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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 333-203369
Clearway Energy LLC
(Exact name of registrant as specified in its charter)
Delaware
 
32-0407370
(State or other jurisdiction
of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
300 Carnegie Center, Suite 300
Princeton
New Jersey
08540
(Address of principal executive offices)
(Zip Code)
(609608-1525
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (Note: The registrant is a voluntary filer and not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. Although not subject to these filing requirements, the registrant has filed all reports that would have been required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months had the registrant been subject to such requirements.) Yes o     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No x
As of July 31, 2019, there were 34,599,645 Class A units outstanding, 42,738,750 Class B units outstanding, 73,325,741 Class C units outstanding, and 42,738,750 Class D units outstanding. There is no public market for the registrant's outstanding units.
 
 
 
 
 

1

                                                                          

TABLE OF CONTENTS
Index
 
 

2

                                                                          

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I, of the Company's Annual Report on Form 10-K for the year ended December 31, 2018, as well as the following:
Potential risks related to the PG&E Bankruptcy;
The Company's ability to maintain and grow its quarterly distributions;
Potential risks related to the Company's relationships with GIP and CEG;
The Company's ability to successfully transition services previously provided by NRG;
The Company's ability to successfully identify, evaluate and consummate acquisitions from third parties;
The Company's ability to acquire assets from GIP or CEG;
The Company's ability to raise additional capital due to its indebtedness, corporate structure, market conditions or otherwise;
Changes in law, including judicial decisions;
Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards;
The Company's ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
The willingness and ability of counterparties to the Company's offtake agreements to fulfill their obligations under such agreements;
The Company's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices as current offtake agreements expire;
Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws;
Operating and financial restrictions placed on the Company that are contained in the project-level debt facilities and other agreements of certain subsidiaries and project-level subsidiaries generally, in the Clearway Energy Operating LLC amended and restated revolving credit facility and in the indentures governing the Senior Notes;
Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company's insurers to provide coverage;
The Company's ability to engage in successful mergers and acquisitions activity; and
The Company's ability to borrow additional funds and access capital markets, as well as the Company's substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.



3

                                                                          

GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2018 Form 10-K
 
Clearway Energy LLC's (formerly NRG Yield LLC) Annual Report on Form 10-K for the year ended December 31, 2018
2019 Convertible Notes
 
$329 million aggregate principal amount of 3.50% convertible notes due 2019, issued by Clearway Energy, Inc.
2020 Convertible Notes
 
$45 million aggregate principal amount of 3.25% convertible notes due 2020, issued by Clearway Energy, Inc.
2024 Senior Notes
 
$500 million aggregate principal amount of 5.375% unsecured senior notes due 2024, issued by Clearway Energy Operating LLC
2025 Senior Notes
 
$600 million aggregate principal amount of 5.750% unsecured senior notes due 2025, issued by Clearway Energy Operating LLC
2026 Senior Notes
 
$350 million aggregate principal amount of 5.00% unsecured senior notes due 2026, issued by Clearway Energy Operating LLC
Adjusted EBITDA
 
Represents EBITDA adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
AOCL/AOCI
 
Accumulated Other Comprehensive Loss/Accumulated Other Comprehensive Income
ASC
 
The FASB Accounting Standards Codification, which the FASB established as the source of
authoritative GAAP
ASU
 
Accounting Standards Updates - updates to the ASC
ATM Program
 
At-The-Market Equity Offering Program
Bankruptcy Code
 
Title 11 of the U.S. Code

Bankruptcy Court
 
U.S. Bankruptcy Court for the Northern District of California
CAFD
 
Cash Available for Distribution is Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, adjustments to reflect CAFD generated by unconsolidated investments that are not able to distribute project dividends due to the PG&E Bankruptcy, cash receipts from notes receivable, cash distributions from noncontrolling interests, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, Walnut Creek investment payments, and changes in prepaid and accrued capacity payments
Carlsbad Project
 
A 527 MW natural gas fired project in Carlsbad, CA
CDFW
 
California Department of Fish and Wildlife
CEG
 
Clearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services Agreements
 
Master Services Agreements entered into as of August 31, 2018 between the Company, Clearway Energy LLC and Clearway Energy Operating LLC, and CEG
CEG ROFO Agreement
 
