4. Equity method investments in unconsolidated affiliates

The following summarizes the operating results for the three and six months ended June 30, 2018 and 2017, respectively, for our proportional ownership interest in equity method investments:


	Three Months Ended June 30,				Six Months Ended June 30,
Operating results	2018		2017		2018		2017
Revenue
Frederickson	$	4.7	$	4.8	$	9.8	$	10.1
Orlando Cogen, LP		15.2		12.9		29.7		26.1
Koma Kulshan Associates		0.8		0.8		1.0		1.1
Chambers Cogen, LP		9.6		10.3		22.8		22.6
Selkirk Cogen Partners, LP (1)		—		1.0		—		1.8
		30.3		29.8		63.3		61.7
Project expenses
Frederickson		3.4		7.5		6.6		11.9
Orlando Cogen, LP		7.6		7.8		14.6		14.9
Koma Kulshan Associates		0.3		0.3		0.6		0.6
Chambers Cogen, LP		7.5		9.2		17.1		18.3
Selkirk Cogen Partners, LP (1)		—		1.3		—		2.8
		18.8		26.1		38.9		48.5
Project other expense
Frederickson		—		—		—		—
Orlando Cogen, LP		—		—		—		—
Koma Kulshan Associates		—		—		—		—
Chambers Cogen, LP		(0.3)		(47.5)		(0.9)		(48.0)
Selkirk Cogen Partners, LP (1)		—		(10.6)		—		(10.6)
		(0.3)		(58.1)		(0.9)		(58.6)
Project income (loss)
Frederickson		1.3		(2.7)		3.2		(1.8)
Orlando Cogen, LP		7.6		5.1		15.1		11.2
Koma Kulshan Associates		0.5		0.5		0.4		0.5
Chambers Cogen, LP		1.8		(46.4)		4.8		(43.7)
Selkirk Cogen Partners, LP (1)		—		(10.9)		—		(11.6)
Equity in earnings (loss) of unconsolidated affiliates	$	11.2	$	(54.4)	$	23.5	$	(45.4)

Distributions from equity method investments		(20.7)		(13.5)		(27.3)		(17.2)
Deficit of earnings of equity method investments, net of distributions	$	(9.5)	$	(67.9)	$	(3.8)	$	(62.6)

⁽¹⁾

In November 2017, we sold our 17.7% interest in Selkirk.

On June 18, 2018, we purchased a 0.5% general partner interest in Concrete Hydro Partners L.P. (“Concrete”) for $1.1 million from Mt. Baker Corporation with cash on-hand. Prior to the purchase, we owned a 0.5% general partner interest and a 99.0% limited partner interest in Concrete; following the purchase, we own 100% of the entity. Concrete is the owner of a 50% limited partner interest in Koma Kulshan Associates, L.P. (“Koma”). As a result of the purchase, our ownership of Koma increased from 49.75% to 50.00%. With 50.00% percent ownership of Koma, we do not have financial control of the entity as the two owner parties have joint control and substantive participating rights through the structure of the partnership agreement. Accordingly, since we did not obtain control of the project, we continued to account for Koma under the equity method of accounting as of June 30, 2018. The $1.1 million purchase was accounted for as an additional equity method investment in Koma.

On July 27, 2018, we acquired the remaining 50% partnership interest in Koma from Covanta Energy Americas, Inc. (“Covanta”) for a purchase price of $11.8 million. As a result of this purchase, subsequent to the end of the second quarter, we own 100% of Koma and beginning in the third quarter will consolidate the project prospectively. In addition, we bought out the operation and maintenance contract held by Covanta for $0.3 million. We completed this acquisition because we view our hydro assets as having excellent near-term value and strong long-term prospects. We will have 100% ownership and operating control of a hydro project with a PPA that has a 19-year remaining term.

The purchase will be accounted for under the acquisition method of accounting. As of August 1, 2018, we are in the process of completing our purchase price allocation, which includes allocating the purchase price to both tangible and intangible assets and liabilities of Koma. The $12.1 million total purchase price was funded with cash on-hand. We assumed operation of the project from Covanta on the acquisition date of July 27, 2018.