Print Page  Close Window

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

Depreciation, Accretion and Amortization Expense

Depreciation, accretion and amortization expense increased by $120.0 million during the year ended December 31, 2015, compared to the same period in 2014, due to:
(In thousands)
 
Solar
 
Wind
 
Total
Increases in depreciation, accretion and amortization expense relating to facilities achieving commercial operations
 
$
16,902

 
$

 
$
16,902

Increases in depreciation, accretion and amortization relating to acquisitions of renewable energy facilities from SunEdison and unaffiliated third parties
 
58,122

 
43,392

 
101,514

Increases in depreciation, accretion and amortization expense relating to existing renewable energy facility revenue
 
1,614

 

 
1,614

 
 
$
76,638

 
$
43,392

 
$
120,030


Interest Expense, Net

Interest expense, net for the years ended December 31, 2015 and 2014 were as follows:    
 
 
Year Ended December 31,
 
 
(In thousands)
 
2015
 
2014
 
Change
Corporate-level
 
$
89,463

 
$
30,172

 
$
59,291

Project-level:
 
 
 
 
 
 
Solar
 
71,351

 
56,019

 
15,332

Wind
 
6,991

 

 
6,991

Total interest expense, net
 
$
167,805

 
$
86,191

 
$
81,614


Interest expense, net, increased by $81.6 million during the year ended December 31, 2015, compared to the same period in 2014, primarily due to increased indebtedness related to the issuance of Senior Notes due 2023 and the Senior Notes due 2025. In addition, the year ended December 31, 2015 includes $15.4 million of amortization expense of bridge commitment fees related to financing out acquisitions of First Wind and Invenergy Wind. During the year ended December 31, 2015, we received an equity contribution of $10.6 million from SunEdison in connection with SunEdison's payment obligations under the Interest Payment Agreement and Amended Interest Payment Agreement. During the period from July 24, 2014 to December 31, 2014, the Company received an equity contribution of $5.4 million pursuant to the Interest Payment Agreement.



89