Right of First Offer Agreement, entered into as of August 31, 2018, by and between Clearway Energy Group LLC and Clearway Energy, Inc., and solely for purposes of Section 2.4, GIP III Zephyr Acquisition Partners, L.P., as amended by the First Amendment to the Right of First Offer Agreement dated February 14, 2019
CEG ROFO Asset
 
Asset to potentially be offered to the Company by CEG under the CEG ROFO Agreement
Clearway Energy LLC
 
The holding company through which the projects are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLC
 
The holder of Clearway Energy, Inc.'s Class B and Class D common shares and Clearway Energy LLC's Class B and Class D units
Clearway Energy Operating LLC
 
The holder of the project assets that are owned by Clearway Energy LLC
COD
 
Commercial Operation Date
Company
 
Clearway Energy LLC, together with its consolidated subsidiaries
CVSR
 
California Valley Solar Ranch

4

                                                                          

CVSR Holdco
 
CVSR Holdco LLC, the indirect owner of CVSR
DGPV Holdco 1
 
DGPV Holdco 1 LLC
DGPV Holdco 2
 
DGPV Holdco 2 LLC
DGPV Holdco 3
 
DGPV Holdco 3 LLC
Distributed Solar

 
Solar power projects, typically less than 20 MW in size, that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
Drop Down Assets
 
Collectively, assets under common control acquired by the Company from NRG from January 1, 2014 through the period ended August 31, 2018
EBITDA
 
Earnings before interest, tax, depreciation and amortization
Economic Gross Margin
 
Energy and capacity revenue less cost of fuels
ECP
 
Energy Center Pittsburgh LLC, a subsidiary of the Company
EPA
 
U.S. Environmental Protection Agency
EPC
 
Engineering, Procurement and Construction
Exchange Act
 
The Securities Exchange Act of 1934, as amended
FASB
 
Financial Accounting Standards Board
GAAP
 
Accounting principles generally accepted in the U.S.
GenConn
 
GenConn Energy LLC
GIP
 
Collectively, Global Infrastructure Partners III-C Intermediate AIV 3, L.P., Global Infrastructure Partners III-A/B AIV 3, L.P., Global Infrastructure Partners III-C Intermediate AIV 2, L.P., Global Infrastructure Partners III-C2 Intermediate AIV, L.P. and GIP III Zephyr Friends & Family, LLC.
GIP Transaction
 
On August 31, 2018, NRG transferred its full ownership interest in the Company to Clearway Energy Group LLC and subsequently sold 100% of its interests in Clearway Energy Group LLC, which includes NRG's renewable energy development and operations platform, to an affiliate of GIP. GIP, NRG and the Company also entered into a consent and indemnity agreement in connection with the purchase and sale agreement, which was signed on February 6, 2018
HLBV
 
Hypothetical Liquidation at Book Value
LIBOR
 
London Inter-Bank Offered Rate
March 2017 Drop Down Assets
 
(i) Agua Caliente Borrower 2 LLC, which owns a 16% interest (approximately 31% of NRG's 51% interest) in the Agua Caliente solar farm and (ii) NRG's 100% ownership in the Class A equity interests in the Utah Solar Portfolio (defined below), both acquired by the Company on March 27, 2017
MMBtu
 
Million British Thermal Units
MW
 
Megawatts
MWh
 
Saleable megawatt hours, net of internal/parasitic load megawatt-hours
MWt
 
Megawatts Thermal Equivalent
Net Exposure
 
Counterparty credit exposure to Clearway Energy, Inc. net of collateral
NPPD
 
Nebraska Public Power District
NRG
 
NRG Energy, Inc.
NRG ROFO Agreement
 
Third Amended and Restated Right of First Offer Agreement, entered into as of August 31, 2018, by and between NRG Energy, Inc. and the Company
NRG TSA
 
Transition Services Agreement dated as of August 31, 2018 by and between NRG and the Company
OCI/OCL
 
Other comprehensive income/loss
O&M
 
Operation and Maintenance
PG&E
 
Pacific Gas and Electric Company
PG&E Bankruptcy
 
On January 29, 2019, PG&E Corporation and Pacific Gas and Electric Company filed voluntary petitions for relief under the Bankruptcy Code in the Bankruptcy Court
PPA
 
