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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________

FORM 10-Q

_____________________________________________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September 30~~March 31, ~~2019~~2020


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36542

______________________________________________________________

TerraForm Power, Inc.

(Exact name of registrant as specified in its charter)

_____________________________________________________________________________

Delaware

46-4780940

(State or other jurisdiction of incorporation or organization)

(I. R. S. Employer Identification No.)

200 Liberty Street,

14th Floor

New York,

New York

10281

(Address of principal executive offices)

(Zip Code)

646-992-2400

(Registrant’s telephone number, including area code)

_________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, Class A, par value $0.01

TERP

Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2020, there were 226,521,289 shares of Class A common stock outstanding.

TerraForm Power, Inc. and Subsidiaries

Table of Contents

Form 10-Q

		~~Page~~		Page
Cautionary Statement Concerning Forward-Looking Statements
Part I. Financial Information
Item 1.	~~Financial Statements~~		Financial Statements
	~~Unaudited Condensed Consolidated Statements of Operations~~	5	Unaudited Condensed Consolidated Statements of Operations	5
	~~Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)~~	6	Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)	6
	~~Unaudited Condensed Consolidated Balance Sheets~~	7	Unaudited Condensed Consolidated Balance Sheets	7
	~~Unaudited Condensed Consolidated Statements of Stockholders’ Equity~~	8	Unaudited Condensed Consolidated Statements of Stockholders’ Equity	8
	~~Unaudited Condensed Consolidated Statements of Cash Flows~~	10	Unaudited Condensed Consolidated Statements of Cash Flows	9
	~~Notes to Unaudited Condensed Consolidated Financial Statements~~	12	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~	48	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3.	~~Quantitative and Qualitative Disclosures About Market Risk~~	67	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	~~Controls and Procedures~~	69	Controls and Procedures	63
Part II. Other Information
Item 1.	~~Legal Proceedings~~	70	Legal Proceedings	64
Item 1A.	~~Risk Factors~~	70	Risk Factors	64
Item 2.	~~Unregistered Sales of Equity Securities and Use of Proceeds~~	70	Unregistered Sales of Equity Securities and Use of Proceeds	65
Item 3.	~~Defaults Upon Senior Securities~~	70	Defaults Upon Senior Securities	65
Item 4.	~~Mine Safety Disclosures~~	70	Mine Safety Disclosures	65
Item 5.	~~Other Information~~	70	Other Information	65
Item 6.	~~Exhibits~~	71	Exhibits	66
	~~Signatures~~	72	Signatures	67

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “opportunities,” “goal,” “guidance,” “outlook,” “initiatives,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that TerraForm Power, Inc. (“TerraForm Power” and, together with its subsidiaries, the “Company”) expects or anticipates will occur in the future are forward-looking statements. They may include estimates of expected cash available for distribution, distributions growth, earnings, revenues, income, loss, capital expenditures, liquidity, capital structure, margin enhancements, cost savings, future growth, financing arrangements and other financial performance items (including future distributions per share), descriptions of management’s plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide the Company’s current expectations or predictions of future conditions, events, or results and speak only as of the date they are made. Although the Company believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially.

Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are listed below and further disclosed under the section entitled Item 1A. Risk Factors in this Quarterly Report and in our Annual Report on Form 10-K for the year ended December 31, 2019:

•risks related to the proposed acquisition of all our ~~Annual~~outstanding ~~Report~~Class onA ~~Form~~common ~~10-K~~stock ~~for~~by ~~the~~an ~~year~~affiliate ~~ended~~of ~~December~~Brookfield ~~31,~~Asset ~~2018:~~Management Inc. (“Brookfield”) including whether it will be approved by shareholders and ultimately consummated;

• risks related to weather conditions at our wind and solar assets;

•the ~~our~~willingness and ability toof ~~enter~~counterparties ~~into contracts~~ to ~~sell~~fulfill ~~power~~their onobligations ~~acceptable~~under ~~prices and terms, including as our~~ offtake agreements ~~expire~~;

•price ~~government regulation~~fluctuations, ~~including~~termination ~~compliance~~provisions ~~with regulatory~~ and ~~permit~~buyout ~~requirements~~provisions ~~and changes~~ in ~~tax~~offtake ~~laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy~~agreements;

• our ability to ~~compete~~enter ~~against~~into ~~traditional~~contracts ~~utilities~~to sell power at acceptable prices and ~~renewable~~terms, ~~energy~~including ~~companies~~as our offtake agreements expire;

•our ~~pending~~ability to compete against traditional utilities and ~~future~~renewable ~~litigation~~energy companies;

•pending ~~our ability to successfully close the acquisitions of,~~ and ~~integrate~~future ~~the projects that we expect to acquire from, third parties, including our ability to successfully integrate our recently acquired portfolio of distributed generation assets~~litigation;

• our ability to successfully ~~achieve~~close ~~expected~~the ~~synergies~~acquisitions ~~and~~of, tointegrate ~~successfully~~or ~~execute~~realize on the ~~funding~~anticipated ~~plan~~benefits ~~for~~from ~~our~~the ~~recently~~projects ~~acquired~~that ~~portfolio~~we ofacquire ~~distributed~~from ~~generation~~third ~~assets~~parties, including our ~~ability~~recently toacquired ~~successfully~~portfolio ~~close~~of ~~any~~distributed ~~contemplated~~generation ~~capital recycling initiatives~~assets;

•our ability to close, implement and realize the benefit of our cost and performance enhancement initiatives, including long-term service agreements and our ability to realize the anticipated benefits from ~~acquisitions~~such initiatives;

•equipment our ability to close, implement and realize the benefit of our cost and performance enhancement initiatives, including long-term service agreements and our ability to realize the anticipated benefits from such initiativesfailure;

•risks ~~the~~related ~~willingness~~to ~~and~~the ability of ~~counterparties~~our hedging activities to ~~fulfill~~adequately ~~their~~manage ~~obligations~~our ~~under~~exposure ~~offtake~~to ~~agreements~~commodity and financial risk;

•risks ~~price~~related ~~fluctuations~~to the COVID-19 pandemic, ~~termination~~including ~~provisions~~its ~~and~~impact ~~buyout~~on ~~provisions~~personnel, incontract ~~offtake~~counterparties, ~~agreements~~power prices and financial markets;

• risks related to ~~the ability of~~ our ~~hedging~~operations ~~activities~~being tolocated ~~adequately~~internationally, ~~manage~~including our exposure to ~~commodity~~foreign currency exchange rate fluctuations and ~~financial~~political ~~risk~~and economic uncertainties;

•government ~~risks~~regulation, ~~related~~including tocompliance ~~our~~with ~~operations~~regulatory ~~being~~and ~~located~~permit ~~internationally~~requirements and changes in tax laws, ~~including~~market ~~our~~rules, ~~exposure~~rates, totariffs, ~~foreign~~environmental ~~currency~~laws, ~~exchange~~consumer ~~rate~~protection ~~fluctuations~~laws, ~~and~~data ~~political~~privacy laws and ~~economic~~policies ~~uncertainties~~affecting renewable energy;

• the regulated rate of return of renewable energy facilities in our Regulated Solar and Wind segment, a reduction of which could have a material negative impact on our results of operations;

• ~~the condition of the debt and equity capital markets and~~ our ability to ~~borrow~~grow ~~additional funds~~ and ~~access~~make ~~capital~~acquisitions ~~markets,~~with ascash ~~well~~on ashand, ~~our~~which ~~substantial indebtedness and the possibility that we~~ may ~~incur~~be ~~additional~~limited ~~indebtedness~~by inour ~~the~~cash ~~future~~distribution policy;

•fraud, ~~operating~~bribery, ~~and~~corruption ~~financial~~or ~~restrictions~~other ~~placed~~illegal ~~on us and our subsidiaries related to agreements governing indebtedness~~acts;

•health, ~~our ability to identify or consummate any future acquisitions~~safety, ~~including~~security ~~those~~and ~~identified~~environmental ~~by Brookfield Asset Management Inc.~~risk;

•the condition of the debt and equity capital markets and our ability to ~~grow~~borrow additional funds and ~~make~~access ~~acquisitions~~capital ~~with~~markets, ~~cash~~as onwell ~~hand,~~as ~~which~~our ~~may~~substantial beindebtedness ~~limited~~and bythe ~~our~~possibility ~~cash~~that ~~distribution~~we ~~policy~~may incur additional indebtedness in the future;

•operating ~~risks~~and ~~related~~financial torestrictions ~~the~~placed ~~effectiveness~~on ofus and our ~~internal~~subsidiaries ~~control~~related ~~over~~to ~~financial~~agreements ~~reporting;~~governing ~~and~~indebtedness;

• risks related to our relationship with Brookfield ~~Asset Management Inc.~~, including our ability to realize the expected benefits of ~~the~~ sponsorship.; and

~~The~~•risks ~~Company~~related ~~disclaims any obligation~~ to ~~publicly~~the ~~update~~effectiveness or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties, which are described in our ~~Annual~~internal ~~Report~~control onover ~~Form~~financial 10-K for the year ended December 31, 2018 and in subsequent Quarterly Reports, as well as additional factors we may describe from time to time in our other filings with the Securities and Exchange Commission (the “SEC”)reporting. We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and you should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law. The foregoing list of factors that might cause results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties, which are described in our Annual Report on Form 10-K for the year ended December 31, 2019 and in subsequent Quarterly Reports, as well as additional factors we may describe from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). We operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and you should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

PART I - Financial Information

Item 1. Financial Statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended September 30,							Nine Months Ended September 30,
			Three Months Ended March 31,
	2019				2018			2019			2018
			2020					2019
Operating revenues, net	$	~~253,808~~	$	246,762	$	~~246,042~~		$	~~734~~225,~~506~~332		$	~~553,477~~
Operating costs and expenses:
Cost of operations	~~75,037~~		57,864		~~59,027~~			~~207~~60,~~363~~751			~~146,155~~
General and administrative expenses	~~15,397~~		26,217		~~21,334~~			6023,~~616~~162			~~65,483~~
General and administrative expenses - affiliate	~~7,764~~		9,777		~~3,432~~			195,~~087~~164			~~10,929~~
Acquisition costs	~~963~~		355		~~1,655~~			~~1,438~~182			~~7,612~~
Acquisition costs - affiliate	—		654		~~335~~			—			~~6,965~~
Impairment of renewable energy facilities	—				—			—			15,240
Depreciation, accretion and amortization expense			122,391					106,969
Depreciation, accretion and amortization expense	114,282				103,593			321,605			239,177
Total operating costs and expenses			217,258					196,228
Total operating costs and expenses	213,443				189,376			610,109			491,561
Operating income			29,504					29,104
Operating income	40,365				56,666			124,397			61,916
Other expenses (income):
Other expenses (income):
Interest expense, net			77,959					86,287
Interest expense, net	89,393				72,416			246,721			176,862
Loss (gain) on modification and extinguishment of debt, net			3,593					(5,543)
Loss (gain) on extinguishment of debt, net	1,355				—			(4,188		)	1,480
Gain on foreign currency exchange, net			(4,871)					(8,752)
Loss (gain) on foreign currency exchange, net	10,975				(3,070		)	(4,217		)	(4,257		)
Other income, net			(4,392)					(2,680)
Other (income) expenses, net	(557		)		358			(1,752		)	1,390
Total other expenses, net			72,289					69,312
Total other expenses, net	101,166				69,704			236,564			175,475
Loss before income tax expense			(42,785)					(40,208)
Loss before income tax expense	(60,801		)		(13,038		)	(112,167		)	(113,559		)
Income tax expense (benefit)			24,461					(4,151)
Income tax expense	1,512				6,013			3,030			9,417
Net loss			(67,246)					(36,057)
Net loss	(62,313		)		(19,051		)	(115,197		)	(122,976		)
Less: Net income (loss) attributable to redeemable non-controlling interests			12					(9,381)
Less: Net (loss) income attributable to redeemable non-controlling interests	(7,341		)		12,443			(14,241		)	15,101
Less: Net loss attributable to non-controlling interests			(12,187)					(18,049)
Less: Net (loss) income attributable to non-controlling interests	(135		)		2,096			(33,897		)	(165,946		)
Net loss attributable to Class A common stockholders			$	(55,071)				$	(8,627)
Net (loss) income attributable to Class A common stockholders	$	(54,837	)		$	(33,590	)	$	(67,059	)	$	27,869
Weighted average number of shares:
Weighted average number of shares:
Class A common stock - Basic and diluted			226,513					209,142
Class A common stock - Basic	209,155				209,142			209,149			173,173
Loss per share:
Class A common stock - Diluted	209,155				209,142			209,149			173,186
Class A common stock - Basic and diluted			$	(0.24)				$	(0.04)
(Loss) earnings per share:
Distributions declared per share:
Class A common stock - Basic and diluted	$	(0.26	)		$	(0.16	)	$	(0.32	)	$	0.16
Class A common stock			$	0.2014				$	0.2014
Distributions declared per share:
Class A common stock	$	0.2014			$	0.19		$	0.6042		$	0.57

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
													Three Months Ended March 31,
	2019			2018			2019			2018
													2020		2019
Net loss	$	~~(62,313~~	)	$	~~(19,051~~	)	$	~~(115,197~~	)	$	~~(122,976~~	)	$	(67,246)	$	(36,057)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments:
Net unrealized gain (loss) arising during the period	6,934			446			15,806			(8,229		)
Net unrealized gain arising during the period													10,264		4,822
Hedging activities:
Net unrealized (loss) gain arising during the period	(16,653		)	10,621			(43,941		)	12,528
Net unrealized loss arising during the period													(36,977)		(9,160)
Reclassification of net realized loss (gain) into earnings	3,389			(5,832		)	(2,439		)	(6,755		)
Reclassification of net realized gain into earnings													(1,842)		(2,911)
Other comprehensive (loss) income, net of tax	(6,330		)	5,235			(30,574		)	(2,456		)
Other comprehensive loss, net of tax													(28,555)		(7,249)
Total comprehensive loss	~~(68,643~~		)	~~(13,816~~		)	~~(145,771~~		)	~~(125,432~~		)	(95,801)		(43,306)
Less comprehensive (loss) income attributable to non-controlling interests:
Less comprehensive income (loss) attributable to non-controlling interests:
Net (loss) income attributable to redeemable non-controlling interests	(7,341		)	12,443			(14,241		)	15,101
Net income (loss) attributable to redeemable non-controlling interests													12		(9,381)
Net (loss) income attributable to non-controlling interests	(135		)	2,096			(33,897		)	(165,946		)
Net loss attributable to non-controlling interests													(12,187)		(18,049)
Hedging activities	~~188~~			~~(1,801~~		)	~~920~~			~~(3,038~~		)	(246)		676
Comprehensive (loss) income attributable to non-controlling interests	(7,288		)	12,738			(47,218		)	(153,883		)
Comprehensive loss attributable to non-controlling interests													(12,421)		(26,754)
Comprehensive (loss) income attributable to Class A common stockholders	$	(61,355	)	$	(26,554	)	$	(98,553	)	$	28,451
Comprehensive loss attributable to Class A common stockholders													$	(83,380)	$	(16,552)

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	September 30, 2019				December 31, 2018
			March 31,2020					December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	~~239,297~~	$	249,220	$	~~248,524~~		$	237,480
Restricted cash, current	~~31,140~~		42,907		~~27,784~~			35,657
Accounts receivable, net	~~176,883~~		190,745		~~145,161~~			167,865
Derivative assets, current	28,908				14,371
Due from affiliates			1,729					499
Prepaid expenses and other current assets	61,642				65,149
Derivative assets, current			23,260					15,819
Due from affiliates	265				196
Deposit on acquisitions			12,985					24,831
Deposit on acquisitions	114,195				—
Prepaid expenses			16,728					13,514
Total current assets	652,330				501,185
Other current assets			56,863					57,682
Renewable energy facilities, net, including consolidated variable interest entities of $3,238,298 and $3,064,675 in 2019 and 2018, respectively	6,967,149				6,470,026
Total current assets			594,437					553,347
Intangible assets, net, including consolidated variable interest entities of $697,744 and $751,377 in 2019 and 2018, respectively	1,957,146				1,996,404
Renewable energy facilities, net, including consolidated variable interest entities of $3,156,511 and $3,188,508 in 2020 and 2019, respectively			7,759,853					7,405,461
Goodwill	145,616				120,553
Intangible assets, net, including consolidated variable interest entities of $678,894 and $690,594 in 2020 and 2019, respectively			1,921,229					1,793,292
Restricted cash	73,794				116,501
Goodwill			167,989					127,952
Derivative assets	97,096				90,984
Restricted cash			98,374					76,363
Other assets	36,060				34,701
Derivative assets			50,217					57,717
Total assets	$	9,929,191			$	9,330,354
Other assets			43,030					44,504
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Total assets			$	10,635,129				$	10,058,636
Current liabilities:
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current portion of long-term debt, including consolidated variable interest entities of $266,423 and $64,251 in 2019 and 2018, respectively	$	635,929			$	464,332
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	186,170				181,400
Current portion of long-term debt, including consolidated variable interest entities of $65,959 and $55,089 in 2020 and 2019, respectively			$	475,662				$	441,951
Due to affiliates	8,878				6,991
Accounts payable, accrued expenses and other current liabilities			188,612					178,796
Derivative liabilities, current portion	38,729				35,559
Due to affiliates			13,073					11,510
Total current liabilities	869,706				688,282
Derivative liabilities, current portion			63,515					33,969
Long-term debt, less current portion, including consolidated variable interest entities of $640,050 and $885,760 in 2019 and 2018, respectively	5,624,514				5,297,513
Total current liabilities			740,862					666,226
Operating lease obligations, less current portion, including consolidated variable interest entities of $141,683 in 2019	255,507				—
Long-term debt, less current portion, including consolidated variable interest entities of $1,162,180 and $932,862 in 2020 and 2019, respectively			6,287,131					5,793,431
Asset retirement obligations, including consolidated variable interest entities of $118,406 and $86,456 in 2019 and 2018, respectively	286,282				212,657
Operating lease obligations, less current portion, including consolidated variable interest entities of $138,486 and $138,816 in 2020 and 2019, respectively			286,620					272,894
Derivative liabilities	141,155				93,848
Asset retirement obligations, including consolidated variable interest entities of $118,961 and $116,159 in 2020 and 2019, respectively			315,146					287,288
Deferred income taxes	152,948				178,849
Derivative liabilities			242,494					101,394
Other liabilities	110,651				90,788
Deferred income taxes			197,850					194,539
Total liabilities	7,440,763				6,561,937
Other liabilities			103,191					112,072
Redeemable non-controlling interests	20,994				33,495
Total liabilities			8,173,294					7,427,844
Stockholders’ equity:
Redeemable non-controlling interests			8,010					22,884
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 209,663,018 and 209,642,140 shares issued in 2019 and 2018, respectively	2,097				2,096
Stockholders’ equity:
Additional paid-in capital	2,259,812				2,391,435
Class A common stock, $0.01 par value per share, 1,200,000,000 shares authorized, 227,585,636 and 227,552,105 shares issued in 2020 and 2019, respectively			2,277					2,276
Accumulated deficit	(426,662		)		(359,603		)
Additional paid-in capital			2,480,684					2,512,891
Accumulated other comprehensive income	8,744				40,238
Accumulated deficit			(563,358)					(508,287)
Treasury stock, 508,033 and 500,420 shares in 2019 and 2018, respectively	(6,815		)		(6,712		)
Accumulated other comprehensive (loss) income			(16,664)					11,645
Total TerraForm Power, Inc. stockholders’ equity	1,837,176				2,067,454
Treasury stock, 1,064,347 and 1,051,298 shares in 2020 and 2019, respectively			(15,412)					(15,168)
Non-controlling interests	630,258				667,468
Total TerraForm Power, Inc. stockholders’ equity			1,887,527					2,003,357
Total stockholders’ equity	2,467,434				2,734,922
Non-controlling interests			566,298					604,551
Total liabilities, redeemable non-controlling interests and stockholders’ equity	$	9,929,191			$	9,330,354
Total stockholders’ equity			2,453,825					2,607,908
Total liabilities, redeemable non-controlling interests and stockholders’ equity			$	10,635,129				$	10,058,636

