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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/07/2018
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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. As discussed above, the Company closed on the sale of these renewable energy facilities in the first half of 2017.
 
 
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 affiliates, 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


5. ACQUISITIONS

2015 Acquisitions

Acquisition of First Wind

On January 29, 2015, the Company, through Terra LLC, acquired from First Wind Holdings, LLC (together with its subsidiaries, “First Wind”) operating renewable energy facilities that have a combined nameplate capacity of 521.1 MW, including 500.0 MW of wind power plants and 21.1 MW of solar generation facilities (the “First Wind Acquisition”). The operating renewable energy facilities the Company acquired are located in Maine, New York, Hawaii, Vermont and Massachusetts and are contracted under PPAs including energy hedge contracts. Certain of the renewable energy facilities also receive revenue from RECs. The cash purchase price for this acquisition was $811.6 million, net of cash acquired.

During the year ended December 31, 2015, the Company acquired an operating wind facility located in Texas and seven solar generation facilities located in Utah from SunEdison with a combined nameplate capacity of 222.6 MW. These facilities were initially acquired by SunEdison from First Wind on January 29, 2015. The purchase price paid by SunEdison to the third party for these facilities was $168.4 million, net of cash acquired. The acquisitions were treated as transactions


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