Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long Term Debt

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

							As of September 30, 2019
	September 30, 2019			December 31, 2018			Contractual Interest Rate			Effective Interest Rate
													Maturity
Corporate-level
Corporate Revolving Credit Facility	$	39		$	198		Varies		(1)	3.70	%	(1)	November 2022
Incremental Bank Loan	250			—			Varies		(6)	3.41	%	(6)	July 2022
2020 Notes	225			225			4.00	%		6.60	%		July 2020
2024 Notes	350			350			5.88	%		5.88	%		February 2024
Project-level
Fixed interest rate
Santa Isabel term loan	97			100			4.57	%		4.57	%		September 2033
Mont Sainte Marguerite-med term loan	60			62			3.97	%		3.97	%		December 2029
Mont Sainte Marguerite-long term loan	96			93			5.04	%		5.04	%		June 2042
Variable interest rate
Gulf Wind Promissory Note	22			—			2.84	%		2.84	%		December 2019
Japan Credit Facility	25			25			Varies		(5)	1.82	%		August 2022
Ocotillo commercial term loan	269			281			3.60	%		4.01	%	(3)	June 2033
St. Joseph term loan (2)	150			152			3.72	%		4.08	%	(3)	November 2033
Western Interconnect term loan	90			52			3.49	%		4.21	%	(3)	May 2034
Meikle term loan (2)	242			239			3.48	%		3.94	%	(3)	May 2024
Futtsu term loan	73			75			1.07	%		1.86	%	(3)	December 2033
Ohorayama term loan	92			93			0.87	%		1.50	%	(3)	February 2036
Tsugaru Construction Loan	276			131			0.72	%		0.72	%		March 2038
Tsugaru Holdings Loan Agreement	62			59			3.13	%		3.13	%		July 2022
Imputed interest rate
Hatchet Ridge financing lease obligation	172			180			1.43	%		1.43	%		December 2032
	2,590			2,315
Unamortized discount, net (4)	(6		)	(11		)
Unamortized financing costs	(19		)	(21		)
Total debt, net	2,565			2,283
As reflected on the consolidated balance sheets
Revolving credit facility, current	$	39		$	198
Revolving credit facility	25			25
Current portion of long-term debt, net of financing costs	329			56
Long term debt, net of financing costs	2,172			2,004
Total debt, net	$	2,565		$	2,283

⁽¹⁾  Refer to Corporate Revolving Credit Facility in the Annual Report on Form 10-K for the year ended December 31, 2018 for interest rate details.

⁽²⁾  The amortization for the St. Joseph term loan and the Meikle term loan are through September 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 10, Derivative Instruments, for discussion of interest rate swaps.

⁽⁴⁾  The discount relates to the 2020 Notes and MSM term loans.

⁽⁵⁾  Refer to Japan Credit Facility for interest rate details.

⁽⁶⁾  Refer to Incremental Bank Loan for interest rate details.

Schedule of Reconciliation of Interest Expense

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

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Corporate-level interest and commitment fees incurred	$	11		$	10		$	33		$	28
Project-level interest and commitment fees incurred	13			16			40			47
Capitalized interest, commitment fees, and letter of credit fees	(1		)	(2		)	(4		)	(3		)
Amortization of debt discount/premium, net	2			2			5			4
Amortization of financing costs	2			2			4			5
Interest expense	$	27		$	28		$	78		$	81

Schedule of Convertible Debt

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

	September 30, 2019			December 31, 2018
Principal	$	225		$	225
Less:
Unamortized debt discount	(4		)	(8		)
Unamortized financing costs	(1		)	(2		)
Carrying value of convertible senior notes	$	220		$	215
Carrying value of the equity component (1)	$	24		$	24

⁽¹⁾ 

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