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

																								~~Non-controlling Interests~~																	Non-controlling Interests
	~~Class A Common Stock Issued~~	Class A Common Stock Issued			~~Additional Paid-in Capital~~			~~Accumulated Deficit~~				~~Accumulated Other Comprehensive Income~~			~~Common Stock Held in Treasury~~	Additional Paid-in Capital					Accumulated Deficit					Accumulated Other Comprehensive Income	~~Accumulated Deficit~~			~~Accumulated~~Common ~~Other~~Stock ~~Comprehensive~~Held ~~Income~~in ~~(Loss)~~Treasury								~~Total Equity~~											Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)			Total Equity
	~~Shares~~	Shares	~~Amount~~			Amount									~~Shares~~			~~Amount~~			~~Total~~			~~Capital~~									Shares	~~Total~~					Amount				Total			Capital							Total
Balance as of December 31, 2017	148,586		$	1,486	$	1,872,125		$	(387,204	)		$	48,018		(500	)		$	(6,712	)	$	1,527,713		$	1,057,301		$	(198,196	)	$	894			$	859,999			$	2,387,712
Balance as of December 31, 2018		209,642				$	2,096				$	2,391,435				$	(359,603)				$	40,238				(500)				$	(6,712)					$	2,067,454				$	1,040,771		$	(373,420)		$	117	$	667,468	$	2,734,922
Cumulative-effect adjustment	—		—		—			24,578				(4,164		)	—			—			20,414			—			(308		)	—				(308		)		20,106
Stock-based compensation		—				—					160					—					—					—				—						160					—			—			—		—		160
Net income (loss)	—		—		—			82,796				—			—			—			82,796			—			(157,087		)	—				(157,087		)		(74,291		)
Net loss		—				—					—					(8,627)					—					—				—						(8,627)					—			(18,049)			—		(18,049)		(26,676)
Distributions to Class A common stockholders	—	—	—		~~(28,008~~	—	)	—			(41,987)	—			—	—		—			~~(28,008~~—		)	—		—	—			—				—		(41,987)		~~(28,008~~		)	—			—			—		—		(41,987)
Other comprehensive loss	—		—		—			—				(13,494		)	—			—			(13,494		)	—			—			(1,243		)		(1,243		)		(14,737		)
Other comprehensive (loss) income		—				—					—					—					(7,925)					—				—						(7,925)					—			—			676		676		(7,249)
Contributions from non-controlling interests in renewable energy facilities	—		—		—			—				—			—			—			—			7,685			—			—				7,685				7,685
Contributions from non-controlling interests		—				—					—					—					—					—				—						—					5,562			—			—		5,562		5,562
Distributions to non-controlling interests in renewable energy facilities	—		—		—			—				—			—			—			—			(5,204		)	—			—				(5,204		)		(5,204		)
Distributions to non-controlling interests		—				—					—					—					—					—				—						—					(5,023)			—			—		(5,023)		(5,023)
Other	—		—		3,494			—				—			—			—			3,494			—			(500		)	—				(500		)		2,994
Purchase of non-controlling interests		—				—					(687)					—					—					—				—						(687)					(393)			—			—		(393)		(1,080)
Balance as of March 31, 2018	148,586		1,486		1,847,611			(279,830		)		30,360			(500	)		(6,712		)	1,592,915			1,059,782			(356,091		)	(349		)		703,342				2,296,257
Non-cash redemption of redeemable non-controlling interests		—				—					(7,345)					—					—					—				—						(7,345)					—			—			—		—		(7,345)
Issuance of Class A common stock to affiliates	60,976		610		649,390			—				—			—			—			650,000			—			—			—				—				650,000
Balance as of March 31, 2019		209,642				$	2,096				$	2,341,576				$	(368,230)				$	32,313				(500)				$	(6,712)					$	2,001,043				$	1,040,917		$	(391,469)		$	793	$	650,241	$	2,651,284
Stock-based compensation	—		—		73			—				—			—			—			73			—			—			—				—				73
Net loss	—		—		—			(21,337		)		—			—			—			(21,337		)	—			(10,955		)	—				(10,955		)		(32,292		)
Distributions to Class A common stockholders	—		—		(28,008		)	—				—			—			—			(28,008		)	—			—			—				—				(28,008		)
Other comprehensive income	—		—		—			—				7,040			—			—			7,040			—			—			6				6				7,046
Distributions to non-controlling interests in renewable energy facilities	—		—		—			—				—			—			—			—			(6,185		)	—			—				(6,185		)		(6,185		)
Other	—		—		(295		)	—				—			—			—			(295		)	102			—			—				102				(193		)
Balance as of June 30, 2018	209,562		2,096		2,468,771			(301,167		)		37,400			(500	)		(6,712		)	2,200,388			1,053,699			(367,046		)	(343		)		686,310				2,886,698
Issuances of Class A common stock to affiliates	80		—		881			—				—			—			—			881			—			—			—				—				881
Stock-based compensation	—		—		88			—				—			—			—			88			—			—			—				—				88
Net income (loss)	—		—		—			(33,590		)		—			—			—			(33,590		)	—			2,096			—				2,096				(31,494		)
Distributions to Class A common stockholders	—		—		(39,609		)	—				—			—			—			(39,609		)	—			—			—				—				(39,609		)
Other comprehensive income (loss)	—		—		—			—				7,036			—			—			7,036			—			—			(1,801		)		(1,801		)		5,235
Distributions to non-controlling interests in renewable energy facilities	—		—		—			—				—			—			—			—			(6,499		)	—			—				(6,499		)		(6,499		)
Purchase of redeemable non-controlling interests in renewable energy facilities	—		—		(3,065		)	—				—			—			—			(3,065		)	—			—			—				—				(3,065		)
Other	—		—		546			—				—			—			—			546			307			—			—				307				853
Balance as of September 30, 2018	209,642		$	2,096	$	2,427,612		$	(334,757	)		$	44,436		(500	)		$	(6,712	)	$	2,132,675		$	1,047,507		$	(364,950	)	$	(2,144	)		$	680,413			$	2,813,088


																	Non-controlling Interests
	Class A Common Stock Issued					Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury														Accumulated Deficit		Accumulated Other Comprehensive Income			Total Equity
	Shares	Amount											Shares			Amount			Total			Capital							Total
Balance as of December 31, 2019	227,552	$	2,276	$	2,512,891	$	(508,287)	$	11,645	(1,051)	$	(15,168)		$	2,003,357		$	1,024,396		$	(419,338)		$	(507)	$	604,551	$	2,607,908
Stock-based compensation	34	1		329		—		—		(13)	(244)			86			—			—			—		—		86
Net loss	—	—		—		(55,071)		—		—	—			(55,071)			—			(12,187)			—		(12,187)		(67,258)
Distributions to Class A common stockholders	—	—		(45,488)		—		—		—	—			(45,488)			—			—			—		—		(45,488)
Other comprehensive loss	—	—		—		—		(28,309)		—	—			(28,309)			—			—			(246)		(246)		(28,555)
Contributions from non-controlling interests	—	—		—		—		—		—	—			—			3,008			—			—		3,008		3,008
Distributions to non-controlling interests	—	—		—		—		—		—	—			—			(28,828)			—			—		(28,828)		(28,828)
Purchase of redeemable non-controlling interests	—	—		12,952		—		—		—	—			12,952			—			—			—		—		12,952

Balance as of March 31, 2020	227,586	$	2,277	$	2,480,684	$	(563,358)	$	(16,664)	(1,064)	$	(15,412)		$	1,887,527		$	998,576		$	(431,525)		$	(753)	$	566,298	$	2,453,825

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF ~~STOCKHOLDERS’~~CASH ~~EQUITY~~FLOWS

(In thousands)

																							Non-controlling Interests
		Three Months Ended March 31,
	Class A Common Stock Issued					Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Income			Common Stock Held in Treasury											Accumulated Deficit			Accumulated Other Comprehensive Income					Total Equity
					2020				2019
	Shares		Amount												Shares		Amount			Total			Capital								Total
Cash flows from operating activities:
Balance as of December 31, 2018	209,642		$	2,096		$	2,391,435		$	(359,603	)	$	40,238		(500	)	$	(6,712	)	$	2,067,454		$	1,040,771		$	(373,420	)	$	117	$	667,468		$	2,734,922
Net loss		$	(67,246)				$	(36,057)
Stock-based compensation	—		—			160			—			—			—		—			160			—			—			—		—			160
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss	—		—			—			(8,627		)	—			—		—			(8,627		)	—			(18,049		)	—		(18,049		)	(26,676		)
Depreciation, accretion and amortization expense		122,391					106,969
Distributions to Class A common stockholders	—		—			(41,987		)	—			—			—		—			(41,987		)	—			—			—		—			(41,987		)
Amortization of favorable and unfavorable rate revenue contracts, net		9,903					9,138
Other comprehensive (loss) income	—		—			—			—			(7,925		)	—		—			(7,925		)	—			—			676		676			(7,249		)
Amortization of deferred financing costs, debt premiums and discounts, net		3,464					2,453
Contributions from non-controlling interests in renewable energy facilities	—		—			—			—			—			—		—			—			5,562			—			—		5,562			5,562
Unrealized loss on interest rate swaps		3,131					13,925
Distributions to non-controlling interests in renewable energy facilities	—		—			—			—			—			—		—			—			(5,023		)	—			—		(5,023		)	(5,023		)
Unrealized loss (gain) on commodity contract derivatives, net		1,300					(804)
Purchase of non-controlling interests in renewable energy facilities	—		—			(687		)	—			—			—		—			(687		)	(393		)	—			—		(393		)	(1,080		)
Stock-based compensation expense		329					160
Non-cash redemption of redeemable non-controlling interests	—		—			(7,345		)	—			—			—		—			(7,345		)	—			—			—		—			(7,345		)
Loss (gain) on modification and extinguishment of debt, net		3,593					(5,543)
Balance as of March 31, 2019	209,642		2,096			2,341,576			(368,230		)	32,313			(500	)	(6,712		)	2,001,043			1,040,917			(391,469		)	793		650,241			2,651,284
Loss on disposal of renewable energy facilities		889					1,933
Stock-based compensation	—		—			43			—			—			—		—			43			—			—			—		—			43
Gain on foreign currency exchange, net		(1,753)					(6,718)
Net loss	—		—			—			(3,595		)	—			—		—			(3,595		)	—			(15,713		)	—		(15,713		)	(19,308		)
Deferred taxes		24,281					(4,318)
Distributions to Class A common stockholders	—		—			(41,991		)	—			—			—		—			(41,991		)	—			—			—		—			(41,991		)
Charges to allowance for doubtful accounts		540					166
Other comprehensive (loss) income	—		—			—			—			(17,051		)	—		—			(17,051		)	—			—			56		56			(16,995		)
Other, net		207					(62)
Distributions to non-controlling interests in renewable energy facilities	—		—			—			—			—			—		—			—			(4,866		)	—			—		(4,866		)	(4,866		)
Changes in assets and liabilities, excluding the effect of acquisitions:
Balance as of June 30, 2019	209,642		2,096			2,299,628			(371,825		)	15,262			(500	)	(6,712		)	1,938,449			1,036,051			(407,182		)	849		629,718			2,568,167
Accounts receivable		8,454					(9,058)
Stock-based compensation	21		1			265			—			—			(8	)	(103		)	163			—			—			—		—			163
Prepaid expenses and other current assets		(3,847)					10,345
Net loss	—		—			—			(54,837		)	—			—					(54,837		)	—			(135		)	—		(135		)	(54,972		)
Accounts payable, accrued expenses and other current liabilities		(9,825)					(1,888)
Distributions to Class A common stockholders	—		—			(41,991		)	—			—			—		—			(41,991		)	—			—			—		—			(41,991		)
Due to affiliates, net		(1,046)					(535)
Other comprehensive (loss) income	—		—			—			—			(6,518		)	—		—			(6,518		)	—			—			188		188			(6,330		)
Other, net		(8,998)					4,893
Distributions to non-controlling interests in renewable energy facilities	—		—						—			—			—		—			—			(2,538		)	—			—		(2,538		)	(2,538		)
Net cash provided by operating activities		85,767					84,999
Purchase of redeemable non-controlling interests in renewable energy facilities	—		—			1,910			—			—			—		—			1,910											—			1,910
Cash flows from investing activities:
Non-controlling interests acquired in business combination	—		—			—			—			—			—		—			—			3,025			—			—		3,025			3,025
Capital expenditures		(1,006)					(7,368)
Balance as of September 30, 2019	209,663		$	2,097		$	2,259,812		$	(426,662	)	$	8,744		(508	)	$	(6,815	)	$	1,837,176		$	1,036,538		$	(407,317	)	$	1,037	$	630,258		$	2,467,434
Proceeds from energy rebate and reimbursable interconnection costs		406					2,836
Proceeds from the settlement of foreign currency contracts, net		38,753					—
Payments to acquire businesses, net of cash and restricted cash acquired		(79,433)					—
Other investing activities		—					729
Net cash used in investing activities		(41,280)					(3,803)
Cash flows from financing activities:
Revolver draws		127,000					50,000
Revolver repayments		(66,000)					(15,000)
Term Loan principal payments		—					(875)
Borrowings of non-recourse long-term debt		275,624					—
Principal payments and prepayments on non-recourse long-term debt		(242,113)					(50,194)
Debt financing fees paid		(3,250)					(1,197)
Contributions from non-controlling interests		3,008					5,562
Purchase of membership interests and distributions to non-controllinginterests		(30,762)					(6,103)
Cash distributions to Class A common stockholders		(45,488)					(41,987)
Payment to terminate interest rate swaps		(16,331)					—
Other financing activities		(971)					—
Net cash provided by (used in) financing activities		717					(59,794)
Net increase in cash, cash equivalents and restricted cash		45,204					21,402
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(4,203)					(4,377)
Cash, cash equivalents and restricted cash at beginning of period		349,500					392,809
Cash, cash equivalents and restricted cash at end of period		$	390,501				$	409,834
Supplemental Disclosures:
Cash paid for interest		$	51,449				$	71,818
Cash paid for income taxes		117					—

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net loss	$	(115,197	)	$	(122,976	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, accretion and amortization expense	321,605			239,177
Amortization of favorable and unfavorable rate revenue contracts, net	28,645			29,478
(Reductions) charges to allowance for doubtful accounts, net	(3,299		)	846
Impairment of renewable energy facilities	—			15,240
Amortization of deferred financing costs, debt premiums and discounts, net	7,720			7,969
Unrealized loss (gain) on interest rate swaps	23,094			(11,688		)
Unrealized gain on commodity contract derivatives, net	(3,840		)	(3,845		)
Recognition of deferred revenue	(1,987		)	(1,344		)
Stock-based compensation expense	468			161
(Gain) loss on extinguishment of debt, net	(4,188		)	1,480
Loss on disposal of renewable energy facilities	13,293			6,764
Gain on foreign currency exchange, net	(4,649		)	(9,643		)
Deferred taxes	139			4,888
Other, net	(308		)	(393		)
Changes in assets and liabilities, excluding the effect of acquisitions:
Accounts receivable	(32,198		)	(18,758		)
Prepaid expenses and other current assets	9,278			9,154
Accounts payable, accrued expenses and other current liabilities	5,238			(13,002		)
Due to affiliates, net	1,818			4,158
Other, net	22,571			13,361
Net cash provided by operating activities	268,203			151,027
Cash flows from investing activities:
Capital expenditures	(16,508		)	(15,320		)
Proceeds from energy rebate and reimbursable interconnection costs	5,123			8,224
Proceeds from the settlement of foreign currency contracts, net	28,063			22,429
Payments to acquire businesses, net of cash and restricted cash acquired	(617,587		)	(886,104		)
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired	(18,255		)	(4,105		)
Payment of deposit on acquisitions	(114,195		)	—
Other investing activities	2,476			—
Net cash used in by investing activities	(730,883		)	(874,876		)

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(CONTINUED)

	Nine Months Ended September 30,
	2019			2018
Cash flows from financing activities:
Proceeds from issuance of Class A common stock to affiliates	—			650,000
Proceeds from the Sponsor Line - affiliate	—			86,000
Repayment of the Sponsor Line - affiliate	—			(86,000		)
Proceeds from Bridge Facility	475,000			—
Revolver draws	409,500			619,000
Revolver repayments	(430,500		)	(200,466		)
Term Loan principal payments	(2,625		)	(2,625		)
Borrowings of non-recourse long-term debt	312,053			236,381
Principal payments and prepayments on non-recourse long-term debt	(186,329		)	(180,124		)
Debt financing fees paid	(15,972		)	(7,424		)
Sale of membership interests and contributions from non-controlling interests in renewable energy facilities	5,562			7,685
Purchase of membership interests and distributions to non-controllinginterests in renewable energy facilities	(17,204		)	(21,792		)
Proceeds from affiliates	—			4,803
Cash distributions to Class A common stockholders	(125,969		)	(95,625		)
Recovery of related party short swing profit	—			2,994
Net cash provided by financing activities	423,516			1,012,807
Net (decrease) increase in cash, cash equivalents and restricted cash	(39,164		)	288,958
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9,414		)	(3,750		)
Cash, cash equivalents and restricted cash at beginning of period	392,809			224,787
Cash, cash equivalents and restricted cash at end of period	$	344,231		$	509,995
Supplemental Disclosures:
Cash paid for interest	$	211,517		$	170,549
Cash paid for income taxes	4,152			667

See accompanying notes to unaudited condensed consolidated financial statements.

TERRAFORM POWER, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data, unless otherwise noted)

1. NATURE OF OPERATIONS AND ORGANIZATION

TerraForm Power, Inc. (“TerraForm Power” and, together with its subsidiaries, the “Company”) is a holding company and its primary asset is an equity interest in TerraForm Power, LLC (“Terra LLC”). TerraForm Power is the managing member of Terra LLC and operates, controls and consolidates the business affairs of Terra LLC, which through its subsidiaries owns and operates renewable energy facilities that have long-term contractual arrangements to sell the electricity generated by these facilities to third parties. The related green energy certificates, ancillary services and other environmental attributes generated by these facilities are also sold to third parties. The Company is sponsored by Brookfield Asset Management Inc. (“Brookfield”) and its primary business strategy is to acquire operating solar and wind assets in North America and Western Europe. The Company is a controlled affiliate of Brookfield. As of ~~September~~March 3031, ~~2019~~2020, affiliates of Brookfield held approximately 6562% of ~~TerraForm~~the ~~Power~~Company’s Class A common stock (“Common Stock”). As discussed in Note 21. Subsequent Events, on October 8, 2019, the Company completed a public offering and a private placement of its Common Stock whereby the combined ownership of affiliates of Brookfield became approximately 61% as of the date of the issuance of this Quarterly Report.

Brookfield Renewable Non-Binding Proposal and Signing of Reorganization Agreement

On January 11, 2020, the Company received an unsolicited and non-binding proposal (the “Brookfield Proposal”) from Brookfield Renewable Partners L.P. (“Brookfield Renewable”), an affiliate of Brookfield, to acquire all of the outstanding shares of Common Stock of the Company, other than the approximately 62% shares held by Brookfield Renewable and its affiliates. The Brookfield Proposal expressly conditioned the transaction contemplated thereby on the approval of a committee of the Board of Directors of the Company (the “Board”) consisting solely of independent directors and the approval of a majority of the shares held by the Company’s stockholders not affiliated with Brookfield Renewable and its affiliates. Following the Company’s receipt of the Brookfield Proposal, the Board formed a special committee (the “Special Committee”) of non-executive, disinterested and independent directors to, among other things, review, evaluate and consider the Brookfield Proposal and, if the Special Committee deemed appropriate, negotiate a transaction with Brookfield Renewable or explore alternatives thereto. The Board resolutions establishing the Special Committee expressly provided that the Board would not approve the transaction contemplated by the Brookfield Proposal or any alternative thereto without a prior favorable recommendation by the Special Committee. As of March 31, 2020 Brookfield Renewable held an approximately 30% indirect economic interest in TerraForm Power.

On March 16, 2020, the Company, Brookfield Renewable and certain of their affiliates entered into a definitive agreement (the “Reorganization Agreement”) for Brookfield Renewable to acquire all of the Company’s outstanding shares of Common Stock, other than the approximately 62% currently owned by Brookfield Renewable and its affiliates (the transactions contemplated by the Reorganization Agreement, the “Transactions”). Pursuant to the Reorganization Agreement, each holder of a share of Common Stock that is issued and outstanding immediately prior to the consummation of the Transactions will receive, at each such shareholder’s election, 0.381 of a Brookfield Renewable limited partnership unit or of a Class A exchangeable subordinate voting share of Brookfield Renewable Corporation, a Canadian subsidiary of Brookfield Renewable which is expected to be publicly listed as of the consummation of the Transactions. The Special Committee has unanimously recommended that the Company’s unaffiliated shareholders approve the Transactions. Consummation of the Transactions is subject to the non-waivable approval of a majority of the Company’s shareholders not affiliated with Brookfield Renewable, receipt of required regulatory approvals and other customary closing conditions. For a detailed description of the Reorganization and the Transactions, see Note 17. Related Parties.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements ~~include~~represent the results of ~~wholly-owned~~TerraForm ~~and~~Power, ~~partially-owned subsidiaries in~~ which ~~the~~consolidates ~~Company~~Terra ~~has~~LLC athrough its controlling interest ~~with all significant intercompany accounts and transactions eliminated and have been prepared in accordance with the SEC regulations for interim financial information~~. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The financial statements should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2019. Interim results are not necessarily indicative of results for a full year or any subsequent interim period.

InThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the ~~opinion~~United States of ~~management~~America (“U.S. GAAP”). They include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest with all significant intercompany accounts and transactions eliminated and have been prepared in accordance with the regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the ~~accompanying~~information ~~unaudited~~and ~~condensed~~notes ~~consolidated~~required by U.S. GAAP for complete financial statements. ~~contain~~The ~~all~~financial ~~material~~statements ~~adjustments~~should ~~consisting~~be ofread ain ~~normal~~conjunction with the accounting policies and ~~recurring~~other ~~nature~~disclosures ~~necessary~~as toset ~~present~~forth ~~fairly~~in the notes to the Company’s audited consolidated financial ~~position~~statements asfor ofthe ~~September~~year ended 30December 31, 2019, ~~results~~included ofin ~~operations,~~the ~~comprehensive~~Company’s ~~income~~Annual ~~(loss)~~Report ~~for~~on ~~the three~~Form ~~and~~10-K ~~nine~~filed ~~months~~with ~~ended~~the ~~September~~SEC 30on March 17, ~~2019~~2020. ~~and~~Interim ~~2018~~results ~~and~~are ~~cash~~not ~~flows~~necessarily ~~for~~indicative ~~the~~of ~~nine~~results ~~months~~for ~~ended~~a ~~September~~full ~~30,~~year ~~2019~~or ~~and~~any ~~2018~~subsequent interim period.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments consisting of a normal and recurring nature necessary to present fairly the Company’s financial position as of March 31, 2020, results of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2020 and 2019.

Use of Estimates

In preparing the unaudited condensed consolidated financial statements, the Company uses estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements. Such estimates also affect the reported amounts of revenues, expenses, and cash flows during the reporting period. The COVID-19 pandemic has caused significant volatility in global markets and resulted in the imposition of quarantines or closures of office spaces, travel and transportation restrictions which, among other factors, have contributed to a widespread decline in economic activity, both globally and in the jurisdictions in which the Company operates in. The Company has assessed the impact of the pandemic and is not aware of specific events or circumstances that required material revisions to the estimates and assumptions used in the preparation of this Quarterly Report. These estimates may change as new events occur and additional information is obtained. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations would be affected.

