Note 9. Noncontrolling Interests

Noncontrolling interests represent the portion of net assets in consolidated subsidiaries that are not attributable, directly or indirectly, to the Partnership. For accounting purposes, the holders of noncontrolling interests of the Partnership include the Sponsors, which are SunPower and First Solar, as described in Note 1, and third-party investors under the tax equity financing facilities. As of both May 31, 2016 and November 30, 2015, First Solar and SunPower had noncontrolling interests of 31.1% and 40.7%, respectively, in OpCo.

In addition, certain subsidiaries of OpCo have entered into tax equity financing facilities with third-party investors under which the parties invest in entities that hold the solar power systems. The Partnership, through OpCo, holds controlling interests in these less-than-wholly-owned entities and has therefore fully consolidated these entities. The Partnership accounts for the portion of net assets using the Hypothetical Liquidation at Book Value (“HLBV”) Method in the consolidated entities attributable to the investors as "Redeemable noncontrolling interests" and "Noncontrolling interests" in its unaudited condensed consolidated financial statements. Noncontrolling interests in subsidiaries that are redeemable at the option of the noncontrolling interest holder are classified as "Redeemable noncontrolling interests in subsidiaries" between liabilities and equity on the unaudited condensed consolidated balance sheets.

As of May 31, 2016 and November 30, 2015, redeemable noncontrolling interests attributable to tax equity investors were $22.5 million and $89.7 million, respectively, and noncontrolling interests attributable to tax equity investors were $72.0 million and $11.8 million, respectively.

In addition, in connection with the Kern Phase 1(a) Acquisition on January 26, 2016, the Kingbird Acquisition on March 31, 2016, and the Hooper Acquisition on April 1, 2016, OpCo acquired the noncontrolling interest balances totaling $0.9 million, $11.7 million and $23.7 million, respectively. Please read “—Note 2—Business Combinations—2016 Acquisitions” for further details.

During both the three and six months ended May 31, 2016, such indirect subsidiaries of OpCo received $47.2 million in contributions from third-party investors under the related facilities, of which $46.8 million was transferred to an affiliate of First Solar for the remaining purchase price payment of the Kingbird Project. During the three and six months ended May 31, 2016, such indirect subsidiaries of OpCo attributed $52.9 million and $87.8 million, respectively, in losses to the third-party investors primarily as a result of allocating certain assets, including tax credits, if any, to the investors. During both the three and six months ended June 28, 2015, such indirect subsidiaries of OpCo received $1.0 million in contributions from third-party investors under the related facilities and attributed $0.7 million in losses to the third-party investors primarily as a result of allocating certain assets, including tax credits, if any, to the investors.

During the three and six months ended May 31, 2016, such indirect subsidiaries of OpCo made distributions to third-party investors under the related facilities of $1.4 million and $2.6 million, respectively, compared to distributions of zero for both the three and six months ended June 28, 2015.

The following table presents the noncontrolling interest balances by entity, reported in shareholders’ equity in the unaudited condensed consolidated balance sheets as of May 31, 2016 and November 30, 2015:

	As of
	May 31,		November 30,
(in thousands)	2016		2015
First Solar	$	187,925	$	159,624
SunPower		69,648		22,661
Tax equity investors		72,014		11,773
Total	$	329,587	$	194,058