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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 following table summarizes the major classes of assets and liabilities which are classified as held for sale on the Company's consolidated balance sheet as of December 31, 2016:
(In thousands)
 
U.K. Portfolio
 
Residential Portfolio
 
Total
Assets held for sale:
 
 
 
 
 
 
Restricted cash
 
$
53,604

 
$
1,202

 
$
54,806

Accounts receivable, net
 
4,952

 
300

 
5,252

Prepaid expenses and other current assets
 
1,295

 
170

 
1,465

Total current assets held for sale
 
59,851

 
1,672

 
61,523

 
 
 
 
 
 
 
Renewable energy facilities, net
 
529,154

 
19,534

 
548,688

Intangible assets, net
 
1,480

 

 
1,480

Other assets
 
2,103

 

 
2,103

Total non-current assets held for sale
 
532,737

 
19,534

 
552,271

 
 
 
 
 
 
 
Total assets held for sale
 
$
592,588

 
$
21,206

 
$
613,794

 
 
 
 
 
 
 
Liabilities related to assets held for sale:
 
 
 
 
 
 
Current portion of long-term debt
 
$
14,510

 
$
175

 
$
14,685

Accounts payable, accrued expenses and other current liabilities
 
5,980

 
245

 
6,225

Deferred revenue
 

 
10

 
10

Due to SunEdison, net
 
692

 
186

 
878

Total current liabilities related to assets held for sale
 
21,182

 
616

 
21,798

 
 
 
 
 
 
 
Long-term debt, less current portion
 
349,687

 
4,190

 
353,877

Deferred revenue, less current portion
 

 
246

 
246

Asset retirement obligations
 
39,563

 
287

 
39,850

Other long-term liabilities
 
16,786

 

 
16,786

Total non-current liabilities related to assets held for sale
 
406,036

 
4,723

 
410,759

 
 
 
 
 
 
 
Total liabilities related to assets held for sale
 
$
427,218

 
$
5,339

 
$
432,557


Sale of the U.K. Portfolio
On May 11, 2017, the Company announced that Terra Operating LLC completed its previously announced sale of the U.K. Portfolio to Vortex Solar UK Limited, a renewable energy platform managed by the private equity arm of EFG Hermes, an investment bank. Terra Operating LLC received approximately $211 million of proceeds from the sale, net of transaction expenses and distributions taken from the U.K. Portfolio after announcement and before closing of the sale, which is expected to be used for the reduction of the Company's indebtedness. The sale also resulted in a reduction in the Company's non-recourse project debt by approximately GBP 301 million at the U.K. Portfolio level. The Company has retained 11.1 MW of solar assets in the U.K.
Residential Portfolio Sale
    
On March 14, 2017, Enfinity SPV Holdings 2, LLC, a subsidiary of the Company, entered into a membership interest purchase and sale agreement with Greenbacker Residential Solar II, LLC for the sale of 100% of the membership interests of Enfinity Colorado DHA 1, LLC, a Colorado limited liability company that owns and operates 2.5 MW of solar installations situated on the roof of public housing units located in Colorado and owned by the Denver Housing Authority. The Company received net proceeds of $1.1 million upon the closing of this transaction on March 31, 2017. In addition, the Company entered into a membership interest purchase and sale agreement with Greenbacker Residential Solar II, LLC on June 12, 2017 for the sale of 100% of the membership interests of TerraForm Resi Solar Manager, LLC, a subsidiary of the Company, which owns and operates 8.9 MW of rooftop solar installations. The transaction closed on June 30, 2017; the Company received net proceeds of $5.4 million upon closing and expects to receive an additional $0.6 million in the third quarter of 2017.



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