Recently Adopted Accounting Standards - Guidance Adopted in ~~2019~~2020

In ~~February~~June 2016, the ~~Financial Accounting Standards Board (“~~FASB”) issued ~~Accounting Standards Update (“~~ASU”) ~~No.~~ 2016-0213, ~~Leases~~Financial Instruments – Credit Losses (Topic ~~842~~326), ~~which~~to ~~primarily~~provide ~~changes~~financial ~~the~~statement ~~lessee’s~~users ~~accounting~~with ~~for~~more ~~operating~~useful ~~leases~~information byabout ~~requiring~~ the ~~recognition~~current ofexpected ~~lease~~credit ~~right-of-use~~losses ~~assets and lease liabilities~~(“CECL”). ~~The~~This ~~guidance~~ASU ~~also~~changes ~~eliminates~~how ~~previous~~entities ~~real~~measure ~~estate~~credit ~~specific~~losses ~~provisions.~~on Infinancial ~~July~~instruments ~~2018,~~and the ~~FASB~~timing ~~issued~~of ~~ASU~~when ~~No.~~such ~~2018-11,~~losses ~~Leases~~are ~~(Topic~~recognized ~~842),~~by ~~Targeted~~utilizing ~~Improvements,~~a ~~which~~lifetime ~~amended~~expected ~~the~~credit ~~standard~~loss tomeasurement. ~~give~~The ~~entities~~guidance ~~another~~is ~~option~~effective tofor ~~apply~~fiscal ~~the~~years ~~requirements~~and ofinterim ~~the~~periods ~~standard~~within inthose ~~the~~years ~~period~~beginning ofafter ~~adoption (~~January 1, ~~2019) or Effective Date Method~~2020. The Company adopted ~~the~~ASU ~~new~~2016-13, ~~accounting~~effective ~~guidance on~~ January 1, ~~2019~~2020, ~~using~~and adid ~~modified~~not ~~retrospective~~result ~~approach~~in ~~reflecting~~a ~~the~~material ~~Effective~~impact ~~Date~~on ~~Method~~the ofallowance ~~adoption~~for indoubtful ~~which~~accounts. ~~the~~See ~~Company~~Note ~~continued~~13. toConcentration ~~apply~~of ~~the~~Credit ~~guidance~~Risk infor ~~ASC~~additional ~~840,~~details ~~Leases~~related to the ~~comparable~~Company’s ~~periods~~exposure ~~presented~~to incredit ~~the year of adoption~~risk.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU removes some disclosure requirements, modifies others, and adds some new disclosure requirements. The guidance is effective January 1, 2020, with early adoption permitted. The Company adopted ASU No. 2018-13 as of January 1, 2020, which resulted in additional disclosures related to the financial assets classified as Level 3. See Note 12. Fair Value of Financial Instruments for additional details.

~~The~~In ~~Company~~August ~~made~~2018, the ~~following~~FASB ~~elections~~issued ~~provided~~ASU ~~under~~No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU amends the ~~standard:~~definition of a hosting arrangement and requires a customer in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-402 to determine which implementation costs to capitalize as assets. Capitalized implementation costs are amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective January 1, 2020, with early adoption permitted. The adoption of ASU No. 2018-15 as of January 1, 2020 did not have an impact on the Company’s unaudited condensed consolidated financial statements.

~~• The package of practical expedients that permits the Company to retain its existing lease assessment and classification;~~11

•In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The ~~practical~~amendments ~~expedient~~in ~~that~~this ~~allows~~ASU require reporting entities to consider indirect interests held through related parties under common control for determining whether fees paid to decision makers and service provider are variable interests. These indirect interests should be considered on a proportional basis rather than as the ~~Company~~equivalent of a direct interest in its entirety (as currently required in U.S. GAAP). The guidance is effective January 1, 2020, with early adoption permitted. Entities are required to apply the amendments in this guidance retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The adoption of ASU No. 2018-17 as of January 1, 2020 did not ~~evaluate~~have ~~existing~~an ~~and~~impact ~~expired~~on ~~land~~the ~~easements;~~Company’s unaudited condensed consolidated financial statements.

• The practical expedient to not separate non-lease components in power purchase agreements (“PPAs”) in which the Company is the lessor in providing energy, capacity, and incentive products for a bundled fixed rate; and

• The Company elected not to apply the recognition requirements for short-term operating leases, defined as a term of twelve months or shorter, from the commencement date.

The Company evaluated the impact of Topic 842 as it relates to operating leases for land, buildings and equipment for which it is the lessee and reviewed its existing contracts for embedded leases. The adoption of the new standard resulted in the recognition of right-of-use assets and lease liabilities of approximately $252.7 million and $245.3 million, respectively, as of January 1, 2019 for operating leases, whereas the Company’s accounting for finance leases remained substantially unchanged. See Note 7. Leases for additional details.

A significant portion of the Company’s operating revenues are generated from delivering electricity and related products from owned solar and wind renewable energy facilities under PPAs in which the Company is the lessor. Revenue is recognized when electricity is delivered and is accounted for as rental income under the lease standard. The adoption of ASC 842 did not have an impact on the accounting policy for rental income from the Company’s PPAs in which it is the lessor. The Company elected the package of practical expedients available under ASC 842, which did not require the Company to reassess its lease classification from ASC 840. Additionally, the Company elected the practical expedient to not separate lease and non-lease components for lessors. This election allows energy (lease component) and environmental incentives or renewable energy certificates (non-lease components) under bundled PPAs to be accounted as a singular lease unit of account under ASC 842.

In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU expands the list of United States (“U.S.”) benchmark interest rates permitted in the application of hedge accounting by adding the SOFR as a permissible U.S. benchmark rate. The Company does not have any derivative instruments indexed to SOFR as a benchmark interest rate, accordingly, the adoption of ASU No. 2018-16 as of January 1, 2019 did not have an impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In ~~June~~March ~~2016~~2020, the FASB issued ASU ~~2016~~2020-1304, ~~Financial~~Reference ~~Instruments~~Rate –Reform ~~Credit Losses~~ (Topic ~~326~~848),: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides entities temporary optional guidance to ~~provide~~ease ~~financial~~potential ~~statement~~accounting ~~users~~burdens ~~with~~to ~~more~~transition ~~useful~~away ~~information~~from ~~about~~LIBOR or other reference rates that are expected ~~credit~~to ~~losses~~be discontinued to alternative reference rates. This ASU ~~changes~~applies ~~how~~to all entities ~~measure~~that ~~credit~~have ~~losses~~contracts, onhedging ~~financial~~relationships ~~instruments~~ and ~~the~~other ~~timing~~transactions ofaffected ~~when~~by ~~such~~reference ~~losses~~rate ~~are recognized~~reform. The ~~guidance~~provisions isin ~~effective~~this ~~for~~ASU, ~~fiscal~~among ~~years~~other things, simplify contract modification accounting and ~~interim~~allow ~~periods~~hedging ~~within~~relationships ~~those~~affected ~~years~~by ~~beginning~~reference ~~after~~rate ~~January~~reform 1,to continue. ASU 2020,-04 ~~with~~is ~~early~~effective ~~adoption~~upon ~~permitted~~issuance ~~for~~and ~~periods~~entities ~~beginning~~may ~~after~~elect to apply the amendments prospectively through December 1531, ~~2018~~2022. The Company is ~~currently~~in ~~evaluating~~ the ~~impact~~process of ~~this~~assessing ~~guidance~~the impact on its ~~consolidated~~ financial statements from the adoption of the new guidance and determining the timing of electing available optional expedients.

In ~~August~~December ~~2018~~2019, the FASB issued ASU No. ~~2018~~2019-1312, ~~Fair~~ ~~Value~~Income ~~Measurement~~Taxes (Topic ~~820~~740): ~~Disclosure~~Simplifying ~~Framework~~the –Accounting ~~Changes~~for toIncome ~~the~~Taxes. ~~Disclosure~~The ~~Requirements~~amendments in this ASU simplify the accounting for ~~Fair~~income ~~Value~~taxes ~~Measurement.~~by ~~This~~removing ~~ASU~~certain ~~removes~~exceptions ~~some~~to ~~disclosure~~the ~~requirements,~~general ~~modifies~~principles ~~others~~in Topic 740, Income Taxes. The amendments also improve consistent application and ~~adds~~simplify ~~some~~GAAP ~~new~~for ~~disclosure~~other ~~requirements~~areas of Topic 740 by clarifying and amending existing guidance. The guidance is effective January 1, ~~2020~~2021, with early adoption permitted. The Company isdoes ~~currently~~not ~~evaluating~~expect the effect of the new guidance to be material on its consolidated financial statements.

~~In August 2018, the FASB issued ASU No~~3. ~~2018-15, Intangibles~~ACQUISITIONS – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU amends the definition of a hosting arrangement and requires a customer in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-402 to determine which implementation costs to capitalize as assets. Capitalized implementation costs are amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The guidance is effective January 1, 2020, with early adoption permitted. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.

In2020 October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. The amendments in this ASU require reporting entities to consider indirect interests held through related parties under common control for determining whether fees paid to decision makers and service provider are variable interests. These indirect interests should be considered on a proportional basis rather than as the Acquisition

Termosol Acquisition

On February 11, 2020, TERP Spanish Holdco, S.L.U., a wholly-owned subsidiary of the Company, completed the acquisition of a portfolio of two concentrated solar power facilities located in Spain with a combined nameplate capacity of approximately 100 MW (Termosol 1 & 2) from NextEra Energy Spain Holdings B.V. The purchase price of this acquisition, including working capital adjustments, was $126.9 million (the “Termosol Acquisition”). The acquired facilities are regulated under the Spanish framework for renewable power, with approximately 18 years of remaining regulatory life. In connection with this acquisition, over 60 employees joined the Company the majority of whom perform in-house operations and maintenance (“O&M”) services for the acquired facilities. The Company funded the purchase price of the acquisition using a draw on the Revolver and cash available on hand. See Note 9. Long-term Debt for definitions and additional details.

The Company accounted for the Termosol Acquisition under the acquisition method of accounting for business combinations. Under this method, the total consideration transferred is allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values as of the date of the acquisition. The acquisition method of accounting requires extensive use of estimates and judgments to allocate the consideration transferred to the identifiable tangible and intangible assets acquired and liabilities assumed. The final accounting has not been completed since the evaluation necessary to assess the fair values of acquired assets and assumed liabilities is still in process. The provisional amounts for this business combination are subject to revision until these evaluations are completed. The additional information needed by the Company to finalize the measurement of these provisional amounts include, but not limited to, the settlement of the amount of net working capital acquired, credit spreads and other information necessary to estimate the fair value of non-recourse project debt, the assessment of the incremental borrowing rate for operating leases, and additional information to assess the discount rate factor used at the time of the acquisition. The provisional amounts for this business combination are subject to revision until these evaluations are completed.

The preliminary allocation of the acquisition-date fair values of assets and liabilities pertaining to this business combination as of March 31, 2020, was as follows:


(In thousands)	As of February 11, 2020
Renewable energy facilities¹	$	477,269
Accounts receivable	33,242
Other assets	7,550
Intangible assets	183,655
Deferred income taxes	14,419
Goodwill²	40,862
Total assets acquired	756,997
Accounts payable, accrued expenses and other current liabilities	16,609
Long-term debt	468,812
Asset retirement obligations	22,609
Derivative liabilities	147,536
Operating lease liabilities	17,139
Other liabilities	5,900
Total liabilities assumed	678,605
Purchase price, net of cash and restricted cash acquired³	$	78,392

———

(1)Includes $17.1 million operating lease right-of-use assets.

(2)The excess purchase price over the estimated fair value of net assets acquired of $40.9 million was recorded as goodwill and was assigned to the Regulated Solar and Wind segment. Goodwill is primarily attributable to expected synergies from the Company’s growing portfolio in Spain and the acquired employee knowledge of the operation and maintenance of concentrated solar power facilities.

(3)The Company acquired cash and cash equivalents of $22.0 million and restricted cash of $26.5 million as of the acquisition date.

The acquired non-financial assets primarily represent estimates of the fair value of acquired renewable energy facilities and intangible assets from licensing contracts using the cost and income approach. The key inputs used to estimate fair value included forecasted power pricing, operational data, asset useful lives, and a discount rate factor reflecting current market conditions at the time of the acquisition. These significant inputs were not observable in the market and thus represent Level 3 measurements (as defined in Note 12. Fair Value of Financial Instruments). Refer below for additional disclosures related to the acquired finite-lived intangible assets.

The results of operations of the acquired entities are included in the Company’s consolidated results since the date of acquisition. The operating revenues and net income of the Termosol Acquisition reflected in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2020 were $11.0 million and $0.3 million, respectively.

Unaudited Pro Forma Supplementary Data

The unaudited pro forma supplementary data presented in the table below gives effect to the Termosol Acquisition, as if the transaction had occurred on January 1, 2019. The pro forma net loss includes adjustments to depreciation and amortization expense for the valuation of renewable energy facilities and intangible assets and excludes the impact of acquisition costs. The unaudited pro forma supplementary data is provided for informational purposes only and should not be construed to be indicative of the Company’s results of operations had the acquisition been consummated on the date assumed or of the Company’s results of operations for any future date.


	Three Months Ended March 31,
(In thousands)	2020		2019
Total operating revenues, net	$	256,054	$	250,352
Net loss	(71,524)		(33,599)

~~equivalent~~Intangibles of a direct interest in its entirety (as currently required in U.S. GAAP). The guidance is effective January 1, 2020, with early adoption permitted. Entities are required to apply the amendments in this guidance retrospectively with a cumulative-effect adjustment to retained earnings at ~~the~~Acquisition ~~beginning of the earliest period presented. The Company is currently evaluating the effect of the new guidance on its consolidated financial statements.~~Date

3The following table summarizes the estimated fair value and weighted average amortization period of the acquired intangible assets as of the acquisition date. ~~REVENUE~~The Company attributed intangible asset value to licensing contracts in-place from the acquired renewable energy facilities. These intangible assets are amortized on a straight-line basis over the estimated remaining useful lives of the facilities from the Company’s acquisition date.

The following table presents the Company’s operating revenues, net and disaggregated by revenue source:

As of February 11, 2020

Fair Value (In thousands)

Weighted Average Amortization Period¹

Intangible assets - licensing contracts

183,655

18 years

	Three Months Ended September 30, 2019											Three Months Ended September 30, 2018
(In thousands)	Solar			Wind			Regulated Solar and Wind		Total			Solar			Wind			Regulated Solar and Wind		Total
PPA rental income	$	73,425		$	31,532		$	—	$	104,957		$	66,982		$	35,084		$	—	$	102,066
Commodity derivatives	—			10,453			—		10,453			—			7,469			—		7,469
PPA and market energy revenue	10,104			17,861			28,807		56,772			14,353			18,846			32,594		65,793
Capacity revenue from remuneration programs1	—			—			54,772		54,772			—			—			47,356		47,356
Amortization of favorable and unfavorable rate revenue contracts, net	(2,017		)	(7,774		)	—		(9,791		)	(2,132		)	(7,779		)	—		(9,911		)
Energy revenue	81,512			52,072			83,579		217,163			79,203			53,620			79,950		212,773
Incentive revenue	20,142			2,435			14,068		36,645			15,680			3,343			14,246		33,269
Operating revenues, net	$	101,654		$	54,507		$	97,647	$	253,808		$	94,883		$	56,963		$	94,196	$	246,042

	Nine Months Ended September 30, 2019											Nine Months Ended September 30, 2018
(In thousands)	Solar			Wind			Regulated Solar and Wind		Total			Solar			Wind			Regulated Solar and Wind		Total
PPA rental income	$	167,397		$	135,670		$	—	$	303,067		$	159,116		$	138,396		$	—	$	297,512
Commodity derivatives	—			42,560			—		42,560			—			39,917			—		39,917
PPA and market energy revenue	24,461			62,583			79,716		166,760			34,318			31,897			38,909		105,124
Capacity revenue from remuneration programs1	—			—			154,913		154,913			—			—			59,327		59,327
Amortization of favorable and unfavorable rate revenue contracts, net	(5,330		)	(23,315		)	—		(28,645		)	(6,075		)	(23,403		)	—		(29,478		)
Energy revenue	186,528			217,498			234,629		638,655			187,359			186,807			98,236		472,402
Incentive revenue	55,065			6,484			34,302		95,851			50,568			13,261			17,246		81,075
Operating revenues, net	$	241,593		$	223,982		$	268,931	$	734,506		$	237,927		$	200,068		$	115,482	$	553,477

———

(1)For ~~Represents~~the purposes of this disclosure, the ~~remuneration~~weighted ~~related~~average amortization period is determined based on a weighting of the ~~Company’s~~individual ~~investments~~intangible infair ~~renewable~~values ~~energy~~against ~~facilities~~the intotal ~~Spain~~fair value.

~~Contract~~2019 ~~balances and performance obligations~~Acquisition

AsWGL ofAcquisition September 30, 2019 and December 31, 2018, other liabilities in the unaudited condensed consolidated balance sheets included deferred revenue comprising of $8.5 million and $8.8 million, respectively, which primarily consisted of upfront government incentives, and contract liabilities of $3.2 million and $4.9 million, respectively, related to performance obligations that have not yet been satisfied. These contract liabilities represented advanced customer receipts primarily related to future renewable energy credits (“REC”) deliveries that are recognized into revenue under Topic 606. The amount of revenue recognized during the three and nine months ended September 30, 2019 related to contract liabilities was $0.4 million and $1.7 million, respectively.

On September 26, 2019, TerraForm Arcadia Holdings, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“TerraForm Arcadia”), completed the acquisition of an approximately 320 megawatt (“MW”) distributed generation portfolio of renewable energy facilities in the United States (“U.S.”) from subsidiaries of AltaGas Ltd., a Canadian corporation (“AltaGas”), for a purchase price of $720.0 million, plus $15.1 million for working capital. The acquisition was pursuant to a membership interest purchase agreement (the “Purchase Agreement”) dated July 19, 2019, entered into by TerraForm Arcadia, WGL Energy Systems, Inc., a Delaware corporation (“WGL”), and WGSW, Inc., a Delaware corporation (“WGSW”, and together with WGL, the “Sellers”), both subsidiaries of AltaGas (the “WGL Acquisition”). Pursuant to the Purchase Agreement, the ownership of certain projects for which the Sellers had not yet received the required third party consents or had not completed construction (the “Delayed Projects”) were to be transferred to the Company once such third party consents were received or construction was completed, subject to certain terms and conditions. The Delayed Projects represented 9.0 MW of the combined nameplate capacity of the acquired renewable energy facilities as of March 31, 2020. The purchase price allocated to the Delayed Projects based on the Purchase Agreement as of March 31, 2020, was $13.0 million and is presented as Deposit on acquisitions in the unaudited condensed consolidated balance sheets. In the event that the title to certain Delayed Projects is not transferred to the Company within a certain period of time, the Company is entitled to a full refund of the value of these projects based on the Purchase Agreement. Subsequent to quarter end, the title to two Delayed Projects with an aggregate purchase value of approximately $10.3 million and a combined nameplate capacity of 4.8 MW was transferred to the Company in April 2020. As of the date of the issuance of this Quarterly Report, one Delayed Project, with a purchase value of approximately $2.7 million, remains to be transferred to the Company.

The Company funded the purchase price and the related initial costs of the WGL Acquisition with the net proceeds of $475.0 million Bridge Facility and the remainder from draws on the Revolver. See Note 9. Long-term Debt for definitions and additional details.

The Company accounted for the WGL Acquisition under the acquisition method of accounting for business combinations. Under this method, the total consideration transferred is allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values as of the date of the acquisition. The acquisition method of accounting requires extensive use of estimates and judgments to allocate the consideration transferred to the identifiable tangible and intangible assets acquired and liabilities assumed. The final accounting has not been completed since the evaluation necessary to assess the fair values of acquired assets and assumed liabilities is still in process. The additional information needed by the Company to finalize the measurement of these provisional amounts include, but not limited to, additional information the estimation of the removal costs for the acquired assets, the completion of the transfer of the remaining Delayed Project, and the assessment of the incremental borrowing rate for operating leases. The provisional amounts for this business combination are subject to revision until these evaluations are completed.

4.The ~~ACQUISITIONS~~preliminary allocation of the acquisition-date fair values of assets, liabilities and non-controlling interests pertaining to this business combination as of March 31, 2020 were as follows:

2019 Acquisitions


(In thousands)	As of September 26, 2019 reported at December 31, 2019		Adjustments¹		As of September 26, 2019 reported at March 31, 2020
Renewable energy facilities in service²	$	581,717	$	8,574	$	590,291
Intangible assets	168,825		4,625		173,450
Accounts receivable	13,160		—		13,160
Prepaid expenses and other assets	9,734		(73)		9,661
Total assets acquired	773,436		13,126		786,562
Accounts payable, accrued expenses and other current liabilities	6,806		—		6,806
Asset retirement obligations	27,338		238		27,576
Operating lease liabilities	21,663		—		21,663
Other liabilities	7,650		—		7,650
Total liabilities assumed	63,457		238		63,695
Non-controlling interests³	3,028		—		3,028
Purchase price, net of cash and restricted cash acquired⁴	706,951		12,888		719,839
Deposit on acquisitions	24,831		(11,847)		12,984
Total cash paid for the WGL Acquisition, net of cash acquired⁵	$	731,782	$	1,041	$	732,823

(i) WGL Acquisition

On September 26, 2019, TerraForm Arcadia Holdings, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“TerraForm Arcadia”), completed the acquisition of an approximately 320 megawatt (“MW”) distributed generation portfolio of renewable energy facilities in the United States from subsidiaries of AltaGas Ltd., a Canadian corporation (“AltaGas”), for a purchase price of $720.0 million, plus $15.1 million for working capital. The acquisition was pursuant to a membership interest purchase agreement (the “Purchase Agreement”) dated July 19, 2019, entered into by TerraForm Arcadia, WGL Energy Systems, Inc., a Delaware corporation (“WGL”), and WGSW, Inc., a Delaware corporation (“WGSW”, and together with WGL, the “Sellers”), both subsidiaries of AltaGas (the “WGL Acquisition”). Pursuant to the Purchase Agreement, the ownership of certain projects for which the Sellers have not yet received the required third party consents or have not completed construction (the “Delayed Projects”) will be transferred to the Company once such third party consents are received or construction is completed, subject to certain terms and conditions. The Delayed Projects represent 34.8 MW of the combined nameplate capacity of the acquired renewable energy facilities. The purchase price allocated to the Delayed Projects based on the Purchase Agreement was $114.2 million and is presented as Deposit on acquisitions in the unaudited condensed consolidated balance sheets. In the event that the title to certain Delayed Projects is not transferred to the Company within a certain period of time, the Company is entitled to a full refund of the value of these projects based on the Purchase Agreement. As discussed in Note 21. Subsequent Events, the title to 43 Delayed Projects with a purchase value of approximately $68.8 million and a combined nameplate capacity of 18.0 MW was transferred to the Company on October 31, 2019. The remaining balance of the Delayed Projects as of the date of this Quarterly Report was approximately $45.4 million.

