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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/07/2018
Entire Document
 


The following table presents the activity of the redeemable non-controlling interests balance for the years ended December 31, 2017, 2016 and 2015:
 
 
Redeemable Non-controlling Interests
(In thousands)
 
Capital
 
Retained Earnings
 
Total
Balance as of December 31, 2014
 
$
24,338

 
$

 
$
24,338

Consolidation of redeemable non-controlling interests in acquired renewable energy facilities
 
151,408

 

 
151,408

Sale of membership interests and contributions
 
3,032

 

 
3,032

Repurchase of redeemable non-controlling interest in renewable energy facility
 
(8,504
)
 

 
(8,504
)
Distributions
 
(2,764
)
 

 
(2,764
)
Currency translation adjustment
 
(311
)
 

 
(311
)
Net income
 

 
8,512

 
8,512

Balance as of December 31, 2015
 
$
167,199

 
$
8,512

 
$
175,711

Sale of membership interests and contributions
 
1,011

 

 
1,011

Distributions
 
(10,764
)
 

 
(10,764
)
Acquisition accounting adjustment
 
(7,918
)
 

 
(7,918
)
Accretion
 
3,962

 

 
3,962

Net income
 

 
18,365

 
18,365

Balance as of December 31, 2016
 
$
153,490

 
$
26,877

 
$
180,367

Distributions
 
(7,818
)
 

 
(7,818
)
Accretion
 
6,729

 

 
6,729

Net income
 

 
10,884

 
10,884

Reclassification of Invenergy Wind Interest to non-controlling interests
 
(130,241
)
 
(1,581
)
 
(131,822
)
Balance as of December 31, 2017
 
$
22,160


$
36,180


$
58,340


19. COMMITMENTS AND CONTINGENCIES

Letters of Credit

The Company's customers, vendors and regulatory agencies often require the Company to post letters of credit in order to guarantee performance under relevant contracts and agreements. The Company is also required to post letters of credit to secure obligations under various swap agreements and leases and may, from time to time, decide to post letters of credit in lieu of cash deposits in reserve accounts under certain financing arrangements. The amount that can be drawn under some of these letters of credit may be increased from time to time subject to the satisfaction of certain conditions. As of December 31, 2017, the Company had outstanding letters of credit under the New Revolver of $102.6 million and outstanding project-level letters of credit of $147.0 million.

Guarantee Agreements

The Company and its subsidiaries have provided guarantees to certain of its institutional tax equity investors and financing parties in connection with its tax equity financing transactions. These guarantees do not guarantee the returns targeted by the tax equity investors or financing parties, but rather support any potential indemnity payments payable under the tax equity agreements, including related to management of tax partnerships and recapture of tax credits or renewable energy grants in connection with transfers of the Company’s direct or indirect ownership interests in the tax partnerships to entities that are not qualified to receive those tax benefits. The Company and its subsidiaries have also provided guarantees in connection with acquisitions of third party assets or to support project contractual obligations, including renewable energy credit sales agreements. The Company and its subsidiaries have also provided other capped or limited contingent guarantees and other support obligations with respect to certain project-level indebtedness.


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