costs to sell. The Company's analysis indicated that the carrying value of the assets exceeded the fair value less costs to sell, and thus an impairment charge of $15.7 million was recognized within impairment of renewable energy facilities in the consolidated statement of operations for the year ended December 31, 2016. The Company also recorded a $3.3 million charge within impairment of renewable energy facilities for the year ended December 31, 2016 due to the decision to abandon certain residential construction in progress assets that were not completed by SunEdison as a result of the SunEdison Bankruptcy.



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