The Company funded the purchase price and the related initial costs of the WGL Acquisition with the net proceeds of $475.0 million Bridge Facility and the remainder from draws on the Revolver. See Note 10. Long-Term Debt for definitions and additional details.

The Company accounted for the WGL Acquisition under the acquisition method of accounting for business combinations. The final accounting for the WGL Acquisition has not been completed since the evaluation necessary to assess the fair values of acquired assets and assumed liabilities is still in process. The additional information needed by the Company to finalize the measurement of these provisional amounts include the completion of the transfer of the Delayed Projects and the assessment of the incremental borrowing rate for operating leases. The provisional amounts for this business combination are subject to revision until these evaluations are completed.

(In thousands)	As of September 26, 2019
Renewable energy facilities in service1	$	545,085
Intangible assets	128,725
Accounts receivable	6,886
Prepaid expenses and other assets	7,978
Total assets acquired	688,674
Accounts payable, accrued expenses and other current liabilities	4,671
Asset retirement obligations	35,740
Operating lease liabilities	20,644
Other liabilities	7,007
Total liabilities assumed	68,062
Non-controlling interests2	3,025
Purchase price, net of cash and restricted cash acquired3	617,587
Deposit on acquisitions	114,195
Total cash paid for the WGL Acquisition, net of cash acquired	$	731,782

———

(1)The ~~Includes~~adjustments ~~$23.3~~for ~~million~~the ~~operating~~period ~~lease~~were ~~right-~~related to the transfer of~~-use~~ ~~assets~~title of certain Delayed Projects to the company during the three months ended March 31, 2020. See above for additional details.

(2)Includes ~~The~~$22.5 million ~~fair~~operating ~~value~~lease right-of ~~the non~~-~~controlling~~use ~~interests was determined using an income approach representing the best indicator of fair value and was supported by a discounted cash flow technique~~assets.

(3) The ~~Company~~fair ~~acquired~~value ~~cash~~of ~~and~~the ~~cash~~non-controlling ~~equivalents~~interests ofwas ~~$3.4~~determined ~~million~~using asan ofincome approach representing the ~~acquisition~~best ~~date~~indicator of fair value and was supported by a discounted cash flow technique.

15(4)The Company acquired cash and cash equivalents of $3.4 million as of the acquisition date.

(5)The ~~acquired~~adjustment ~~non-financial~~to ~~assets primarily represent an estimate of~~ the ~~fair~~amount ~~value~~ of ~~the~~cash ~~acquired~~paid ~~renewable~~for ~~energy facilities and intangible assets from PPAs using~~ the ~~cost~~period ~~and~~represents ~~income~~additional ~~approach.~~payment ~~Key~~made ~~inputs~~by ~~used to estimate fair value included forecasted power pricing, operational data, asset useful lives and a discount rate factor reflecting current market conditions at~~ the ~~time~~Company ~~of the acquisition. These significant inputs are not observable~~ in ~~the~~relation ~~market and thus represent Level 3 measurements, as defined in Note 13. Fair Value of Financial Instruments. Refer below for additional disclosures related~~ to the ~~acquired~~net ~~finite-lived~~working ~~intangible~~capital ~~assets~~acquired.

The acquired non-financial assets primarily represent an estimate of the fair value of the acquired renewable energy facilities and intangible assets from PPAs using the cost and income approach. Key inputs used to estimate fair value included forecasted power pricing, operational data, asset useful lives and a discount rate factor reflecting current market conditions at the time of the acquisition. These significant inputs are not observable in the market and thus represent Level 3 measurements, as defined in Note 12. Fair Value of Financial Instruments. Refer below for additional disclosures related to the acquired finite-lived intangible assets.

The results of operations from the acquired entities are included in the Company’s consolidated results since the date of acquisition. The operating revenues and net income related to the WGL Acquisition reflected in the consolidated statements of operations for the three months ended March 31, 2020, were $16.9 million and $0.2 million, respectively.

Intangibles at Acquisition Date

The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date. The Company attributed the intangible asset values to favorable rate revenue contracts and PPAs in-place from renewable energy facilities and the intangible liabilities to unfavorable rate revenue contracts.

~~WGL Acquisition~~

WGL Acquisition

~~Fair Value(In thousands)~~

~~Weighted~~Fair ~~Average~~Value(In ~~Amortization Period1~~thousands)

Weighted Average Amortization Period1

Favorable rate revenue contracts

~~23,575~~

~~16 years~~$

27,400

16 years

In-place value of market rate revenue contracts

~~105,150~~

~~15 years~~146,050

15 years

Unfavorable rate revenue contracts

~~7,007~~

~~2 years~~7,650

2 years

———

(1) For the purposes of this disclosure, the weighted average amortization periods are determined based on a weighting of the individual intangible fair values against the total fair value for each major intangible asset and liability class.

Unaudited Pro Forma Supplementary Data

The unaudited pro forma supplementary data presented in the table below gives effect to the WGL Acquisition, as if the transaction had occurred on January 1, ~~2018~~2019. The pro forma net loss includes interest expense related to incremental borrowings used to finance the transaction and adjustments to depreciation, accretion and amortization expense for the valuation of renewable energy facilities and intangible assets, and excludes the impact of acquisition costs disclosed below. The unaudited pro forma supplementary data is provided for informational purposes only and should not be construed to be indicative of the Company’s results of operations had the acquisition been consummated on the date assumed or of the Company’s results of operations for any future date.

	Nine Months Ended September 30,
(In thousands)			Three Months Ended March 31, 2019
(In thousands)	2019				2018
Total operating revenues, net			$	242,018
Total operating revenues, net	$	790,403			$	559,523
Net loss			(40,993)
Net loss	(71,099		)		31,985

(ii) Acquisition of 10.6 MW Distributed Generation Assets

During the nine months ended September 30, 2019, the Company acquired three distributed generation facilities located in the U.S. with a combined nameplate capacity of 10.6 MW from third parties for a purchase price of $18.3 million, net of cash acquired. The facilities are contracted under long-term PPAs with municipal offtakers. This transaction was accounted for as an acquisition of assets. As part of this acquisition, the Company is committed to purchase an additional facility with a nameplate capacity of 4.5 MW for a purchase price of $6.0 million, which is expected to be completed in December 2019.

2018 Acquisitions

(i) Saeta Acquisition

On February 7, 2018, the Company announced that it intended to launch a voluntary tender offer (the “Tender Offer”) to acquire 100% of the outstanding shares of Saeta Yield S.A.U. (“Saeta”), a Spanish renewable power company with then 1,028 MW of wind and solar facilities (approximately 250 MW of solar and 778 MW of wind) located primarily in Spain. The Tender Offer was for €12.20 in cash per share of Saeta. On June 8, 2018, the Company announced that Spain’s National Securities Market Commission confirmed an over 95% acceptance of shares of Saeta in the Tender Offer (the “Tendered Shares”). On June 12, 2018, the Company completed the acquisition of the Tendered Shares for total aggregate consideration of $1.12 billion and the assumption of $1.91 billion of project-level debt. Having acquired 95.28% of the shares of Saeta, the Company then pursued a statutory squeeze out procedure under Spanish law to procure the remaining 4.72% of the shares of Saeta on July 2, 2018 for $54.6 million.

The Company funded the $1.12 billion purchase price of the Tendered Shares with $650.0 million of proceeds from a private placement of Common Stock to Orion Holdings and BBHC Orion Holdco L.P. (both affiliates of Brookfield), along with approximately $471.0 million from its existing liquidity, including (i) the proceeds of a $30.0 million draw on its Sponsor Line (as defined in Note 17. Related Parties), (ii) $359.0 million as part of a draw on the Company’s Revolver (as defined in Note 10. Long-term Debt), and (iii) approximately $82.0 million of cash on hand. The Company funded the purchase of the remaining 4.72% non-controlling interest in Saeta using $54.6 million of the total proceeds from an additional draw on the Sponsor Line.

The Company accounted for the acquisition of Saeta under the acquisition method of accounting for business combinations. The purchase accounting for the Saeta acquisition, including assignment of goodwill to reporting units, was finalized as of June 30, 2019. The final allocation of the acquisition-date fair values of assets, liabilities and redeemable non-controlling interests pertaining to this business combination as of June 30, 2019, was as follows:

(In thousands)	As of June 12, 2018, reported at December 31, 2018		Adjustments			As of June 12, 2018, reported at June 30, 2019
Renewable energy facilities in service	$	1,993,520	$	(6,238	)	$	1,987,282
Accounts receivable	91,343		—			91,343
Intangible Assets	1,034,176		(31,862		)	1,002,314
Goodwill	123,106		32,283			155,389
Other assets	43,402		2,845			46,247
Total assets acquired	3,285,547		(2,972		)	3,282,575
Accounts payable, accrued expenses and other current liabilities	93,032		(1,761		)	91,271
Long-term debt, including current portion	1,906,831		16,139			1,922,970
Deferred income taxes	171,373		(17,256		)	154,117
Asset retirement obligations	67,706		(94		)	67,612
Derivative liabilities	137,002		—			137,002
Other long-term liabilities	23,002		—			23,002
Total liabilities assumed	2,398,946		(2,972		)	2,395,974
Redeemable non-controlling interests	55,117		—			55,117
Purchase price, net of cash acquired	$	831,484	$	—		$	831,484

———

(1) The excess purchase price over the estimated fair value of net assets acquired of $155.4 million was recorded as goodwill, with $117.4 million assigned to the Regulated Solar and Wind segment and $38.0 million assigned to the Wind segment. See Note 18. Segment Reporting for additional details on the Company’s segments.

(2) The fair value of the non-controlling interests was determined using a market approach using a quoted price for the instrument. As discussed above, the Company acquired the remaining shares of Saeta pursuant to a statutory squeeze out procedure under Spanish law, which closed on July 2, 2018. The quoted price for the purchase of the non-controlling interest was the best indicator of fair value and was supported by a discounted cash flow technique.

(3) The Company acquired cash and cash equivalents of $187.2 million and restricted cash of $95.1 million as of the acquisition date.

The acquired non-financial assets primarily represented the fair value of acquired renewable energy facilities and intangible assets from concession and licensing contracts using the cost and income approach. Key inputs used to estimate fair

value included forecasted power pricing, operational data, asset useful lives, and a discount rate factor reflecting current market conditions at the time of the acquisition. These significant inputs were not observable in the market and thus represent Level 3 measurements (as defined in Note 13. Fair Value of Financial Instruments). Refer below for additional disclosures related to the acquired finite-lived intangible assets.

The results of operations of Saeta are included in the Company’s consolidated results since the date of acquisition. The operating revenues and net income of Saeta reflected in the unaudited condensed consolidated statements of operations were $113.1 million and $7.6 million, respectively, for the three months ended September 30, 2019, and $318.4 million and $33.7 million, respectively, for the nine months ended September 30, 2019.

Unaudited Pro Forma Supplementary Data

The unaudited pro forma supplementary data presented in the table below gives effect to the Saeta acquisition, as if the transaction had occurred on January 1, 2018. The pro forma net loss includes interest expense related to incremental borrowings used to finance the transaction and adjustments to depreciation and amortization expense for the valuation of renewable energy facilities and intangible assets. The pro forma net loss for the nine months ended September 30, 2018, excludes the impact of acquisition related costs disclosed below. The unaudited pro forma supplementary data is provided for informational purposes only and should not be construed to be indicative of the Company’s results of operations had the acquisition been consummated on the date assumed or of the Company’s results of operations for any future date.

(In thousands)	Nine Months Ended September 30, 2018
Total operating revenues, net	$	740,066
Net loss	(108,314		)

Intangibles at Acquisition Date

	As of June 12, 2018
	Fair Value (In thousands)		Weighted Average Amortization Period1
Intangible assets - concession and licensing contracts	$	1,034,176	15 years

(1) For the purposes of this disclosure, the weighted average amortization period is determined based on a weighting of the individual intangible fair values against the total fair value for each major intangible asset and liability class.

(ii) Acquisition of 6.1 MW Distributed Generation Portfolio

During the nine months ended September 30, 2018, the Company acquired six distributed generation facilities located in the U.S. with a combined nameplate capacity of 6.1 MW from third parties for a purchase price of $4.1 million, net of cash acquired. The facilities are contracted under long-term PPAs with municipal offtakers. This transaction was accounted for as an acquisition of assets.

Acquisition Costs

Acquisition costs, which primarily consisted of professional fees for banking, legal and accounting services, ~~were $1.0 million~~ for the three months ended ~~September~~March 3031, ~~2019~~2020, ~~compared~~and to2019 were $10.74 million ~~in the same period in 2018,~~ and $10.42 million ~~for the nine months ended September 30~~, ~~2019, compared to $7~~respectively.6 ~~million in the same period in 2018.~~ Acquisition costs related to affiliates for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2018~~2020, were $0.~~3 million and $~~7.0 million, ~~respectively,~~ and are reflected within Acquisition costs - affiliates in the unaudited ~~consolidated~~ condensed consolidated statements of operations. No acquisition costs related to affiliates were incurred for the three ~~and nine~~ months ended ~~September~~March 3031, 2019.

184. REVENUE

The following table presents the Company’s operating revenues, net and disaggregated by revenue source:


	Three Months Ended March 31, 2020														Three Months Ended March 31, 2019
(In thousands)	Solar		Wind		Regulated Solar and Wind		Total		Solar		Wind		Regulated Solar and Wind		Total
PPA rental income	$	36,694	$	53,065	$	—	$	89,759	$	37,769	$	57,845	$	—	$	95,614
Commodity derivatives	—		5,161		—		5,161		—		15,609		—		15,609
PPA and market energy revenue	16,107		24,603		13,442		54,152		5,604		25,320		23,151		54,075
Capacity revenue from remuneration programs¹	—		—		74,600		74,600		—		—		45,837		45,837
Amortization of favorable and unfavorable rate revenue contracts, net	(2,025)		(7,878)		—		(9,903)		(1,366)		(7,772)		—		(9,138)
Energy revenue	50,776		74,951		88,042		213,769		42,007		91,002		68,988		201,997
Incentive revenue²	27,847		1,616		3,530		32,993		15,349		1,637		6,349		23,335
Operating revenues, net	$	78,623	$	76,567	$	91,572	$	246,762	$	57,356	$	92,639	$	75,337	$	225,332

———

(1)Represents the remuneration related on the Company’s investments in renewable energy facilities in Spain.

(2)Incentive revenue earned at the Regulated Solar and Wind segment represents the return per MWh generated by the Company’s solar facilities in Spain to recover certain operating expenses.

Contract balances and performance obligations

The Company recognizes accounts receivable when its right to consideration from the performance of services becomes unconditional. As of March 31, 2020 and December 31, 2019, the Company’s receivable balances related to PPA contracts with solar and wind customers were approximately $130.1 million and $104.1 million, respectively. Trade receivables for PPA contracts are reflected within accounts receivable, net in the consolidated balance sheets. The Company typically

receives payment within 30 days for invoiced PPA revenue. See Note 13. Concentration of Credit Risk for additional discussion on the Company’s exposure to credit risk.

Contract liabilities as of March 31, 2020 were not material.

5. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include all cash balances and money market funds with original maturity periods of three months or less when purchased. As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, cash and cash equivalents included $~~188~~189.42 million and $~~177~~138.65 million, respectively, of unrestricted cash held at project-level subsidiaries, which was available for project expenses but not available for corporate use.

Restricted Cash

Restricted cash consists of cash on deposit in financial institutions that is restricted to satisfy the requirements of certain debt agreements and funds held within certain of the Company’s subsidiaries that are restricted for current debt service payments and other purposes in accordance with the applicable debt agreements. These restrictions include: (i) cash on deposit in collateral accounts, debt service reserve accounts and maintenance reserve accounts; and (ii) cash on deposit in operating accounts but subject to distribution restrictions related to debt defaults existing as of the date of the financial statements. Restricted cash that is not expected to become unrestricted within twelve months from the date of the balance sheet is presented within non-current assets in the consolidated balance sheets.

Reconciliation of Cash and Cash Equivalents as Presented in the Unaudited Condensed Consolidated Statement of Cash Flows

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the total of the same such amounts shown in the unaudited condensed consolidated statement of cash flows for the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020:

(In thousands)

~~September 30, 2019~~

~~December~~March 31, ~~2018~~2020

December 31,2019

Cash and cash equivalents

~~239,297~~

~~248~~249,~~524~~220

237,480

Restricted cash - current

~~31,140~~

2742,~~784~~907

35,657

Restricted cash - non-current

~~73,794~~

~~116~~98,~~501~~374

76,363

Cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows

~~344,231~~

~~392~~390,~~809~~501

349,500

As discussed in Note 109. Long-term Debt, the Company was in default under certain of its non-recourse financing agreements as of the date of the issuance of the financial statements for the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020, and for the year ended December 31, ~~2018~~2019. As a result, the Company reclassified $10.7 million and $11.20 million of non-current restricted cash to current as of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, respectively, consistent with the corresponding debt classification, as the restrictions that required the cash balances to be classified as non-current restricted cash were driven by the financing agreements. As of September 30, 2019 and December 31, 2018, $2.2 million and $1.4 million, respectively, of cash and cash equivalents was also reclassified to current restricted cash as the cash balances were subject to distribution restrictions related to debt agreements that existed as of the respective balance sheet date.

6. RENEWABLE ENERGY FACILITIES

Renewable energy facilities, net consisted of the following:

(In thousands)	~~September 30, 2019~~			~~December~~March 31, ~~2018~~2020			December 31,2019
Renewable energy facilities in service, at cost1	$	~~8,037,096~~		$	79,~~298~~029,~~371~~887		$	8,584,243
Less: accumulated depreciation	~~(1,080,363~~		)	(~~833~~1,~~844~~279,325)		)	(1,191,056)
Renewable energy facilities in service, net	~~6,956,733~~			67,~~464~~750,~~527~~562			7,393,187
Construction in progress - renewable energy facilities	~~10,416~~			59,~~499~~291			12,274
Total renewable energy facilities, net	$	~~6,967,149~~		$	67,~~470~~759,~~026~~853		$	7,405,461

———

(1)Includes ~~As discussed in Note 2~~$301.2 million ~~Summary of Significant Accounting Policies~~ and ~~Note 7. Leases, on January 1, 2019, the Company recognized~~ $~~252~~288.7 3 million right-of-use of assets related to operating ~~leases~~lease obligations as ~~a result~~ of ~~the~~March ~~adoption of Topic 842~~31, ~~which~~2020 isand ~~included~~December ~~within renewable energy facilities. The amount of right-of-use of assets as of September 30~~31, 2019, ~~including the effect of acquisitions, was $269~~respectively.~~3 million.~~

19Depreciation expense related to renewable energy facilities was $93.6 million and $81.1 million for the three months ended March 31, 2020 and 2019, respectively.

~~Depreciation~~Repowering expense related to renewable energy facilities was $84.1 million and $240.0 million for the three and nine months ended September 30, 2019, respectively, compared to $79.2 million and $194.2 million for the same periods in the prior year.Activities

~~Impairment~~During ~~Charges~~the year ended December 31, 2019, the Company identified opportunities to repower two wind power plants in the Northeast U.S. with a combined nameplate capacity of 160 MW by replacing certain components of the wind turbines with newer equipment while preserving the existing towers, foundation and balance of plant. The Company views repowering

The Company reviews long-lived assets that are held and used for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company had a REC sales agreement with a customer expiring December 31, 2021 that was significant to a certain operating project within a distributed generation portfolio and, on March 31, 2018, this customer filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The Company’s analysis indicated that the bankruptcy filing was a triggering event to perform an impairment evaluation and recognized an impairment charge of $15.2 million equal to the difference between the carrying amount and the estimated fair value, which is reflected within impairment of renewable energy facilities in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2018. The Company used an income approach methodology of valuation to determine the fair value by applying a discounted cash flow method to the forecasted cash flows of the operating project, which was categorized as a Level 3 fair value measurement due to the significance of unobservable inputs. Key estimates used in the income approach included forecasted power and incentive prices, customer renewal rates, operating and maintenance costs and the discount rate. No impairment losses were recognized for the three or nine months ended September 30, 2019.17

7activities as opportunities to increase efficiency and extend the useful lives of existing renewable energy facilities. ~~LEASES~~The Company performed impairment testing for these two wind power plants and did not record any impairment losses since it was determined that the expected undiscounted cash flows were greater than the net carrying amount of the related renewable energy facilities of $77.9 million and $79.4 million as of March 31, 2020 and December 31, 2019, respectively. If the Company determines to move forward with the repowering activities for one or both of these wind plants at a later stage, the Company will revise the estimated remaining useful lives of certain components of the renewable energy facilities that will be replaced in the repowering activities and accelerate the recognition of depreciation expense to no later than the removal date.

