Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

On May 9, 2017, a jointly-owned subsidiary of the Company and National Grid entered into an aggregate $202.0 million of senior secured credit facilities (the “Credit Agreement”) that was syndicated with various lenders. The credit facilities consisted of (i) $195.0 million delayed draw term loan facility with an initial interest rate of LIBOR + 275 basis points until April 30, 2021, stepping up to LIBOR + 300 basis points thereafter and (ii) a $7.0 million debt service reserve letter of credit facility. All facilities mature on April 30, 2024. The facilities are non-recourse to the Company and are secured by net cash flows from power purchase agreements and leases as well as the sale of RECs generated by residential solar projects, less certain operating, maintenance and other expenses which are available to the borrowers after distributions to tax equity investors.