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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
Entire Document
 

 
 
Year Ended December 31,
(in thousands, except per share data)
 
2016
 
2015
 
2014
 
2013
 
2012
Cash Flow Data:
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in):
 
 
 
 
 
 
 
 
 
 
Operating activities
 
$
191,809

 
$
124,260

 
$
84,227

 
$
(7,852
)
 
$
2,890

Investing activities
 
(63,705
)
 
(3,202,323
)
 
(1,799,636
)
 
(269,238
)
 
(410
)
Financing activities
 
(187,194
)
 
3,238,505

 
2,183,091

 
278,131

 
(2,477
)

 
 
As of December 31,
(in thousands)
 
2016
 
2015
 
2014
 
2013
 
2012
Balance Sheet Data (at period end):
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
565,333

 
$
626,595

 
$
468,554

 
$
1,044

 
$
3

Restricted cash
 
117,504

 
159,904

 
81,000

 
69,722

 
8,828

Renewable energy facilities, net
 
4,993,251

 
5,834,234

 
2,648,212

 
433,019

 
111,697

Long-term debt and financing lease obligations
 
3,950,914

 
4,562,649

 
1,699,765

 
441,650

 
75,498

Capital lease obligations
 

 

 

 
29,171

 
30,974

Total assets
 
7,705,865

 
8,217,409

 
3,680,423

 
593,327

 
158,955

Total liabilities
 
4,807,499

 
5,101,429

 
2,140,164

 
577,875

 
128,926

Redeemable non-controlling interests
 
180,367

 
175,711

 
24,338

 

 

Total stockholders' equity
 
2,717,999

 
2,940,269

 
1,515,921

 
15,452

 
30,029


Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto contained herein. The results shown herein are not necessarily indicative of the results to be expected in any future periods. Unless otherwise indicated or otherwise required by the context, references in this section to "we," "our," "us," or the "Company" refer to TerraForm Power, Inc. and its consolidated subsidiaries.

Overview

Our primary business strategy is to own and operate a portfolio of renewable energy assets and to pay cash dividends to our stockholders. We intend to grow our portfolio over time through acquisitions in order to increase the cash dividends we pay to our stockholders.

We have acquired a portfolio of long-term contracted clean power generation assets from SunEdison and unaffiliated third parties that have proven technologies, creditworthy counterparties, low operating risks and stable cash flows. We have focused on the solar and wind energy segments because we believe they are currently the fastest growing segments of the clean energy industry. Solar and wind assets are also attractive because there is no associated fuel cost risk, the technologies have become highly reliable and assets generally have an estimated expected life of 20 to 30 years.
    
On April 21, 2016, SunEdison Inc. and certain of its domestic and international subsidiaries voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In anticipation of and in response to SunEdison’s financial and operating difficulties, which culminated in the SunEdison Bankruptcy, at the direction of our Board, we have undertaken, and continue to undertake, a number of strategic initiatives to mitigate the adverse impacts of the SunEdison Bankruptcy on the Company. These initiatives focused on governance, operations and business performance initiatives deemed especially critical because SunEdison provided all personnel and services to the Company (other than those operational services provided by third parties). These initiatives include, among other things, developing continuity plans, establishing stand-alone information technology, accounting and other systems and infrastructure, directly hiring employees and self-performing or retaining backup or replacement service providers for the operation and maintenance and asset management of our wind and solar facilities.

As part of this overall strategic review process, we also initiated a process for the exploration and evaluation of potential strategic alternatives for the Company, including potential transactions to secure a new sponsor or sell the Company.


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