~~The Company has operating leases for renewable energy production facilities, land, office space, transmission lines, vehicles and other operating equipment~~7. ~~Leases~~INTANGIBLE ~~with an initial term of twelve months or shorter are not recorded on the balance sheet~~ASSETS, ~~but~~NET ~~are~~AND ~~expensed~~GOODWILL ~~on a straight-line basis over the lease term. During the three and nine months ended September 30, 2019, the Company did not have any leases with an initial term of less than twelve months.~~

~~Operating~~The ~~lease~~following ~~right-of-use~~table ~~assets~~presents ~~are~~the ~~included~~gross ~~within~~carrying ~~renewable energy facilities~~amount, ~~net,~~accumulated ~~whereas~~amortization ~~right-of-use liabilities are included within accounts payable, accrued expenses~~ and ~~other~~net ~~current~~book ~~liabilities.~~value ~~Right-~~of~~-use~~ ~~assets~~intangibles ~~represent~~as ~~the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-~~of~~-use~~ ~~assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate~~March 31, the Company calculated an incremental borrowing rate by leveraging external transactions at comparable entities and internally available information to determine the present value of lease payments. The Company’s leases have remaining lease terms ranging from 5 to 41 years.2020:

The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise any such options. Lease expense is recognized on a straight-line basis over the expected lease term. Although some of the Company’s leases contain lease and non-lease components, the Company applies the practical expedient to account for each lease component and non-lease component as a single lease component. Lease payments include fixed rent and taxes, where applicable, and exclude variable rental payments that include other operating expenses is recognized as incurred. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following tables outline the different components of operating leases and other terms and conditions of the lease agreements where the Company is the lessee. See Note 10. Long-term Debt for more details.


(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Licensing contracts	14 years	$	939,108	$	(96,207)	$	842,901
Favorable rate revenue contracts	12 years	741,148		(205,365)		535,783
In-place value of market rate revenue contracts	14 years	680,856		(138,311)		542,545
Total intangible assets, net		$	2,361,112	$	(439,883)	$	1,921,229

Unfavorable rate revenue contracts	6 years	$	53,420	$	(39,686)	$	13,734
Total intangible liabilities, net¹		$	53,420	$	(39,686)	$	13,734

The components of lease expense were as follows:

(In thousands)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Fixed operating lease cost	$	4,740	$	15,936
Variable operating lease cost1	834		3,239
Total operating lease cost	$	5,574	$	19,175

———

(1)The ~~Primarily~~Company’s ~~related~~intangible toliabilities ~~production-based~~are ~~variable~~classified ~~inputs~~within ~~and~~Other ~~adjustments~~liabilities ~~for~~in ~~inflation~~the unaudited condensed consolidated balance sheets.

20The following table presents the gross carrying amount, accumulated amortization and net book value of intangibles as of December 31, 2019:

Supplemental cash flow information related to the Company’s leases was as follows:


(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Book Value
Licensing contracts	13 years	$	765,451	$	(81,647)	$	683,804
Favorable rate revenue contracts	12 years	745,784		(195,287)		550,497
In-place value of market rate revenue contracts	16 years	688,832		(129,841)		558,991
Total intangible assets, net		$	2,200,067	$	(406,775)	$	1,793,292

Unfavorable rate revenue contracts	8 years	$	48,420	$	(32,556)	$	15,864
Total intangible liabilities, net¹		$	48,420	$	(32,556)	$	15,864

(In thousands)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases1	$	5,472	$	11,487

———

(1)The ~~Right-of-use~~Company’s ~~assets,~~intangible ~~excluding~~liabilities ~~the~~are ~~effect~~classified ofwithin ~~acquisitions,~~Other ~~obtained~~liabilities in ~~exchange for lease obligations for~~ the ~~nine~~unaudited ~~months~~condensed ~~ended~~consolidated ~~September~~balance ~~30, 2019, were not material~~sheets.

(In thousands, except lease term and discount rate)	As of September 30, 2019
Operating leases:
Right-of-use assets	$	269,309
Accounts payable, accrued expenses and other current liabilities	$	14,980
Operating lease obligations, less current portion	255,507
Total operating lease liabilities	$	270,487
Weighted Average Remaining Lease Term:
Operating leases	18 years
Weighted Average Discount Rate:
Operating leases	4.5%

~~The~~Amortization ~~maturities~~expense ofrelated to favorable rate revenue contracts is reflected in the ~~Company’s~~unaudited condensed consolidated statements of operations as a reduction of operating ~~lease~~revenues, ~~liabilities~~net. byAmortization ~~fiscal~~related ~~year~~to ~~were~~unfavorable rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations as ~~follows:~~an increase to operating revenues, net. During the three months ended March 31, 2020, net amortization expense related to favorable and unfavorable rate revenue contracts resulted in a reduction of operating revenues, net of $9.9 million, compared to a $9.1 million reduction of operating revenues, net for the same period in the prior year.

(In thousands)
Remainder of 2019	$	10,417
2020	21,280
2021	21,566
2022	21,434
2023	22,073
Thereafter	324,230
Total lease payments	421,000
Less: Imputed interest	(150,513		)
Total	$	270,487

~~The~~Amortization ~~operating~~expense ~~revenues~~related ~~from~~to ~~delivering electricity and~~ the ~~related~~in-place ~~products~~value ~~from~~of ~~owned~~market ~~solar~~rate ~~and~~revenue ~~wind~~contracts ~~renewable~~is ~~energy~~reflected ~~facilities under PPAs~~ in ~~which~~ the ~~Company~~unaudited iscondensed ~~the~~consolidated ~~lessor,~~statements ~~the majority~~ of ~~which~~operations iswithin ~~variable in nature~~depreciation, isaccretion ~~recognized when electricity is delivered~~ and isamortization ~~accounted~~expense. ~~for~~During ~~as rental income under~~ the ~~lease~~three ~~standard.~~months ~~The~~ended ~~Company determines if an arrangement is a lease at contract inception~~March 31, ~~and if so~~2020, ~~includes~~amortization ~~both~~expense ~~lease~~related ~~and~~to ~~non~~the in-~~lease~~place ~~components~~value asof amarket ~~single~~rate ~~component~~revenue ~~and~~contracts ~~accounts~~was ~~for~~$9.2 million, itcompared asto ~~a lease~~$6.6 ~~The~~million ~~Company’s~~for ~~PPAs~~the dosame ~~not~~period ~~contain~~in ~~any~~the ~~residual~~prior ~~value guarantees or material restrictive covenants~~year. ~~See Note 3. Revenue for additional details.~~

8. INTANGIBLE ASSETS, NET AND GOODWILL

(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Concession and licensing contracts	14 years	$	948,740	$	(83,182	)	$	865,558
Favorable rate revenue contracts	13 years	746,126		(184,983		)	561,143
In-place value of market rate revenue contracts	17 years	651,239		(120,794		)	530,445
Total intangible assets, net		$	2,346,105	$	(388,959	)	$	1,957,146
Unfavorable rate revenue contracts	6 years	$	47,777	$	(30,304	)	$	17,473
Unfavorable rate operations and maintenance contracts	3 months	5,000		(4,770		)	230
Total intangible liabilities, net1		$	52,777	$	(35,074	)	$	17,703

———

(1) The Company’s intangible liabilities are classified within other long-term liabilities in the unaudited condensed consolidated balance sheets.

(In thousands, except weighted average amortization period)	Weighted Average Amortization Period	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Concession and licensing contracts	15 years	$	1,015,824	$	(36,374	)	$	979,450
Favorable rate revenue contracts	14 years	738,488		(166,507		)	571,981
In-place value of market rate revenue contracts	18 years	532,844		(100,543		)	432,301
Favorable rate land leases1	16 years	15,800		(3,128		)	12,672
Total intangible assets, net		$	2,302,956	$	(306,552	)	$	1,996,404
Unfavorable rate revenue contracts	6 years	$	58,508	$	(41,605	)	$	16,903
Unfavorable rate operations and maintenance contracts	1 year	5,000		(3,802		)	1,198
Unfavorable rate land lease1	14 years	1,000		(218		)	782
Total intangible liabilities, net2		$	64,508	$	(45,625	)	$	18,883

———

(1) On January 1, 2019, these amounts were reclassified to right-of-use assets in connection with the adoption of Topic 842. See Note 2. Summary of Significant Accounting Policies and Note 7. Leases for additional details.

(2) The Company’s intangible liabilities are classified within other long-term liabilities in the unaudited condensed consolidated balance sheets.

Amortization expense related to concessions and licensing contracts is reflected in the unaudited condensed consolidated statements of operations within depreciation, accretion and amortization expense. During the three and nine months ended September 30, 2019, amortization expense related to concessions and licensing contacts was $16.9 million and $50.1 million, respectively. During the three and nine months ended September 30, 2018, amortization expense related to concessions and licensing contracts was $13.8 million and $16.7 million, respectively.

Amortization expense related to favorable rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations as a reduction of operating revenues, net. Amortization related to unfavorable rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations as an increase to operating revenues, net. During the three and nine months ended September 30, 2019, net amortization expense related to favorable and unfavorable rate revenue

contracts resulted in a reduction of operating revenues, net of $9.8 million and $28.6 million, respectively, compared to a $9.9 million and $29.5 million reduction of operating revenues, net for the same periods in 2018.

Amortization expense related to the in-place value of market rate revenue contracts is reflected in the unaudited condensed consolidated statements of operations within depreciation, accretion and amortization expense. During the three and nine months ended September 30, 2019, amortization expense related to the in-place value of market rate revenue contracts was $6.8 million and $19.7 million, respectively, compared to $4.7 million and $21.6 million for the same periods in the prior year.

Goodwill

Goodwill represents the excess of the consideration transferred and fair value of the non-controlling interests over the fair values of assets acquired and liabilities assumed from business combinations, and reflects the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill balance is not deductible for income tax purposes.

The following table presents the activity of the goodwill balance for the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 and ~~the year ended December 31, 2018~~2019:

(In thousands)	September 30, 2019				December 31, 2018
			Three Months Ended March 31,
Beginning balance	$	120,553			$	—
(In thousands)			2020					2019
Goodwill resulting from business combinations1	—				115,381
Beginning balance			$	127,952				$	120,553
Adjustments during the period2	32,283				7,726
Goodwill resulting from business combinations1			40,862					—
Foreign exchange differences	(7,220		)		(2,554		)
Adjustments during the period2			—					(3,129)
Ending balance	$	145,616			$	120,553
Foreign exchange differences			(825)					(2,557)
Ending balance			$	167,989				$	114,867

———

(1) Represents the excess purchase price over the estimated fair value of net assets acquired from ~~Saeta and is primarily attributable to deferred tax liabilities and adjustment to~~ the ~~fair~~Termosol ~~value of certain project long-term debt~~Acquisition. See Note 4.3 Acquisitions for additional details.

(2) Represents the adjustments to the goodwill balance arising from the revision of the provisional accounting of ~~Saeta’s~~the purchase price allocation related to the 2018 Saeta acquisition.

~~See Note 4~~8. ~~Acquisitions~~VARIABLE ~~for~~INTEREST ~~discussion~~ENTITIES ~~of goodwill related to the Saeta acquisition.~~

9The Company assesses entities for consolidation in accordance with ASC 810. ~~VARIABLE~~The ~~INTEREST~~Company ~~ENTITIES~~consolidates variable interest entities (“VIEs”) in renewable energy facilities when the Company is determined to be the primary beneficiary. VIEs are entities that lack one or more of the characteristics of a voting interest entity (“VOE”). The Company has a controlling financial interest in a VIE when its variable interest(s) provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The VIEs own and operate renewable energy facilities in order to generate contracted cash flows. The VIEs were funded through a combination of equity contributions from the owners and non-recourse project-level debt. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: the activities that most significantly impact the VIE’s economic performance and which party controls such activities, the obligation or likelihood for the Company or other interests to provide financial support to the VIE, consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders.

The Company assesses entities for consolidation in accordance with ASC 810. The Company consolidates variable interest entities (“VIEs”) in renewable energy facilities when the Company is determined to be the primary beneficiary. VIEs are entities that lack one or more of the characteristics of a voting interest entity (“VOE”). The Company has a controlling financial interest in a VIE when its variable interest(s) provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The VIEs own and operate renewable energy facilities in order to generate contracted cash flows. The VIEs were funded through a combination of equity contributions from the owners and non-recourse project-level debt.

VOEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity is consolidated.

For consolidated VIEs, the Company presented on its consolidated balance sheets, to the extent material, the assets of its consolidated VIEs that can only be used to settle specific obligations of the consolidated VIE, and the liabilities of its consolidated VIEs for which creditors do not have recourse to the Company’s general assets outside of the VIE.

The carrying amounts and classification of the consolidated assets and liabilities of the VIEs included in the Company’s unaudited condensed consolidated balance sheets were as follows:

(In thousands)	September 30, 2019		December 31, 2018
Current assets	$	134,551	$	134,057
Non-current assets	4,032,239		3,909,549
Total assets	$	4,166,790	$	4,043,606
Current liabilities	$	319,738	$	120,790
Non-current liabilities	949,812		1,014,789
Total liabilities	$	1,269,550	$	1,135,579

The amounts shown in the table above exclude intercompany balances that were eliminated upon consolidation. All of the assets in the table above are restricted for the settlement of the VIE obligations and all the liabilities in the table above can only be settled by using VIE resources.


(In thousands)	March 31, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	55,814	$	44,083
Restricted cash	7,866		10,562
Accounts receivable, net	36,816		39,804
Derivative assets, current	4,672		2,461
Prepaid expenses	2,659		3,466
Other current assets	23,703		21,228
Total current assets	131,530		121,604

Renewable energy facilities, net	3,156,511		3,188,508
Intangible assets, net	678,894		690,594
Restricted cash	4,445		4,454
Derivative assets	50,217		56,852
Other assets	7,106		7,061
Total assets	$	4,028,703	$	4,069,073
Liabilities
Current liabilities:
Current portion of long-term debt and financing lease obligations	$	65,959	$	55,089
Accounts payable, accrued expenses and other current liabilities	42,166		42,685
Derivative liabilities, current	1,351		449
Total current liabilities	109,476		98,223

Long-term debt and financing lease obligations, less current portion	1,162,180		932,862
Operating lease obligations, less current portion	138,486		138,816
Asset retirement obligations	118,961		116,159
Derivative liabilities	2,114		894
Other liabilities	42,306		41,813
Total liabilities	$	1,573,523	$	1,328,767

24The amounts shown in the table above exclude intercompany balances that are eliminated upon consolidation. All of the assets in the table above are restricted for the settlement of the VIE obligations and all the liabilities in the table above can only be settled by using VIE resources.

~~10. LONG-TERM DEBT~~ 20

~~Long~~9. LONG-~~term~~TERM ~~debt~~DEBT ~~consists of the following:~~

(In thousands, except interest rates)	September 30, 2019			December 31, 2018			Interest Type	Interest Rate (%)1	Financing Type
Corporate-level long-term debt2:
Senior Notes due 2023	$	500,000		$	500,000		Fixed	4.25	Senior notes
Senior Notes due 20253	300,000			300,000			Fixed	6.63	Senior notes
Senior Notes due 2028	700,000			700,000			Fixed	5.00	Senior notes
Revolver4	356,000			377,000			Variable	4.27	Revolving loan
Term Loan3,5	343,875			346,500			Variable	4.04	Term debt
Non-recourse long-term debt:
Permanent financing	3,557,646			3,496,370			Blended7	4.558	Term debt / Senior notes
Bridge Facility6	475,000			—			Variable	3.09	Term debt
Financing obligations	62,200			77,066			Imputed	5.858	Financing lease obligations
Total principal due for long-term debt and financing obligations	6,294,721			5,796,936				4.538
Unamortized premiums and discounts, net	3,758			(15,913		)
Deferred financing costs, net	(38,036		)	(19,178		)
Less: current portion of long-term debt and financing lease obligations	(635,929		)	(464,332		)
Long-term debt and financing obligations, less current portion	$	5,624,514		$	5,297,513

Long-term debt consisted of the following:


(In thousands, except interest rates)	March 31, 2020		December 31, 2019		Interest Type	Interest Rate (%)¹	Financing Type
Corporate-level long-term debt^2,3:
Senior Notes due 2023	$	500,000	$	500,000	Fixed	4.25	Senior notes
Senior Notes due 2028	700,000		700,000		Fixed	5.00	Senior notes
Senior Notes due 2030	700,000		700,000		Fixed	4.75	Senior notes
Revolver⁴	61,000		—		Variable	4.25	Revolving loan

Non-recourse long-term debt:
Permanent financing	4,315,581		3,854,386		Blended⁵	4.32⁷	Term debt / Senior notes
Bridge Facility⁶	474,550		474,550		Variable	2.45	Term debt
Financing lease obligations	61,857		59,533		Imputed	5.89⁷	Financing lease obligations
Total principal due for long-term debt and financing obligations	6,812,988		6,288,469			4.31⁷
Unamortized discounts and premiums, net	(564)		(3,509)
Deferred financing costs, net	(49,631)		(49,578)
Less: current portion of long-term debt and financing lease obligations	(475,662)		(441,951)
Long-term debt and financing lease obligations, less current portion	$	6,287,131	$	5,793,431

———

(1) As of ~~September 30~~March 31, ~~2019~~2020.

(2) Represents the debt issued by TerraForm Power Operating, LLC (“Terra Operating LLC”) and guaranteed by Terra LLC and certain subsidiaries of TerraForm Operating LLC other than non-recourse subsidiaries as defined in the relevant debt agreements (except for certain unencumbered non-recourse subsidiaries).

(3)As ~~Subsequent~~discussed toin ~~quarter~~Note ~~end,~~17. onRelated ~~October 16~~Parties, ~~2019,~~the ~~Terra~~Company ~~Operating~~entered ~~LLC~~into ~~issued~~a ~~$700.0~~credit ~~million~~agreement ofwith ~~4.75%~~Brookfield ~~senior~~and ~~notes~~one ~~due on January 15, 2030 at an offering price~~ of ~~100%~~its ofaffiliates ~~the~~that ~~principal~~establishes ~~amount~~a $500.0 million ~~The~~senior ~~proceeds~~secured ~~from~~sponsor ~~the~~line ~~notes~~credit ~~were~~facility ~~used~~that toterminates ~~redeem,~~on inOctober ~~full~~16, ~~the~~2022. The Company’s ~~existing~~did ~~Senior~~not ~~Notes~~make ~~due~~any ~~2025~~draws ~~and~~on ~~Term~~this ~~Loan~~credit (facility as ~~defined~~of ~~below).~~March ~~See~~31, ~~Note~~2020 ~~21.~~and ~~Subsequent~~December ~~Events~~31, ~~for additional details~~2019.

(4) Represents the ~~amounts outstanding under the~~ Terra Operating LLC senior secured revolving credit facility ~~(the~~with ~~“Revolver”).~~a ~~Subsequent~~limit toof ~~quarter end, on October 8, 2019, the Company entered into an amendment whereby it, among other things, increased the aggregate lending commitment by~~ $~~200~~800.0 million. ~~See~~that ~~Note~~is ~~21.~~available ~~Subsequent Events~~ for ~~additional~~revolving ~~details.~~loans Asand letters of ~~October~~credits ~~31,~~and ~~2019,~~matures ~~the~~in ~~Company~~October ~~repaid~~2022 ~~most~~ (the ~~outstanding balance under the~~ “Revolver”).

(5)Includes ~~Represents~~fixed ~~the~~rate ~~amounts~~debt ~~outstanding~~and ~~under~~variable ~~Terra~~rate ~~Operating~~debt. ~~LLC’s~~As ~~senior~~of ~~secured~~March 31, ~~term~~2020, ~~loan~~35% ~~facility~~of ~~(the~~this ~~“Term~~balance ~~Loan”).~~had ~~Subsequent~~a tofixed ~~quarter~~interest ~~end,~~rate onand ~~October~~the ~~16,~~remaining ~~2019,~~65% of the balance had a variable interest rate. The Company ~~redeemed~~entered into interest rate swap agreements to fix the ~~entire~~interest ~~outstanding~~rates ~~balance.~~of ~~See~~a ~~Note~~majority ~~21.~~of ~~Subsequent~~the ~~Events~~variable ~~for~~rate ~~additional~~permanent ~~details~~financing non-recourse debt (see Note 11. Derivatives).

(6) Represents non-recourse senior secured term ~~debt~~loan (“Bridge Facility”) maturing on September 24, 2020. It was issued to fund a portion of the consideration paid for the WGL Acquisition. ~~See~~The ~~below~~Company ~~for~~has ~~additional~~a ~~details~~one-year extension option and intends, through its subsidiaries, to complete a refinancing of the balance on a long-term basis prior to maturity. The balance, net of unamortized deferred financing costs, is included within non-current liabilities in the unaudited condensed consolidated balance sheets.

(7)Represents ~~Includes fixed and variable rate debt. As of September 30, 2019, 36% of this balance had a fixed interest rate and~~ the ~~remaining~~weighted ~~64%~~average ~~of this balance had a variable~~ interest rate. ~~The~~as ~~Company entered into interest rate swap agreements to fix the interest rates~~ of ~~the~~March 31, ~~majority of the variable rate permanent financing non-recourse debt (see Note 12~~2020. ~~Derivatives for additional details).~~

~~(8)~~Corporate ~~Represents~~Debt ~~the~~Covenants ~~weighted-average~~and ~~interest rate as of September 30, 2019.~~Cross-Defaults

~~Corporate~~The ~~Financing~~terms of the Company’s corporate-level debt agreements and indentures include customary affirmative and negative covenants and provide for customary events of default, which include, among others, nonpayment of principal or interest and failure to timely deliver financial statements, including quarterly financial maintenance covenants for the Revolver. As of March 31, 2020, the Company was in compliance with the leverage ratio covenant contained in the Revolver and estimates that it will continue to be in compliance with this leverage ratio covenant for the succeeding twelve-month period. Management estimates that, as of the date of this Quarterly Report, the Company will continue to be in compliance with the leverage ratio covenant based, in part, on assumptions around project-level refinancing activities and forecasted operating income. However, if an event or a series of events occurs that results in a sustained material adverse impact on the Company’s revenues, operating results or cash flows (such as adverse impacts caused by the COVID-19 pandemic or otherwise) the leverage ratio covenant in the Revolver could be breached. If the Company is unable to comply with or obtain potential modifications to such covenant prior to any breach, any noncompliance may trigger events of defaults under the Revolver, and

~~See Note~~ 21~~. Subsequent Events, for discussion of the corporate financing transactions that were executed subsequent to quarter end.~~

25any arrangement for which there is a cross-default provision.