Power Purchase Agreement
RENOM
 
Clearway Renewable Operation & Maintenance LLC
ROFO
 
Right of First Offer

5

                                                                          

RPV Holdco
 
RPV Holdco 1 LLC
RTO
 
Regional Transmission Organization
SEC
 
U.S. Securities and Exchange Commission
Senior Notes
 
Collectively, the 2024 Senior Notes and the 2026 Senior Notes
SPP
 
Solar Power Partners
Tax Act
 
Tax Cuts and Jobs Act of 2017
Thermal Business
 
The Company's thermal business, which consists of thermal infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units
TSA
 
Transition Services Agreement
UPMC Thermal Project
 
The University of Pittsburgh Medical Center Thermal Project, a 73 MWt district energy system that allows ECP to provide steam, chilled water and 7.5 MW of emergency backup power service to UPMC
U.S.
 
United States of America
Utah Solar Portfolio
 
Collection consists of Four Brothers Solar, LLC, Granite Mountain Holdings, LLC, and Iron Springs Holdings, LLC, which are equity investments owned by Four Brothers Capital, LLC, Granite Mountain Capital, LLC, and Iron Springs Capital, LLC, respectively, and are part of the March 2017 Drop Down Assets acquisition that closed on March 27, 2017
Utility Scale Solar

 
Solar power projects, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VaR
 
Value at Risk
VIE
 
Variable Interest Entity
Wind TE Holdco
 
Wind TE Holdco LLC, an 814 net MW portfolio of twelve wind projects

6

                                                                          

PART I - FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
(In millions)
2019
 
2018
 
2019
 
2018
Operating Revenues
 
 
 
 
 
 
 
Total operating revenues
$
284

 
$
307

 
$
501

 
$
532

Operating Costs and Expenses
 
 
 
 
 
 
 
Cost of operations
79

 
74

 
163

 
163

Depreciation and amortization
89

 
82

 
173

 
163

Impairment losses
19

 

 
19

 

General and administrative
6

 
6

 
12

 
11

Transaction and integration costs
1

 
1

 
2

 
2

Development costs
2

 

 
3

 

Total operating costs and expenses
196

 
163

 
372

 
339

Operating Income
88

 
144

 
129

 
193

Other Income (Expense)
 
 
 
 
 
 
 
Equity in earnings of unconsolidated affiliates
11

 
29

 
14

 
33

Other income, net
1

 
1

 
4

 
2

Loss on debt extinguishment
(1
)
 

 
(1
)
 

Interest expense
(130
)
 
(68
)
 
(231
)
 
(120
)
Total other expense, net
(119
)
 
(38
)
 
(214
)
 
(85
)
Net (Loss) Income
(31
)
 
106

 
(85
)
 
108

Less: Income (Loss) attributable to noncontrolling interests
2

 
(56
)
 
(4
)
 
(93
)
Net (Loss) Income Attributable to Clearway Energy LLC
$
(33
)
 
$
162

 
$
(81
)
 
$
201



See accompanying notes to consolidated financial statements.

7

                                                                          

CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
(In millions)
2019
 
2018
 
2019
 
2018
Net (Loss) Income
$
(31
)
 
$
106

 
$
(85
)
 
$
108

Other Comprehensive Gain
 
 
 
 
 
 
 
Unrealized gain on derivatives
5

 
7

 
3

 
27

Other comprehensive gain
5

 
7

 
3

 
27

Comprehensive (Loss) Income
(26
)
 
113

 
(82
)
 
135

Less: Comprehensive income (loss) attributable to noncontrolling interests
2

 
(56
)
 
(3
)
 
(93
)
Comprehensive (Loss) Income Attributable to Clearway Energy LLC
$
(28
)
 
$
169

 
$
(79
)
 
$
228




See accompanying notes to consolidated financial statements.

