Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The Company’s debt consists of the following for periods presented below (in thousands):

							As of June 30, 2018
	June 30, 2018			December 31, 2017			Contractual Interest Rate			Effective Interest Rate
													Maturity
Corporate-level
Revolving Credit Facility	$	201,000		$	—		varies		(1)	3.78	%	(1)	November 2022
2020 Notes	225,000			225,000			4.00	%		6.60	%		July 2020
2024 Notes	350,000			350,000			5.88	%		5.88	%		February 2024
Project-level
Fixed interest rate
El Arrayán EKF term loan (5)	—			99,112
Santa Isabel term loan	102,508			103,878			4.57	%		4.57	%		September 2033
Variable interest rate
Ocotillo commercial term loan	287,067			289,339			3.83	%		4.05	%	(3)	June 2033
El Arrayán commercial term loan (5)	—			90,102
Spring Valley term loan	122,125			125,678			4.09	%		5.02	%	(3)	June 2030
St. Joseph term loan (2)	161,300			171,487			3.40	%		3.93	%	(3)	November 2033
Western Interconnect term loan (2)	53,060			54,395			4.34	%		4.33	%	(3)	April 2027
Meikle term loan (2)	250,601			266,557			3.27	%		3.92	%	(3)	May 2024
Futtsu term loan	76,312			—			1.07	%		1.85	%	(3)	December 2033
Ohorayama term loan	98,870			—			0.87	%		0.87	%	(3)	February 2036
Tsugaru Construction Loan	53,837			—			0.72	%		0.72	%	(3)	March 2038
Tsugaru Holdings Loan Agreement	58,320			—			3.09	%		3.09	%	(3)	July 2022
Imputed interest rate
Hatchet Ridge financing lease obligation	184,704			192,079			1.43	%		1.43	%		December 2032
	2,224,704			1,967,627
Unamortized premium/discount, net (4)	(10,993		)	(13,470		)
Unamortized financing costs	(27,385		)	(23,426		)
Total debt, net	2,186,326			1,930,731
As reflected on the consolidated balance sheets
Revolving Credit Facility	$	201,000		$	—
Current portion of long-term debt, net of financing costs	61,583			51,996
Long term debt, net of financing costs	1,923,743			1,878,735
Total debt, net	$	2,186,326		$	1,930,731

⁽¹⁾  Refer to Revolving Credit Facility for interest rate details.

⁽²⁾  The amortization for the St. Joseph term loan, the Western Interconnect term loan and the Meikle term loan are through September 2036, March 2036 and December 2038, respectively, which differs from the stated maturity date of such loans due to prepayment requirements.

⁽³⁾  Includes impact of interest rate swaps. See Note 12, Derivative Instruments, for discussion of interest rate swaps.

⁽⁴⁾  The discount relates to the 2020 Notes.

⁽⁵⁾  As discussed in Note 4, Assets Held for Sale, as of May 21, 2018, the debt related to El Arrayán Wind is included in liabilities related to assets held for sale.

Schedule of Reconciliation of Interest Expense

Interest and commitment fees incurred and interest expense for debt consisted of the following (in thousands):

	Three months ended June 30,					Six months ended June 30,
	2018			2017		2018			2017
Corporate-level interest and commitment fees incurred	$	9,555		$	8,497	$	18,220		$	15,612
Project-level interest and commitment fees incurred	16,892			13,107		31,085			25,468
Capitalized interest, commitment fees, and letter of credit fees	(1,481		)	—		(1,481		)	—
Amortization of debt discount/premium, net	1,250			1,125		2,477			2,227
Amortization of financing costs	1,389			1,994		2,638			3,852
Other interest	104			116		214			235
Interest expense	$	27,709		$	24,839	$	53,153		$	47,394

Schedule of Convertible Debt

The following table presents a summary of the equity and liability components of the 2020 Notes (in thousands):

	June 30, 2018			December 31, 2017
Principal	$	225,000		$	225,000
Less:
Unamortized debt discount	(10,993		)	(13,470		)
Unamortized financing costs	(2,249		)	(2,794		)
Carrying value of convertible senior notes	$	211,758		$	208,736
Carrying value of the equity component (1)	$	23,743		$	23,743

⁽¹⁾  Included in the consolidated balance sheets as additional paid-in capital, net of $0.7 million in equity issuance costs.