Non-recourse Project Financing

~~Indirect~~Certain subsidiaries of the Company have incurred long-term non-recourse debt obligations ~~with~~related ~~respect~~ to the renewable energy facilities that those subsidiaries own directly or indirectly. The indebtedness of these subsidiaries is typically secured by the ~~projects’ assets (mainly the~~ renewable energy facilities) or equity interests in subsidiaries that directly or indirectly hold renewable energy facilities with no recourse to TerraForm Power, Terra LLC or Terra Operating LLC other than limited or capped contingent support obligations, which in aggregate are not considered material to the Company’s business and financial condition. In connection with these financings and in the ordinary course of its business, the Company and its subsidiaries observe formalities and operating procedures to maintain each of their separate existence and can readily identify each of their separate assets and liabilities as separate and distinct from each other. As a result, these subsidiaries are legal entities that are separate and distinct from each of TerraForm Power, Terra LLC, Terra Operating LLC and the guarantors under the Senior Notes due 2023, the Senior Notes due ~~2025~~2028, the Senior Notes due ~~2028~~2030, the Revolver, ~~the Sponsor Line~~ and the ~~Term~~Sponsor ~~Loan~~Line.

United States Project Financing

On ~~August~~March 3026, ~~2019~~2020, one of the Company’s subsidiaries entered into a new non-recourse debt financing agreement, ~~whereby~~issuing ~~it issued~~ $~~131~~246.0 ~~million~~ million of 3.228% senior notes secured by approximately ~~111 MW~~ of218.0 MW utility-scale wind power plants located in the ~~United~~U.S. ~~States~~The ~~that~~Company ~~are~~used ~~owned~~the bynet ~~certain~~proceeds of this debt to (i) redeem, in full, the ~~Company’~~outstanding balance of the non-recourse project term debt previously incurred and secured by the subsidiary's ~~subsidiaries~~assets, of which $215.2 million ~~The~~remained ~~proceeds~~outstanding plus accrued and unpaid interest, (ii) redeem, in full, derivative liabilities related to interest rate swaps with the hedge counterparties of ~~this~~which ~~financing~~$16.3 million ~~were~~remained ~~used~~outstanding, and (iii) pay for the fees and expenses related to ~~repay~~the issuance. As a ~~portion~~result of the ~~balance~~extinguishment ~~outstanding~~of ~~under~~the project-level debt, the ~~Revolver~~Company recognized $3.6 million ~~The~~loss ~~non~~on modification and extinguishment of debt during the period ended March 31, 2020, representing the write-~~recourse~~off of unamortized debt discount and deferred financing costs as of the redemption date. The senior secured notes mature on ~~July~~June 230, ~~2032~~2037, and amortize on ana ~~approximately thirteen~~seventeen-year ~~sculpted~~ amortization schedule.

Bridge Facility

On September 25, 2019, one of the Company’s subsidiaries entered into a $475.0 million new non-recourse senior secured term loan (“Bridge Facility”) secured by the approximately 320 MW portfolio of distributed generation power plants located in the United States that were acquired from subsidiaries of AltaGas. The proceeds of this financing were used to fund a portion of the WGL Acquisition. See Note 4. Acquisitions for additional details. The Bridge Facility matures on September 23, 2020. The Company has a one-year extension option and intends, through its subsidiaries, to complete a refinancing of the balance on a long-term basis prior to maturity. The balance, net of unamortized deferred financing costs, is included within non-current liabilities in the unaudited condensed consolidated balance sheets.

Non-recourse Debt Defaults

As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, the Company reclassified $~~387~~169.80 million ~~and $186.3 million, respectively,~~ of non-recourse long-term indebtedness, net of unamortized deferred financing costs and debt discounts, to current in the unaudited condensed consolidated balance sheets due to defaults ~~still~~ remaining as of the respective financial statements issuance dates. The defaults as of the March 31, 2020 and December 31, ~~2018~~2019 primarily consisted of indebtedness of the Company’s solar renewable energy facility in Chile. The ~~defaults as of September 30, 2019 also included the indebtedness of the~~ Company’s ~~California Ridge wind operating project in the United States. The Company~~ continues to amortize deferred financing costs and debt discounts over the maturities of the respective financing agreements as before the violations, since the Company believes there is a reasonable likelihood that it will be, in due course, able to successfully negotiate waivers with the lenders and/or cure ~~the~~ existing defaults. The Company’s management based this conclusion on (i) its past history of obtaining waivers and/or forbearance agreements with lenders, (ii) the nature and existence of active negotiations between the Company and the respective lenders to secure waivers, (iii) the Company’s timely servicing of these debt instruments, and (iv) the fact that no non-recourse financing has been accelerated to date and no project-level lender has notified the Company of such ~~lender’s~~lenders election to enforce project security interests.

~~Refer~~See to Note 5. Cash and Cash Equivalents for discussion of corresponding restricted cash reclassifications to current as a result of these defaults.

26Indebtedness Assumed on Acquisition

In connection with the Termosol Acquisition, the Company assumed $468.8 million of project-level debt secured by the acquired renewable energy facilities. The debt matures on December 31, 2036 and bears an average interest rate of 4.7%. As of March 31, 2020, the Company obtained all required change of control consents from the lenders.

Maturities

(In thousands)	Remainder of 2019				20202				2021				2022				2023				Thereafter				Total
Maturities of long-term debt1	$	96,852			$	732,185			$	269,528			$	770,751			$	1,220,271			$	3,205,134			$	6,294,721

The aggregate contractual principal payments of long-term debt due after March 31, 2020, excluding the amortization of debt discounts, premiums and deferred financing costs, as stated in the financing agreements, are as follows:


(In thousands)	Remainder of 2020²		2021		2022		2023		2024		Thereafter		Total
Maturities of long-term debt¹	$	733,365	$	300,956	$	295,777	$	903,546	$	368,311	$	4,211,033	$	6,812,988

———

(1) Represents the contractual principal payment due dates for the Company’s long-term debt and does not reflect the reclassification of $~~387~~169.80 million of long-term debt, net of unamortized deferred financing costs ~~and~~of ~~debt discounts~~$5.6 million, to current due to debt defaults that existed asat ofMarch ~~the~~31, ~~date~~2020 ~~of the issuance of the financial statements~~ (see above for additional details).

(2) Includes the $~~475~~474.0 6 million Bridge Facility maturing on September 2324, 2020. The Company has a one-year extension option and intends, through its subsidiaries, to complete a refinancing of the balance on a long-term basis prior to maturity. The balance, net of unamortized deferred financing costs, is included within non-current liabilities in the unaudited condensed consolidated balance sheets.

1110. INCOME TAXES

The income tax ~~provision~~expense (benefit) was calculated based on the income and losses before income tax between U.S. and foreign operations and consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)				Current					Deferred					Total
(In thousands, except effective tax rate)	2019			2018			2019				2018
Three months ended March 31, 2020
Loss before income tax expense	$	(60,801	)	$	(13,038	)	$	(112,167	)		$	(113,559	)
U.S. federal				$	—				$	15,357				$	15,357
Income tax expense	1,512			6,013			3,030				9,417
State and local				122					8,420					8,542
Effective tax rate	(2.5		)%	(46.1		)%	(2.7		)%		(8.3		)%
Foreign				58					504					562
Total expense				$	180				$	24,281				$	24,461
Three months ended March 31, 2019
U.S. federal				$	167				$	—				$	167
State and local				—					—					—
Foreign				—					(4,318)					(4,318)
Total expense (benefit)				$	167				$	(4,318)				$	(4,151)

The overall effective tax rate for the three and nine months ended September 30, 2019 and 2018 was different than the statutory rate of 21% and was primarily due to the recording of a valuation allowance on certain income tax benefits attributed to the Company, losses allocated to non-controlling interests and the effect of foreign and state taxes. 23

As of September 30, 2019, and December 31, 2018, the Company had not identified any uncertain tax positions for which a liability was required under ASC 740-10. The Company expects to complete its analysis on tax positions related to the WGL Acquisition within the measurement period.


	Three Months Ended March 31,
(In thousands, except effective tax rate)	2020			2019
Loss before income tax expense	$	(42,785)		$	(40,208)
Income tax expense (benefit)	24,461			(4,151)
Effective tax rate	(57.2)		%	10.3		%

~~12.~~The ~~DERIVATIVES~~overall effective tax rate for the three months ended March 31, 2020 and 2019 was different than the statutory rate of 21% and was primarily due to the recognition of an additional valuation allowance on certain income tax benefits attributed to the Company, the allocation of losses to non-controlling interests, the effect of foreign and state taxes and, for the three months ended March 31, 2020, the impact of the CARES Act, as discussed below.

As ~~part~~ of ~~its risk management strategy~~March 31, ~~the Company has entered into derivative instruments which include interest rate swaps~~2020, ~~foreign currency contracts~~ and ~~commodity~~December 31, ~~contracts to mitigate interest rate~~2019, ~~foreign currency and commodity price exposures. If~~ the Company ~~elects~~had tonot doidentified soany ~~and~~uncertain iftax ~~the~~positions ~~instrument~~for ~~meets~~which ~~the~~a ~~criteria~~liability ~~specified~~was inrequired under ASC ~~815, Derivatives and Hedging, the Company designates its derivative instruments as either cash flow hedges or net investment hedges~~740-10. The Company ~~enters~~expects ~~into interest rate swap agreements in order~~ to ~~hedge~~complete ~~the~~its ~~variability~~analysis ofon ~~the~~tax ~~expected~~positions ~~future~~related ~~cash interest payments. Foreign currency contracts are used~~ to ~~reduce risks arising from~~ the ~~change~~Termosol ~~in fair value of certain foreign currency denominated assets~~ and ~~liabilities.~~WGL ~~The~~Acquisitions ~~objective~~within ~~of these practices is to minimize~~ the ~~impact~~measurement ~~of foreign currency fluctuations on operating results~~period. The Company also enters into commodity contracts to hedge price variability inherent in energy sales arrangements. The objectives of the commodity contracts are to minimize the impact of variability in spot energy prices and stabilize estimated revenue streams. The Company does not use derivative instruments for trading or speculative purposes.

27The Coronavirus Aid, Relief, and Economic Security (CARES) Act

	Fair Value of Derivative Instruments1
	Derivatives Designated as Hedging Instruments						Derivatives Not Designated as Hedging Instruments
(In thousands)	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Gross Derivatives		Counterparty Netting2			Net Derivatives
As of September 30, 2019
Derivative assets, current	$	—	$	1,217	$	365	$	—	$	19,365	$	8,069	$	29,016	$	(108	)	$	28,908
Derivative assets	—		9,831		41,679		—		4,346		42,019		97,875		(779		)	97,096
Total assets	$	—	$	11,048	$	42,044	$	—	$	23,711	$	50,088	$	126,891	$	(887	)	$	126,004
Derivative liabilities, current portion	$	5,717	$	108	$	—	$	33,012	$	—	$	—	$	38,837	$	(108	)	$	38,729
Derivative liabilities	35,585		4		—		105,570		775		—		141,934		(779		)	141,155
Total liabilities	$	41,302	$	112	$	—	$	138,582	$	775	$	—	$	180,771	$	(887	)	$	179,884
As of December 31, 2018
Derivative assets, current	$	1,478	$	605	$	18	$	—	$	3,344	$	9,783	$	15,228	$	(857	)	$	14,371
Derivative assets	5,818		2,060		42,666		—		647		40,137		91,328		(344		)	90,984
Total assets	$	7,296	$	2,665	$	42,684	$	—	$	3,991	$	49,920	$	106,556	$	(1,201	)	$	105,355
Derivative liabilities, current portion	$	465	$	—	$	—	$	34,267	$	1,684	$	—	$	36,416	$	(857	)	$	35,559
Derivative liabilities	3,334		1,437		—		88,034		1,387		—		94,192		(344		)	93,848
Total liabilities	$	3,799	$	1,437	$	—	$	122,301	$	3,071	$	—	$	130,608	$	(1,201	)	$	129,407

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act in response to the COVID-19 pandemic. The CARES Act included certain income tax provisions that may impact the Company’s unaudited condensed consolidated financial statements for the three months ended March 31, 2020. The CARES Act allows partnerships to deduct 50% of the 2019 Excess Business Interest Expense in 2020 without limitation under Internal Revenue Code (“IRC”) section 163(j). Terra LLC will include this provision in its tax return for the year ending December 31, 2020, and expects to receive an additional $56.9 million deduction. In addition, for the year ending December 31, 2020, the CARES Act allows corporations and partnerships to calculate their IRC 163(j) limitations to 50% of Adjusted Taxable Income from 30%. The Company will analyze the relevant provisions and make the most appropriate tax elections. The CARES Act also allows corporate taxpayers to temporarily carryback net operating losses (“NOL”) generated in 2018, 2019 and 2020 to each of the five tax years preceding the tax year of such loss. Additionally, the CARES Act temporarily removes the 80% limitation imposed by the Tax Cuts and Jobs Act of 2017. The Company does not expect to be able to benefit from the NOL provisions as the Company is anticipated to incur a taxable loss during the year ending December 31, 2020. The Company reported the impact of the interest limitations on its valuation allowance of deferred taxes assets as of March 31, 2020.

11. DERIVATIVES

As part of its risk management strategy, the Company entered into derivative instruments, which include interest rate swaps, foreign currency contracts and commodity contracts to mitigate interest rate, foreign currency and commodity price exposures. If the Company elects to do so and if the instrument meets the criteria specified in ASC 815, Derivatives and Hedging, the Company designates its derivative instruments as either cash flow hedges or net investment hedges. The Company enters into interest rate swap agreements in order to hedge the variability of the expected future cash interest payments. Foreign currency contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities. The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The Company also enters into commodity contracts to hedge price variability inherent in energy sales arrangements. The objectives of the commodity contracts are to minimize the impact of variability in spot energy prices and stabilize estimated revenue streams. The Company does not use derivative instruments for trading or speculative purposes.

As of March 31, 2020 and December 31, 2019, the fair values of the following derivative instruments were included in the respective balance sheet captions indicated below:


	Fair Value of Derivative Instruments¹
	Derivatives Designated as Hedging Instruments										Derivatives Not Designated as Hedging Instruments
(In thousands)	Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Interest Rate Swaps		Foreign Currency Contracts		Commodity Contracts		Gross Derivatives		Counterparty Netting²		Net Derivatives
As of March 31, 2020
Derivative assets, current	$	—	$	—	$	2,216	$	—	$	13,744	$	7,300	$	23,260	$	—	$	23,260
Derivative assets	—		—		29,266		—		—		20,951		50,217		—		50,217
Total assets	$	—	$	—	$	31,482	$	—	$	13,744	$	28,251	$	73,477	$	—	$	73,477
Derivative liabilities, current portion	$	14,039	$	—	$	—	$	49,476	$	—	$	—	$	63,515	$	—	$	63,515
Derivative liabilities	59,546		—		—		182,948		—		—		242,494		—		242,494
Total liabilities	$	73,585	$	—	$	—	$	232,424	$	—	$	—	$	306,009	$	—	$	306,009

As of December 31, 2019
Derivative assets, current	$	—	$	349	$	1,040	$	—	$	8,092	$	7,279	$	16,760	$	(941)	$	15,819
Derivative assets	809		24		33,269		—		504		23,583		58,189		(472)		57,717
Total assets	$	809	$	373	$	34,309	$	—	$	8,596	$	30,862	$	74,949	$	(1,413)	$	73,536
Derivative liabilities, current portion	$	12,046	$	631	$	—	$	21,923	$	310	$	—	$	34,910	$	(941)	$	33,969
Derivative liabilities	41,605		315		—		59,412		534		—		101,866		(472)		101,394
Total liabilities	$	53,651	$	946	$	—	$	81,335	$	844	$	—	$	136,776	$	(1,413)	$	135,363

————

(1) Fair value amounts are shown before the effect of counterparty netting adjustments.

(2) Represents the netting of derivative exposures covered by qualifying master netting arrangements.

As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, the Company had posted letters of credit in the amount of $15.0 million, as collateral related to certain commodity contracts. Certain derivative contracts contain provisions providing the counterparties a lien on specific assets as collateral. There was no cash collateral received or pledged as of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019 related to the Company’s derivative transactions.

The Company is subject to credit risk related to its derivatives to the extent the hedge counterparties may be unable to meet the terms of the contractual arrangements. The maximum exposure to loss due to credit risk if counterparties fail completely to perform according to the terms of the contracts would generally equal the fair value of derivative assets presented ~~in the above table. The Company seeks to mitigate credit risk by transacting with a group of creditworthy financial institutions and through the use of master netting arrangements.~~

The Company elected to present all derivative assets and liabilities on a net basis on the balance sheet as a right to set-off exists. The Company enters into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with its counterparties. An ISDA Master Agreement is an agreement that can govern multiple derivative transactions between two counterparties that typically provides for the net settlement of all, or a specified group, of these derivative transactions through a single payment, and in a single currency, as applicable. A right to set-off typically exists when the Company has a legally enforceable ISDA Master Agreement. No amounts were netted for commodity contracts as of September 30, 2019 or December 31, 2018, as each of the commodity contracts were in a gain position.25

28in the above table. The Company seeks to mitigate credit risk by transacting with a group of creditworthy financial institutions and through the use of master netting arrangements.

The ~~following~~Company ~~table~~elected ~~presents~~to present all derivative assets and liabilities on a net basis on the ~~notional~~balance ~~amounts~~sheets as a right to set-off exists. The Company enters into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with its counterparties. An ISDA Master Agreement is an agreement that can govern multiple derivative transactions between two counterparties that typically provides for the net settlement of all, or a specified group, of these derivative ~~instruments~~transactions through a single payment, and in a single currency, as applicable. A right to set-off typically exists when the Company has a legally enforceable ISDA Master Agreement. No amounts were netted for commodity contracts as of ~~September~~March 3031, ~~2019~~2020 ~~and~~or December 31, ~~2018:~~2019, as each of the commodity contracts were in a gain position.

	Notional Amount as of
(In thousands)	September 30, 2019	December 31, 2018
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps (USD)	867,184	357,797
Interest rate swaps (CAD)	139,075	147,522
Commodity contracts (MWhs)	5,528	6,030
Net investment hedges:
Foreign currency contracts (CAD)	94,100	81,600
Foreign currency contracts (EUR)	200,000	320,000
Derivatives not designated as hedging instruments:
Interest rate swaps (USD)	11,616	12,326
Interest rate swaps (EUR)1	991,942	1,044,253
Foreign currency option contracts (EUR)2	625,200	—
Foreign currency forward contracts (EUR)2	165,000	640,200
Foreign currency contracts (CAD)	7,800	—
Commodity contracts (MWhs)	7,895	8,707

The following table presents the notional amounts of derivative instruments as of March 31, 2020 and December 31, 2019:


	Notional Amount as of
(In thousands)	March 31, 2020	December 31, 2019
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps (USD)	279,832	441,628
Interest rate swaps (CAD)	137,391	138,575
Interest rate swaps (EUR)	304,401	310,721
Commodity contracts (MWhs)	5,175	5,360
Net investment hedges:
Foreign currency contracts (CAD)	—	94,100
Foreign currency contracts (EUR)	—	199,750
Derivatives not designated as hedging instruments:
Interest rate swaps (USD)	11,390	11,399
Interest rate swaps (EUR)¹	1,194,510	745,719
Foreign currency option contracts (EUR)²	625,200	625,200
Foreign currency forward contracts (EUR)2	—	118,550

Commodity contracts (MWhs)	7,345	7,610

————

(1) Represents the notional amount of the interest rate swaps at Saeta to economically hedge the interest rate payments on non-recourse debt. The Company did not designate these derivatives as hedging instruments ~~under~~per ASC 815 as of ~~September~~the ~~30,~~respective ~~2019~~balance ~~and~~sheet ~~December 31, 2018~~dates.

(2) Represents the notional amount of foreign currency contracts used to economically hedge aportions ~~portion~~ of the Company’s foreign exchange risk associated with Euro-denominated intercompany loans that are not of long-term investment nature. The Company did not designate these derivatives as hedging instruments ~~under~~per ASC 815 as of ~~September 30~~March 31, ~~2019~~2020 and December 31, ~~2018~~2019.