8

                                                                          

CLEARWAY ENERGY LLC
CONSOLIDATED BALANCE SHEETS
(In millions)
June 30, 2019
 
December 31, 2018
ASSETS
(unaudited)
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
91

 
$
407

Restricted cash
203

 
176

Accounts receivable — trade
126

 
104

Accounts receivable — affiliate
1

 
5

Inventory
49

 
40

Prepayments and other current assets
26

 
29

Total current assets
496

 
761

Property, plant and equipment, net
5,602

 
5,245

Other Assets
 
 
 
Equity investments in affiliates
1,165

 
1,172

Intangible assets, net
1,121

 
1,156

Derivative instruments

 
8

Right of use assets, net
183

 

Other non-current assets
100

 
106

Total other assets
2,569

 
2,442

Total Assets
$
8,667

 
$
8,448

LIABILITIES AND MEMBERS' EQUITY
 
 
 
Current Liabilities
 
 
 
Current portion of long-term debt — external
$
1,870

 
$
314

Current portion of long-term debt — affiliate
44

 
215

Accounts payable — trade
62

 
45

Accounts payable — affiliate
55

 
20

Derivative instruments
13

 
4

Accrued interest expense
43

 
44

Accrued expenses and other current liabilities
41

 
57

Total current liabilities
2,128

 
699

Other Liabilities
 
 
 
Long-term debt — external
4,192

 
5,404

Long-term debt — affiliate

 
44

Derivative instruments
66

 
17

Long-term lease liabilities
186

 

Other non-current liabilities
100

 
102

Total non-current liabilities
4,544

 
5,567

Total Liabilities
6,672

 
6,266

Commitments and Contingencies

 

Members' Equity
 
 
 
Contributed capital
1,884

 
1,940

(Accumulated deficit) retained earnings
(45
)
 
86

Accumulated other comprehensive loss
(42
)
 
(44
)
Noncontrolling interest
198

 
200

Total Members' Equity
1,995

 
2,182

Total Liabilities and Members’ Equity
$
8,667

 
$
8,448

    

See accompanying notes to consolidated financial statements.


9

                                                                          

CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six months ended June 30,
 
2019
 
2018
 
(In millions)
Cash Flows from Operating Activities
 
 
 
Net (loss) income
$
(85
)
 
$
108

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Equity in earnings of unconsolidated affiliates
(14
)
 
(33
)
Distributions from unconsolidated affiliates
22

 
32

Depreciation and amortization
173

 
163

Right of use asset amortization
3

 

Amortization of financing costs
3

 
7

Amortization of intangibles and out-of-market contracts
35

 
35

Adjustment for debt extinguishment
1

 

Impairment losses
19

 

Changes in derivative instruments
70

 
(32
)
Loss (gain) on disposal of asset components
7

 
(1
)
Changes in prepaid and accrued liabilities for tolling agreements
(60
)
 
(62
)
Changes in other working capital
(24
)
 
(35
)
Net Cash Provided by Operating Activities
150

 
182

Cash Flows from Investing Activities
 
 
 
Acquisitions
(100
)
 
(11
)
Partnership interests acquisition
(6
)
 

Acquisition of the Drop Down Assets

 
(126
)
Buyout of Wind TE Holdco non-controlling interest
(19
)
 

Capital expenditures
(96
)
 
(45
)
Cash receipts from notes receivable

 
7

Return of investment from unconsolidated affiliates
17

 
18

Investments in unconsolidated affiliates
(9
)
 
(16
)
Other
2

 
7

Net Cash Used in Investing Activities
(211
)
 
(166
)
Cash Flows from Financing Activities
 
 
 
Net (distributions) contributions from noncontrolling interests
(11
)
 
109

Net proceeds from the issuance of Class C units

 
73

Payments of distributions, net of contributions
(77
)
 
(128
)
Payments of debt issuance costs
(15
)
 
(5
)
Proceeds from the revolving credit facility
22

 
35

Payments for the revolving credit facility
(22
)
 
(90
)
Proceeds from the issuance of long-term debt — external
493

 
227

Payments for long-term debt — external
(396
)
 
(285
)
Payments for long-term debt — affiliate
(222
)
 

Net Cash Used in Financing Activities
(228
)
 
(64
)
Net Decrease in Cash, Cash Equivalents and Restricted Cash
(289
)
 
(48
)
Cash, Cash Equivalents and Restricted Cash at beginning of period
583

 
314

Cash, Cash Equivalents and Restricted Cash at end of period
$
294

 
$
266




See accompanying notes to consolidated financial statements.