Gains and losses on derivatives not designated as hedging instruments for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019 consisted of the following:

	~~Location of Loss (Gain) in the Statements of Operations~~	~~Three Months Ended September 30,~~		Location of Loss (Gain) in the Statements of Operations				~~Nine Months Ended September 30,~~						Three Months Ended March 31,
(In thousands)		~~2019~~			~~2018~~			~~2019~~			~~2018~~							2020	2019
Interest rate swaps	~~Interest expense, net~~	$	~~20,911~~	Interest expense, net	$	~~4,737~~		$	~~50,189~~		$	~~(3,252~~	)	$	4,365	$	22,317
Foreign currency contracts	~~Loss (gain) on foreign currency exchange, net~~	~~(19,667~~		)Gain on foreign currency exchange, net	~~(4,348~~		)	~~(39,596~~		)	~~(16,914~~		)	(18,129)		(21,197)
Commodity contracts	~~Operating revenues, net~~	~~307~~		Operating revenues, net	~~(3,880~~		)	~~(13,311~~		)	~~(21,374~~		)	(3,793)		(6,411)

29Gains and losses recognized related to interest rate swaps, foreign currency contracts and commodity derivative contracts designated as hedging instruments for the three months ended March 31, 2020 and 2019 consisted of the following:

Gains and losses recognized related to interest rate swaps, foreign currency contracts and commodity derivative contracts designated as hedging instruments for the three and nine months ended September 30, 2019 and 2018 consisted of the following:26

	Three Months Ended September 30,
				Three Months Ended March 31,
Derivatives in Cash Flow and Net Investment Hedging Relationships	~~(Loss) Gain Included in the Assessment of Effectiveness Recognized in OCI, net of taxes1~~			(Loss) Gain Included in the Assessment of Effectiveness Recognized in OCI, net of taxes1		~~Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach~~						~~Location of Amount Reclassified from AOCI into Income~~	~~Loss (Gain) Included in the Assessment of Effectiveness Reclassified from AOCI into Income2~~					~~Gain Excluded from the Assessment of Effectiveness that is Amortized through Earnings~~						Location of Amount Reclassified from AOCI into Income			Loss (Gain) Included in the Assessment of Effectiveness Reclassified from AOCI into Income2
(In thousands)	~~2019~~			~~2018~~2020		~~2019~~		2019		~~2018~~			~~2019~~		~~2018~~			~~2019~~			~~2018~~					2020			2019
Interest rate swaps	$	~~(14,722~~	)	$	4(36,~~107~~263)	$	—	$	(9,676)	$	—	~~Interest expense, net~~	$	~~128~~	$	~~263~~		$	—	Interest expense, net	$	—		$	1,584		$	(561)
Foreign currency contracts	~~11,915~~			320,~~549~~890		—		9,697		—		~~Loss on foreign currency exchange, net~~	—		—			—		(Gain) on foreign currency exchange, net	—			—			—
Commodity contracts	~~(6,760~~		)	~~4,645~~(714)		—		535		—		~~Operating revenues, net~~	~~4,794~~		~~(5,019~~		)	—		Operating revenues, net	~~(251~~		)	(1,368)			(316)
Total	$	~~(9,567~~	)	$	12(16,~~301~~087)	$	—	$	556	$	—		$	~~4,922~~	$	~~(4,756~~	)	$	—		$	~~(251~~	)	$	216		$	(877)

————

(1) Net of $~~2,506~~4.1 million tax benefit ~~attributed to interest rate swaps recorded~~ for the three months ended ~~September~~March 3031, ~~2019~~2020. No tax expense or benefit was recorded for the three months ended ~~September~~March 3031, ~~2018~~2019.

(2) No tax expense or benefit was recorded for the three months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019.

	Nine Months Ended September 30,
Derivatives in Cash Flow and Net Investment Hedging Relationships	(Loss) Gain Included in the Assessment of Effectiveness Recognized in OCI, net of taxes1						Gain (Loss) Excluded from the Assessment of Effectiveness Recognized in OCI Using an Amortization Approach				Location of Amount Reclassified from AOCI into Income	Loss (Gain) Included in the Assessment of Effectiveness Reclassified from AOCI into Income2						(Gain) Excluded from the Assessment of Effectiveness that is Amortized through Earnings
(In thousands)	2019			2018			2019		2018			2019			2018			2019		2018
Interest rate swaps	$	(41,336	)	$	14,627		$	—	$	—	Interest expense, net	$	(867	)	$	1,236		$	—	$	—
Foreign currency contracts	20,191			3,549			—		—		(Gain) on foreign currency exchange, net	—			—			—		—
Commodity contracts	(2,605		)	(2,834		)	—		735		Operating revenues, net	4,116			(7,061		)	—		(930		)
Total	$	(23,750	)	$	15,342		$	—	$	735		$	3,249		$	(5,825	)	$	—	$	(930	)

————

(1) Net of $2,506 tax benefit attributed to interest rate swaps recorded for the nine months ended September 30, 2019. No tax expense or benefit was recorded for the nine months ended September 30, 2018.

(2) No tax expense or benefit attributed to interest rate swaps was recorded for the nine months ended September 30, 2019 and 2018.

Derivatives Designated as Hedging Instruments

Interest Rate Swaps

The Company has interest rate swap agreements to hedge certain variable rate non-recourse debt ~~and its Term Loan~~. These interest rate swaps qualify for hedge accounting and were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate. The change in the fair value of the components included in the effectiveness assessment of these derivatives is initially reported in accumulated other comprehensive income (“AOCI”) and subsequently reclassified to earnings in the periods when the hedged transactions affect earnings (the payment of interest). The amounts deferred in AOCI and reclassified into earnings during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019 related to these interest rate swaps are provided in the tables above. The loss expected to be reclassified into earnings over the next twelve months is approximately $512.26 million. The maximum term of outstanding interest rate swaps designated as hedging instruments is 2019 years.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to hedge portions of its net investment positions in certain subsidiaries with Euro (“€”) and Canadian dollar (“C$”) functional currencies and to manage its foreign exchange risk. For instruments that are designated and qualify as hedges of net investment in foreign operations, the effective portion of the net gains or losses attributable to changes in exchange rates are recorded in foreign currency translation adjustments within AOCI. The recognition in earnings of amounts previously recorded in AOCI is limited to circumstances such as complete or substantial liquidation of the net investment in the hedged foreign operation.

Cash flows from derivative instruments designated as net investment hedges are classified as investing activities in the unaudited ~~consolidated~~ condensed consolidated statements of cash flows.

AsThere ofwere ~~September 30,~~no ~~2019, the total notional amount of~~ foreign currency ~~forward~~ contracts designated as ~~net investment hedges was €200 million and approximately C$94.1 million. The maturity dates~~ of ~~these~~March 31, ~~derivative instruments designated as net investment hedges range from 3 to 18 months~~2020. As of December 31, ~~2018~~2019, the total notional amount of foreign currency forward contracts designated as net investment hedges was €~~320~~200 million and C$8194.61 million. The maturity dates of these derivative instruments designated as net investment hedges range from 3 months to 233 ~~years~~months.

Commodity Contracts

The Company has two long-dated ~~physically~~and physically-delivered commodity contracts that hedge variability in cash flows associated with the sales of power from certain wind renewable energy facilities located in Texas. One of these commodity ~~contract~~contracts qualifies for hedge accounting and is designated as a cash flow hedge. The change in the fair value of the components included in the effectiveness assessment of this derivative is initially reported in AOCI and subsequently reclassified to earnings in the periods when the hedged transactions affect earnings (the sale of electricity). The amounts deferred in AOCI and reclassified into earnings during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019 related to this commodity contract are provided in the tables above. The gain expected to be reclassified into earnings over the next twelve months is approximately $21.4 million. The maximum term of the outstanding commodity contract designated as a hedging instrument is 8 years.

Derivatives Not Designated as Hedging Instruments

Interest Rate Swaps

The Company has interest rate swap agreements that economically hedge the cash flows for non-recourse debt. These interest rate swaps pay a fixed rate and the counterparties to the agreements pay a variable interest rate. The changes in fair value are recorded in interest expense, net in the unaudited condensed consolidated statements of operations as these derivatives are not accounted for under hedge accounting.

Foreign Currency Contracts

The Company has foreign currency forward and option contracts that economically hedge its exposure to foreign currency fluctuations. As these hedges are not accounted for under hedge accounting, the changes in fair value are recorded in loss (gain) on foreign currency exchange, net in the unaudited condensed consolidated statements of operations. Cash flows from foreign currency forward and option contracts are classified as investing activities in the unaudited condensed consolidated statements of cash flows.

Commodity Contracts

The Company has commodity contracts that economically hedge commodity price variability inherent in certain electricity sales arrangements. If the Company sells electricity to an independent system operator market and there is no PPA available, it may enter into a commodity contract to hedge all or a portion of their estimated revenue stream. These commodity contracts require periodic settlements in which the Company receives a fixed- price based on specified quantities of electricity and pays the counterparty a variable market price based on the same specified quantity of electricity. As these derivatives are not accounted for under hedge accounting, the changes in fair value are recorded in operating revenues, net in the unaudited condensed consolidated statements of operations.

3112. FAIR VALUE OF FINANCIAL INSTRUMENTS

13. FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. The Company uses valuation techniques that maximize the use of observable inputs. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2. If the inputs into the valuation are not corroborated by market data, in such instances, the valuation for these contracts is established using techniques including the extrapolation from or interpolation between actively traded contracts, as well as the calculation of implied volatilities. When such inputs have a significant impact on the measurement of fair value, the instrument is categorized as Level 3. The Company regularly evaluates and validates the inputs used to determine the fair value of Level 3 contracts by using pricing services to support the underlying market price of the commodity.

The Company uses a discounted cash flow valuation technique to determine the fair value of its derivative assets and liabilities. The primary inputs in the valuation models for commodity contracts are market observable forward commodity curves, risk-free discount rates, volatilities and, to a lesser degree, credit spreads. The primary inputs into the valuation of interest rate swaps and foreign currency contracts are forward interest rates and foreign currency exchange rates and, to a lesser degree, credit spreads.

Recurring Fair Value Measurements

The following table summarizes the financial instruments measured at fair value on a recurring basis classified in the fair value hierarchy (Level 1, 2 or 3) based on the inputs used for valuation in the unaudited condensed consolidated balance sheets:

	As of September 30, 2019								As of December 31, 2018
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	—	$	—	$	—	$	—	$	7,296	$	—	$	7,296
Commodity contracts	—		7,553		84,579		92,132		—		12,816		79,788		92,604
Foreign currency contracts	—		33,872		—		33,872		—		5,455		—		5,455
Total derivative assets	$	—	$	41,425	$	84,579	$	126,004	$	—	$	25,567	$	79,788	$	105,355
Liabilities
Interest rate swaps	$	—	$	179,884	$	—	$	179,884	$	—	$	126,100	$	—	$	126,100
Foreign currency contracts	—		—		—		—		—		3,307		—		3,307
Total derivative liabilities	$	—	$	179,884	$	—	$	179,884	$	—	$	129,407	$	—	$	129,407

The Company’s interest rate swaps, foreign currency contracts and financial commodity contracts are considered Level 2, since all significant inputs are corroborated by market observable data. The Company’s long-term physically settled commodity contracts (see Note 12. Derivatives) are considered Level 3 as they contain significant unobservable inputs. There were no transfers in or out of Level 1, Level 2 and Level 3 during the nine months ended September 30, 2019 and 2018.


	As of March 31, 2020														As of December 31, 2019
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	—	$	—	$	—	$	—	$	809	$	—	$	809
Commodity contracts	—		4,844		54,889		59,733		—		5,859		59,312		65,171
Foreign currency contracts	—		13,744		—		13,744		—		7,556		—		7,556
Total derivative assets	$	—	$	18,588	$	54,889	$	73,477	$	—	$	14,224	$	59,312	$	73,536
Liabilities
Interest rate swaps	$	—	$	306,009	$	—	$	306,009	$	—	$	134,986	$	—	$	134,986
Foreign currency contracts	—		—		—		—		—		377		—		377
Total derivative liabilities	$	—	$	306,009	$	—	$	306,009	$	—	$	135,363	$	—	$	135,363

32The Company’s interest rate swaps, foreign currency contracts and financial commodity contracts are considered Level 2, since all significant inputs are corroborated by market observable data. The Company’s long-term physically settled commodity contracts (see Note 11. Derivatives) are considered Level 3 as they contain significant unobservable inputs. There were no transfers in or out of Level 1, Level 2 and Level 3 during the three months ended March 31, 2020 and 2019.

The following table reconciles the changes in the fair value of derivative instruments classified as Level 3 in the fair value hierarchy for the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019:

	Three Months Ended September 30,						Nine Months Ended September 30,
			Three Months Ended March 31,
(In thousands)	~~2019~~		2020		~~2018~~		2019			~~2018~~
Beginning balance	$	~~86,079~~	$	59,312	$	~~81,859~~	$	79,652		$	~~80,268~~
Realized and unrealized gains (losses):
Included in other comprehensive (loss) income	~~(6,760~~		(714)		~~418~~		~~(2,605~~535		)	~~(10,090~~		)
Included in operating revenues, net	~~(2,295~~		)253		~~1,324~~		32,~~793~~705			~~16,873~~
Settlements	~~7,555~~		(3,962)		~~583~~		3(1,~~739~~824)			~~(2,867~~		)
Ending balance	$	~~84,579~~	$	54,889	$	~~84,184~~	$	8481,~~579~~068		$	~~84,184~~
Change in unrealized (losses) gains for the period included in other comprehensive income for assets held at the end of the reporting period			$	(943)			$	328

The significant unobservable inputs used in the valuation of the Company’s commodity contracts classified as Level 3 in the fair value hierarchy as of ~~September~~March 3031, ~~2019~~2020 are as follows:

(In thousands, except range)

~~Fair Value as ofSeptember 30, 2019~~

Fair Value as of March 31, 2020

Transaction Type

~~Assets~~

~~Liabilities~~Assets

~~Valuation Technique~~

~~Unobservable Inputs as of September 30, 2019~~Liabilities

Valuation Technique

Unobservable Inputs as of March 31, 2020

Commodity contracts - power

~~84,579~~

—54,889

~~Option model~~

~~Volatilities~~$

—

~~14.5%~~

Option model

Volatilities

14.5%

Range

Range1

Weighted Average2

~~Discounted cash flow~~

~~Forward price (per MWh)~~

~~$7.15~~

~~$177.20~~

Discounted cash flow

Forward price (per MWh)

$9.25

$135.20

$33.20

————

(1)Represents the range of the forward power prices used in the valuation analysis that the Company has determined market participants would use when pricing the contracts.

(2)Unobservable inputs were weighted by the relative fair value of the instruments.

The sensitivity of the Company’s fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:

Significant Unobservable Input

Position

Impact on Fair Value Measurement

Increase (decrease) in forward price

Forward sale

Decrease (increase)

Increase (decrease) in implied volatilities

Purchase option

Increase (decrease)

The Company measures the sensitivity of the fair value of its Level 3 commodity contracts to potential changes in commodity prices using a mark-to-market analysis based on the current forward commodity prices and estimates of the price volatility. An increase in power forward prices will produce a mark-to-market loss, while a decrease in prices will result in a mark-to-market gain. An increase in the estimates of the price volatility will produce a mark-to-market gain, while a decrease in volatility will result in a mark-to-market loss.

Fair Value of Debt

The carrying amount and estimated fair value of the Company’s long-term debt as of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019 was as follows:

As of September 30, 2019

As of December 31, 2018

As of March 31, 2020

As of December 31, 2019

(In thousands)

~~Carrying Amount~~

~~Fair~~Carrying ~~Value~~Amount

~~Carrying Amount~~

Fair Value

~~Fair Value~~

Carrying Amount

Fair Value

Long-term debt

~~6,260,443~~

6,~~521~~762,~~099~~793

~~5,761,845~~

7,076,275

~~5,789,702~~

6,235,382

6,512,188

The fair value of the Company’s long-term debt, except the corporate-level senior notes, was determined using inputs classified as Level 2 and a discounted cash flow approach using market rates for similar debt instruments. The fair value of the corporate-level senior notes is based on market price information which is classified as a Level 1 input. They are measured using the last available trades at the end of each respective period. The fair values of the Senior Notes due 2023, Senior Notes due ~~2025~~2028 and Senior Notes due 2030 were 99.3%, 105.0% and 98.0% of the face value as of March 31, 2020, respectively. The fair values of the Senior Notes due 2023, Senior Notes due 2028 and Senior Notes due 2030 were ~~102~~103.4%, ~~104~~105.8% and ~~106~~102.12% of the face value as of ~~September~~December 3031, 2019, respectively.

respectively. The fair values of the Senior Notes due 2023, Senior Notes due 2025 and Senior Notes due 2028 were 93.5%, 89.8% and 102.5% of the face value as of December 31, 2018, respectively.

Nonrecurring Fair Value Measurements

Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to renewable energy facilities, goodwill and intangibles, which are remeasured when the derived fair value is below the carrying value. For these assets, the Company does not periodically adjust carrying value to fair value except in the event of impairment. When the impairment has occurred, the Company measures the required charges and adjusts the carrying value. For discussion about the impairment testing of assets and liabilities not measured at fair value on a recurring basis, see Note 6. Renewable Energy Facilities.

13. CONCENTRATION OF CREDIT RISK

The Company’s financial assets are typically subject to concentrations of credit risk and primarily consist of cash and cash equivalents, accounts receivable and derivative assets. The following table reflects the balances of the major financial assets that are subject to concentrations of credit risk as of March 31, 2020 and December 31, 2019:


(In thousands)	March 31, 2020		December 31, 2019
Cash and cash equivalents	$	390,501	$	349,500
Accounts receivable, net	190,745		167,865
Derivative assets	73,477		73,536
Total	$	654,723	$	590,901

Cash and Cash Equivalents

The Company is subject to concentrations of credit risk related to the cash and cash equivalents that may exceed the insurable limits in the related jurisdictions. The maximum exposure to loss due to credit risk would generally equal the stated value of cash and cash equivalents in the above table. The Company places its cash and cash equivalents with creditworthy financial institutions and, historically, did not experience any losses with regards to balances in excess of insured limits or as a result of other concentrations of credit risk.

Accounts Receivable, Net

The Company serves hundreds of customers in three continents, and, in the U.S., the Company’s customers are spread across various states resulting in the diversification of its customer base. Furthermore, a significant portion of the Company’s operating revenues are contracted through long-term PPAs with offtake counterparties that are government-backed entities and public utility companies that, on average, had an investment grade credit rating.

During the three months ended March 31, 2020, the Company earned $91.6 million from the Spanish Electricity System of which $78.1 million were billing through the Comisión Nacional de los Mercados y la Competencia (“CNMC”). These operating revenues were earned within the Regulated Solar and Wind segment and represented 28.1% of the Company’s net consolidated operating revenues. The CNMC is the state-owned regulator of the Spanish Electricity System who collects the funds payable, mainly from the tariffs to end user customers, and is responsible for the calculation and the settlement of regulated payments. The Company’s management believes that this concentration of risk is mitigated by, among other things, the indirect support of the Spanish government for the CNMC’s obligations and, in general, by the regulated rate system in Spain.

Notwithstanding the creditworthiness and diversification of the Company’s offtake counterparties, any customers have the potential to impact the Company’s credit exposure resulting in credit losses.

Credit Losses

Credit losses refer to the financial losses resulting from non-performance or non-payment by counterparties under the contractual obligations they are bound by. The Company is exposed to credit losses primarily from its customers through the sale of electricity and the generation of green attributes.

The Company has policies in place to ensure that sales are made to customers who are creditworthy and are expected to honor their contractual obligations under their original terms. The Company assesses each customer’s ability to pay by conducting a credit review prior to entering into a new PPA or contracts to deliver RECs, and considers contract terms and conditions, country and political risk, and the business strategy in its evaluation.

The Company monitors the ongoing credit risk from its customers through the review of counterparty balances against contract terms and due dates. The Company reviews the aging of outstanding receivables and actively communicates with the customers on a regular to ensure timely collection. From time to time, the Company may employ legal counsel to pursue recovery of defaulted receivables.

The Company establishes an allowance for doubtful accounts to adjust its accounts receivables to the amounts considered to be ultimately collectible, and charges to the allowance are recorded within general and administrative expenses in the unaudited condensed consolidated statements of operations. The Company regularly reviews the adequacy of the allowance for doubtful accounts by considering factors as historical experience, credit worthiness, and current economic conditions that may affect a customer’s ability to pay. The allowance for doubtful accounts was $2.0 million and $1.4 million as of March 31, 2020, and December 31, 2019, respectively, and charges to the allowance recorded within general and administrative expenses for the three months ended March 31, 2020 and 2019, were $0.5 million and $0.2 million, respectively.

Derivative Assets

The Company is subject to credit risk related to its derivatives to the extent the hedge counterparties may be unable to meet the terms of the contractual arrangements. The maximum exposure to loss due to credit risk if counterparties fail completely to perform according to the terms of the contracts would generally equal the fair value of derivative assets presented in the above table. The Company seeks to mitigate credit risk by transacting with a group of creditworthy financial institutions and through the use of master netting arrangements.

14. STOCKHOLDERS’ EQUITY

TerraForm Power, Inc. has 100,000,000 authorized shares of preferred stock of par value $0.01 per share, and 1,200,000,000 authorized shares of Common Stock of par value $0.01 per share. There are no other authorized classes of shares and the Company does not have any issued shares of preferred stock.

The following table reflects the changes in the Company’s shares of Common Stock outstanding during the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019:

	Nine Months Ended September 30,
			Three Months Ended March 31,
(In thousands)	~~2019~~	~~2018~~	2020	2019
Balance as of January 1	~~209,142~~	~~148,086~~	226,501	209,142
Issuance of Common Stock to affiliates1	—	61,056
Net shares issued under equity incentive plan			21	—
Net shares issued under equity incentive plan	13	—
Balance as of March 31			226,522	209,142
Balance as of September 30	209,155	209,142

———

(1) On June 11, 2018, the Company completed a private placement of 60,975,609 shares of the Company’s Common Stock with affiliates of Brookfield at a price of $10.66 per share for a total consideration of $650.0 million. The proceeds of the offering were used to pay a portion of the purchase price of the Tendered Shares of Saeta. On August 3, 2018, the Company issued 80,084 shares of Common Stock to an affiliate of Brookfield in connection with the net losses incurred, such as out-of-pocket losses, damages, costs, fees and expenses, in connection with the obtainment of a final resolution of a certain litigation matter.

Public Offering and Private Placement of Common Stock

See Note 21. Subsequent Events for a discussion of the public offering and private placement of the Company’s Common Stock that took place on October 8, 2019.

Stock-based Compensation

The Company has an equity incentive plan that provides for the award of incentive and nonqualified stock options, restricted stock awards and restricted stock units (“RSUs”) to personnel and directors who provide services to the Company. The maximum contractual term of an award is ten years from the date of grant. As of ~~September~~March 3031, ~~2019~~2020 and December 31, ~~2018~~2019, an aggregate of 3,~~725~~645,~~555~~899 and 3,~~822~~734,~~821~~185 shares of Common Stock were available for issuance under this plan, respectively. Upon the vesting of RSUs, the Company issues shares that have been previously authorized to be issued.

During the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020, the Company awarded ~~156~~121,~~550~~817 time-based RSUs to certain employees of the Company. The grant-date fair value of these RSUs was $12.9 2 million based on the Company’s closing stock price. These RSUs are subject to a three-year vesting schedule based on the date of the Board of Directors’ approval and are recognized as compensation cost in accordance with the vesting schedule. The amount of stock-based compensation expense related to the equity awards in the Company’s stock during the three ~~and nine~~ months ended ~~September~~March 3031, 2020 and March 31, 2019 was $0.3 million and $0.5 2 million, respectively, and is reflected within cost of operations and general and administrative expenses in the unaudited condensed consolidated statement of operations. ~~The amount of stock-based compensation expense related to the~~

34The RSUs do not entitle the holders to voting rights and holders of the RSUs do not have any right to receive dividends or distributions. The following table presents information regarding outstanding RSUs as of March 31, 2020 and changes during the three months ended March 31, 2020:

equity awards in the Company’s stock was $0.1 million and $0.2 million, respectively, during the three and nine months ended September 30, 2018.


	Number of RSUs Outstanding	Weighted- Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted Average Remaining Contractual Life (in years)
Balance as of January 1, 2020	191,936	$	11.57
Granted	121,817	17.94
Vested	(33,531)	12.17
Balance as of March 31, 2020	280,222	14.23		$	4,419.0	1.6 years

	Number of RSUs Outstanding		Weighted- Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted Average RemainingContractual Life (in years)
Balance as of January 1, 2019	103,300		$	11.15
Granted	156,550		12.17
Vested	(20,878	)	11.15
Forfeited	(38,406	)	11.65
Balance as of September 30, 2019	200,566		$	11.85	$	3,861.2	1.6 years

The total unrecognized stock-based expense related to the Company’s RSUs at March 31, 2020 was $3.4 million and will be recognized, net of any forfeitures, over a weighted-average amortization period of 1.6 years.

~~The~~As ~~total~~more ~~unrecognized~~fully ~~stock-based~~discussed ~~expense~~in ~~related~~Note 17. Related Parties, pursuant to the Reorganization Agreement entered into by the Company’s ~~RSUs~~with atBrookfield ~~September~~Renewables 30and other affiliates, ~~2019~~upon ~~was~~consummation ~~$1.8~~of ~~million~~the proposed merger between the Company and Brookfield Renewable, all outstanding Company RSUs will be ~~recognized,~~ultimately ~~net~~converted ofinto ~~any~~BEPC ~~forfeitures,~~RSUs. ~~over~~Such aRSUs ~~weighted-average~~will ~~amortization~~be ~~period~~subject ofto ~~1.6~~substantially ~~years.~~the same terms and conditions as were applicable to the Company RSUs (except that the form of

payment upon vesting will be in BEPC Shares).

Cash Distributions

The following table presents the cash distributions declared and paid on Common Stock during the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019:

~~Distributions per Share~~

Distributions per Share

~~Declaration Date~~

~~Record Date~~

~~Payment~~Declaration Date

Record Date

Payment Date

2019:

2020:

First Quarter

~~0.2014~~

0.2014

~~March 13, 2019~~

~~March 24, 2019~~

March 2916, ~~2019~~2020

March 27, 2020

March 31, 2020

Second Quarter

0.2014

May 8, 2019

June 3, 2019

June 17, 2019

2019:

Third Quarter

0.2014

August 8, 2019

September 3, 2019

September 17, 2019

First Quarter

0.2014

March 13, 2019

March 24, 2019

March 29, 2019

2018:

First Quarter

0.19

February 6, 2018

February 28, 2018

March 30, 2018

Second Quarter

0.19

April 30, 2018

June 1, 2018

June 15, 2018

Third Quarter

0.19

August 13, 2018

September 1, 2018

September 15, 2018

Share Repurchase Program

On July 25, 2019, the Board of Directors of the Company authorized the renewal of the Company’s share repurchase program through August 4, 2020. Under the share repurchase program, the Company may repurchase up to 5% of the Company’s Common Stock outstanding as of July 25, 2019. The timing and the amount of any repurchases of Common Stock will be determined by the Company’s management based on its evaluation of market conditions and other factors. Repurchases of Common Stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws, open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 under the Exchange Act. The program may be suspended or discontinued at any time and does not obligate the Company to purchase any minimum number of shares. Any repurchased Common Stock will be held by the Company as treasury stock. The Company expects to fund any repurchases from the available liquidity.

No shares have been repurchased by the Company during the ~~nine~~three months ended ~~September~~March 3031, 2020 and March 31, 2019., respectively

15. (LOSS) ~~EARNINGS~~ PER SHARE

Basic (loss) ~~earnings~~ per share is computed by dividing net (loss) ~~income~~ attributable to Class A common stockholders by the number of weighted average ordinary shares outstanding during the period, which is the average of shares outstanding and assumed to be outstanding, and includes contingently issuable shares as of the date when the contingent condition has been met. Diluted loss per share is computed by adjusting basic loss per share for the impact of weighted average dilutive common equivalent shares outstanding during the period, unless the impact is anti-dilutive. Common equivalent shares represent the incremental shares issuable for unvested restricted Common Stock and contingently issuable shares in the period the contingency has been met, for the portion of the period prior to the resolution of such contingent condition. Since the Company reported net losses for the periods presented, all potentially dilutive securities are considered antidilutive and, accordingly, basic net loss per share equals the diluted net loss per share.

35Basic and diluted loss per share of the Company’s Common Stock for the three months ended March 31, 2020 and 2019 was calculated as follows:

met. Diluted (loss) earnings per share is computed by adjusting basic (loss) income per share for the impact of weighted average dilutive common equivalent shares outstanding during the period, unless the impact is anti-dilutive. Common equivalent shares represent the incremental shares issuable for unvested restricted Common Stock and contingently issuable shares in the period the contingency has been met, for the portion of the period prior to the resolution of such contingent condition.


	Three Months Ended March 31,
(In thousands, except per share amounts)	2020		2019
Basic and diluted loss per share:
Net loss attributable to Class A common stockholders	$	(55,071)	$	(8,627)

Weighted average basic and diluted Class A shares outstanding¹	226,513		209,142

Basic and diluted loss per share	$	(0.24)	$	(0.04)

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except per share amounts)	2019			2018			2019			2018
Basic and diluted (loss) earnings per share:
Net (loss) income attributable to Class A common stockholders	$	(54,837	)	$	(33,590	)	$	(67,059	)	$	27,869
Weighted average basic Class A shares outstanding1	209,155			209,142			209,149			173,173
Weighted average diluted Class A shares outstanding2	209,155			209,142			209,149			173,186
Basic and diluted (loss) earnings per share	$	(0.26	)	$	(0.16	)	$	(0.32	)	$	0.16

———

(1) The ~~weighted-average~~computation ~~basic~~for diluted earnings per share of the Company’s Class A ~~shares~~common ~~outstanding~~stock for the ~~nine~~three months ended ~~September~~March 3031, ~~2018~~2020 ~~included~~excluded 66 280 thousand ~~contingently~~of ~~issuable~~potentially ~~shares.~~dilutive ~~There~~unvested ~~were~~RSUs nobecause ~~contingently issuable shares for~~ the ~~three~~effect ~~months~~would ~~ended~~have ~~September~~been ~~30, 2018~~anti-dilutive.

(2) The computation of diluted earnings per share of the Company’s Common Stock for the nine months ended September 30, 2019 excluded 36 thousand of potentially dilutive unvested RSUs, respectively, because the effect would have been anti-dilutive. The computation of diluted loss per share of the Company’s Common Stock for the three months ended September 30, 2018, excludes 103 thousand of potentially dilutive unvested RSUs because the effect would have been anti-dilutive. The computation of diluted earnings per share of the Company’s Common Stock for the nine months ended September 30, 2018, includes 13 thousand of RSUs considered to be dilutive and calculated using the treasury stock method.33

16. 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 certain 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 ~~September~~March 3031, ~~2019~~2020, the Company had outstanding letters of credit drawn under the Revolver of $~~112~~115.68 million and outstanding project-level letters of credit of $~~257~~282.40 million drawn under certain project level financing agreements, compared to $99115.5 million and $~~197~~266.79 million, respectively, as of December 31, ~~2018~~2019.

Guarantee Agreements

The Company and its subsidiaries have entered into guarantee agreements to certain of their institutional tax equity investors and financing parties in connection with their tax equity financing transactions. These agreements 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-level 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.

The amounts of the above guarantees often are not explicitly stated and the overall maximum amount of the related obligations cannot be reasonably estimated. Historically, no significant payments have been made with respect to these types of guarantees. The Company believes the probability of payments being demanded under these guarantees is remote and no material amounts have been recognized for the underlying fair value of guarantee obligations.

Long-Term Service Agreements

On August 10, 2018, the Company executed an 11-year framework agreement with affiliates of General Electric

(“GE”) that, among other things, provides for the roll out, subject to receipt of third-party consents, of project level, long-term service agreements (“LTSA”) for turbine O&M, as well as other balance of plant services across the Company’s 1.6 GW North American wind fleet. As of September 30, 2019, 15 of 16 project-level LTSAs were in place.

As discussed in Note 21. Subsequent Events, on November 1, 2019, the Company executed a 10-year framework agreement with SMA Solar Technology that, among other things, provides for the roll out, subject to receipt of third-party consents, of project level LTSAs for solar O&M, as well as other balance of plant services across the Company’s North American solar fleet.

Legal Proceedings

The Company is not a party to any material legal proceedings other than various administrative and regulatory proceedings arising in the ordinary course of the Company’s business or as described below. While the Company cannot predict with certainty the ultimate resolution of such proceedings or other claims asserted against the Company, certain of the claims, if adversely concluded, could result in substantial damages or other relief.

Claim relating to First Wind Acquisition

On May 27, 2016, D.E. Shaw Composite Holdings, L.L.C. and Madison Dearborn Capital Partners IV, L.P., as the representatives of the sellers (the “First Wind Sellers”) filed an amended complaint for declaratory judgment against TerraForm Power and Terra LLC in the Supreme Court of the State of New York alleging breach of contract with respect to the Purchase and Sale Agreement, dated as of November 17, 2014 (the “FW Purchase Agreement”) between, among others, SunEdison, Inc. (“SunEdison”), TerraForm Power, Terra LLC and the First Wind Sellers. The amended complaint alleges that Terra LLC and SunEdison became jointly obligated to make $231.0 million in earn-out payments in respect of certain development assets SunEdison acquired from the First Wind Sellers under the FW Purchase Agreement, when those payments were purportedly accelerated by SunEdison’s bankruptcy and by the resignations of two SunEdison employees. The amended complaint further alleges that TerraForm Power, as guarantor of certain Terra LLC obligations under the FW Purchase Agreement, is liable for this sum. ~~The~~In ~~defendants filed a motion to dismiss the amended complaint on July 5~~addition, ~~2016, on~~ the ~~ground~~plaintiffs ~~that,~~have ~~among~~claimed ~~other~~legal ~~things,~~costs ~~SunEdison~~and isexpenses ~~a necessary party to this action. On February 6~~and, ~~2018,~~under ~~the~~applicable ~~court~~New ~~denied~~York ~~the Company’s motion to dismiss after which document discovery began. In April 2019~~law, ~~Terra~~their ~~LLC~~claim ~~filed~~accrues aninterest ~~amended~~at ~~answer~~a tonon-compounding ~~the~~rate ~~amended complaint. The Company cannot predict the impact on this litigation~~ of ~~any~~9% ~~information~~per ~~that may become available in discovery~~annum. ~~Document discovery and disposition are now substantially completed and new pretrial schedule has been agreed between the parties and approved by the court.~~

The ~~Company~~defendants ~~believes~~filed a motion to dismiss the ~~First~~amended ~~Wind~~complaint ~~Sellers’~~on ~~allegations~~July ~~are~~5, ~~without~~2016, ~~merit~~on ~~and~~the ~~will~~ground ~~contest~~that, ~~them~~among ~~vigorously~~other things, SunEdison is a necessary party to this action. ~~However~~On February 6, 2018, the court denied the Company’s ~~cannot~~motion ~~predict~~to ~~with~~dismiss ~~certainty~~after which document discovery began. In April 2019, Terra LLC filed an amended answer to the ~~ultimate~~amended ~~resolution~~complaint. As of ~~any~~the ~~proceedings~~date ~~brought~~of inthis ~~connection~~Quarterly ~~with~~Report, ~~such~~the aparties ~~claim~~have filed their respective motions for summary judgment and supporting briefs and are waiting to schedule oral arguments.

~~Whistleblower Complaint by Francisco Perez Gundin~~34

OnThe ~~May~~Company ~~18,~~cannot ~~2016,~~predict the ~~Company’s~~impact ~~former~~on ~~Director~~this ~~and~~litigation ~~Chief~~of ~~Operating~~any ~~Officer,~~information ~~Francisco~~that ~~Perez~~may ~~Gundin~~become ~~(“Mr.~~available ~~Perez”),~~through ~~filed a complaint against~~ the ~~Company,~~course ~~TerraForm~~of ~~Global,~~these ~~Inc.~~legal ~~(“TerraForm Global”) and certain individuals, with the United States Department of Labor~~proceedings. The ~~complaint~~Company ~~alleged~~believes ~~that~~ the ~~defendants~~First ~~engaged~~Wind ~~in a retaliatory termination of Mr. Perez~~Sellers’s ~~employment~~allegations ~~after~~are hewithout ~~allegedly~~merit ~~voiced concerns to SunEdison’s Board of Directors about public representations made by SunEdison officers regarding SunEdison’s liquidity position,~~ and ~~after~~will hecontest ~~allegedly~~them ~~voiced his opposition to transactions that he alleged were self-interested and which he alleged SunEdison forced on the Company~~vigorously. HeHowever, ~~alleged that~~ the Company ~~participated~~cannot inpredict ~~SunEdison’s~~with ~~retaliatory~~certainty ~~termination~~the byultimate ~~constructively~~resolution ~~terminating his position as Chief Operating Officer~~ of ~~the~~any ~~Company~~proceedings brought in connection with ~~SunEdison’s~~such ~~constructive~~a ~~termination of his employment~~claim. ~~He sought lost wages, bonuses, benefits, and other~~

money that he alleged he would have received if he had not been subjected to the allegedly retaliatory termination. The Company’s Position Statement in response to the complaint was filed in October 2016.

On February 21, 2017, Mr. Perez filed Gundin v. TerraForm Global, Inc. et al. against TerraForm Power, TerraForm Global and certain individuals as defendants in the United States District Court for the District of Maryland, which was subsequently transferred to the U.S. District Court for the Southern District of New York (“SDNY”). The complaint asserted claims for retaliation, breach of the implied covenant of good faith and fair dealing and promissory estoppel based on the same allegation in Mr. Perez’s Department of Labor complaint. On March 8, 2018, Mr. Perez voluntarily dismissed the federal action without prejudice. On December 27, 2018, the proceeding before the Department of Labor was dismissed, which Mr. Perez appealed on January 25, 2019. On August 27, 2019, pursuant to Mr. Perez’s offer to settle the dispute, a definitive settlement agreement was executed between the Company and Mr. Perez. The settlement with Mr. Perez was paid entirely from insurance proceeds.

Whistleblower Complaint by Carlos Domenech Zornoza

On May 10, 2016, the Company’s former Director and Chief Executive Officer, Carlos Domenech Zornoza (“Mr. Domenech”), filed a complaint against the Company, TerraForm Global and certain individuals, with the United States Department of Labor. The complaint alleges that the defendants engaged in a retaliatory termination of Mr. Domenech’s employment on November 20, 2015, after he allegedly voiced concerns to SunEdison’s Board of Directors about public representations made by SunEdison officers regarding SunEdison’s liquidity position, and after he allegedly voiced his opposition to transactions that he alleges were self-interested and which he alleges SunEdison forced on the Company. He alleges that the Company participated in SunEdison’s retaliatory termination by terminating his position as Chief Executive Officer of the Company in connection with SunEdison’s termination of his employment. He seeks lost wages, bonuses, benefits, and other money that he alleges that he would have received if he had not been subjected to the allegedly retaliatory termination. The Company’s Position Statement in response to the complaint was filed in October 2016. Mr. Domenech subsequently filed a federal lawsuit (addressed immediately below) that had the effect of discontinuing this matter.

On February 21, 2017, Mr. Domenech filed Domenech Zornoza v. TerraForm Global, Inc. et. al against TerraForm Power, TerraForm Global and certain individuals as defendants in the United States District Court for the District of Maryland. The complaint asserted claims for retaliation, breach of the implied covenant of good faith and fair dealing and promissory estoppel based on the same allegations in Mr. Domenech’s Department of Labor complaint. On March 15, 2017, the Company filed notice with the Judicial Panel on Multidistrict Litigation to transfer this action to the SDNY where other cases not involving the Company relating to the SunEdison bankruptcy are being tried. The plaintiff opposed the transfer. However, the transfer was approved by the Judicial Panel on Multidistrict Litigation. On November 6, 2017, TerraForm Power and the other defendants filed a motion to dismiss Mr. Domenech’s complaint, and Mr. Domenech filed a response on December 21, 2017. On March 8, 2018, Mr. Domenech voluntarily dismissed the federal action without prejudice, which would permit the action to be refiled.

On August 16, 2018, Mr. Domenech filed a second complaint with the United States District Court for the District of Maryland, with substantially the same allegations. On October 17, 2018, the Company filed notice with the Judicial Panel on Multidistrict Litigation to transfer this action to the SDNY. The Plaintiff opposed the transfer. However, the transfer was approved by the Judicial Panel on Multidistrict Litigation. On March 15, 2019, the Company, TerraForm Global, and several individual defendants filed a joint motion to dismiss Mr. Domenech’s complaint. Mr. Domenech filed a response on April 15, 2019, and the Company, TerraForm Global, and the individual defendants filed a reply on April 25, 2019. ~~The~~On ~~motion~~December to9, ~~dismiss~~2019, isthe ~~pending~~Court asdismissed two of his three claims against the ~~date~~Company ofand ~~this~~TerraForm ~~Quarterly~~Global. ~~Report~~On January 22, 2020, the Company filed an answer to Mr. Domenech’s remaining, narrowed claim of retaliatory termination.

The Company reserved for its estimated loss related to this complaint in 2016, which was not considered material to the Company’s consolidated results of operations, and this amount remains accrued as of March 31, 2020. However, the Company is unable to predict with certainty the ultimate resolution of these proceedings.

Derivative Class Action

On September 19, 2019, lead plaintiff Martin Rosson filed a derivative and class action lawsuit in the Delaware Court of Chancery on behalf of the Company, himself, and other minority stockholders of the Company against Brookfield and certain of its affiliates (including the Company as a nominal defendant). The complaint alleges that the defendant controlling stockholders breached their fiduciary duty to minority stockholders because the Company undertook a private placement of the Company’s stock on terms that the complaint alleges are unfair, instead of pursuing a public offering. The proceeds of ~~the~~this private placement were used to fund the acquisition by the Company of Saeta and had been approved by the Conflicts Committee of the Company’s Board of Directors. The complaint seeks the rescission and invalidation of the private placement and payment to the Company of rescissory damages, among other relief. In a related development, on October 15, 2019, the Company received a demand letter ~~(the “220 Demand”)~~ for the production of books and records pursuant to 8 Del. C. § 220 to allow counsel to the City of Dearborn Policy and Retirement System (a purported shareholder of the Company) to investigate potential breaches of fiduciary duty by Brookfield and the Company’s Board of Directors in connection with the funding of the acquisition of Saeta.

38On January 27, 2020, the City of Dearborn Police and Retirement System filed a derivative and class action lawsuit in the Delaware Court of Chancery on behalf of the Company, itself, and other minority stockholders of the Company against

allow counsel to a purported shareholder of the Company to investigate potential breaches of fiduciary duty by Brookfield and the Company’s Board of Directors in connection with the funding of the acquisition of Saeta. The Company believes that these claims are without merit. However, the Company cannot predict with certainty the ultimate resolution of any proceedings brought in connection with these claims.35

~~Chile~~Brookfield ~~Project~~and ~~Arbitration~~certain of its affiliates (including the Company as a nominal defendant) alleging claims similar to those set forth in the Rosson complaint. The City of Dearborn Police and Retirement System and Martin Rosson agreed, with the consent of the Company and Brookfield, to consolidate their respective claims and such consolidation was approved by the Court during the first quarter of 2020. While the Company believes that these claims are without merit, it cannot predict with certainty the ultimate resolution of any proceedings brought in connection with these claims.

OnDemand ~~September 5, 2016, Compañía Minera del Pacífico (“CMP”) submitted demands~~ for ~~arbitration~~Access ~~against the subsidiary of the Company that owns its solar project located in Chile and against the latter’s immediate holding company~~ to ~~the~~Books ~~Santiago Chamber of Commerce’s Center for Arbitration~~ and Mediation (“CAM”). The demands alleged, among other things, that the Chile project was not built, operated and maintained according to the relevant standards using prudent utility practices as required by the electricity supply agreement (the “Contract for Difference”) between the parties, entitling them to terminate the Contract for Difference. CMP further alleged that it is entitled to damages based on alleged breaches of a call option agreement entered into by the parties. Records

InOn ~~June~~March ~~2019~~26, 2020, the ~~CAM~~Company ~~issued~~received ~~two~~the ~~rulings~~first inof ~~which~~four itdemand ~~unanimously~~letters ~~rejected~~for the ~~claims~~production ~~made~~of bybooks ~~CMP~~and records pursuant to 8 Del. ~~CMP~~C. ~~indicated~~§ ~~that~~220, ~~they~~one ~~would~~of ~~not~~which ~~seek~~was subsequently withdrawn. These letters sought to ~~appeal~~to allow counsel to the ~~ruling~~City of Dearborn Police and Retirement System, to Martin Rosson and to one other individual to investigate potential breaches of fiduciary duty by Brookfield and the ~~window~~Company's Board of Directors in ~~which~~connection ~~they~~with the announcement of the signing of a merger agreement among the Company, Brookfield Renewable and certain of their affiliates. The Company believes that these claims are ~~permitted~~without tomerit. ~~appeal~~However, ~~has~~the ~~now~~Company ~~closed~~cannot predict with certainty the ultimate resolution of any proceedings brought in connection with these claims.

Other Matters

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