10

                                                                          

CLEARWAY ENERGY LLC
CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY
For the Six Months Ended June 30, 2019
(Unaudited)
(In millions)
Contributed Capital
 
Retained Earnings (Accumulated Deficit)
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling Interest
 
Total
Members' Equity
Balances at December 31, 2018
$
1,940

 
$
86

 
$
(44
)
 
$
200

 
$
2,182

Net loss

 
(48
)
 

 
(6
)
 
(54
)
Unrealized (loss) gain on derivatives

 

 
(3
)
 
1

 
(2
)
Buyout of Wind TE Holdco non-controlling interest
(9
)
 

 

 
(10
)
 
(19
)
Capital contributions from tax equity investors, net of distributions, cash

 

 

 
19

 
19

Distributions paid to CEG, net of contributions

 

 

 

 

Contributions from CEG for Oahu Partnership, non-cash
10

 

 

 
2

 
12

Cumulative effect from change in accounting principle

 
(3
)
 

 

 
(3
)
Distributions paid to CEG on Class B and Class D units

 
(17
)
 

 

 
(17
)
Distributions paid to Clearway Energy, Inc.

 
(22
)
 

 

 
(22
)
Balances at March 31, 2019
$
1,941

 
$
(4
)
 
$
(47
)
 
$
206

 
$
2,096

Net loss

 
(33
)
 

 
2

 
(31
)
Unrealized gain on derivatives

 

 
5

 

 
5

Distributions to non-controlling interests, net of contributions, cash
(2
)
 

 

 
(28
)
 
(30
)
Contributions from CEG for Kawailoa, Repowering Partnerships, non-cash
(15
)
 
3

 

 
18

 
6

Distributions paid to CEG on Class B and Class D units
(6
)
 
(11
)
 

 

 
(17
)
Distributions paid to Clearway Energy, Inc., non-cash
(13
)
 

 

 

 
(13
)
Distributions paid to Clearway Energy, Inc.
(21
)
 

 

 

 

Balances at June 30, 2019
1,884

 
(45
)
 
(42
)
 
198

 
1,995



11

                                                                          

For the Six Months Ended June 30, 2018
(Unaudited)
(In millions)
Contributed Capital
 
Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling Interest
 
Total
Members' Equity
Balances at December 31, 2017
$
1,919

 
$
16

 
$
(68
)
 
$
162

 
$
2,029

Net income (loss)

 
39

 

 
(37
)
 
2

Unrealized gain on derivatives

 

 
20

 

 
20

Payment for the Buckthorn Solar Drop Down Asset
(42
)
 

 

 

 
(42
)
Capital contributions from tax equity investors, net of distributions, cash

 

 

 
30

 
30

Distributions paid to NRG, net of contributions
4

 

 

 

 
4

Distributions paid to NRG on Class B and Class D units

 
(26
)
 

 

 
(26
)
Distributions paid to Clearway Energy, Inc.
(29
)
 

 

 

 
(29
)
Balances at March 31, 2018
$
1,852

 
$
29

 
$
(48
)
 
$
155

 
$
1,988

Net income (loss)

 
162

 

 
(56
)
 
106

Unrealized gain on derivatives

 

 
7

 

 
7

Payment for the Buckthorn Solar Drop Down Asset
(13
)
 

 

 

 
(13
)
Capital contributions from tax equity investors, net of distributions, cash

 

 

 
79

 
79

Distributions paid to NRG, net of contributions
(15
)
 

 

 

 
(15
)
Proceeds from the issuance of Class C Common Stock
73

 

 

 

 
73

Distributions paid to Clearway Energy, Inc.
(6
)
 
(52
)
 

 

 
(58
)
Balances at June 30, 2018
1,891

 
139

 
(41
)
 
178

 
2,167






12

                                                                          

CLEARWAY ENERGY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1Nature of Business
Clearway Energy LLC, together with its consolidated subsidiaries, or the Company, is an energy infrastructure investor in and owner of modern, sustainable and long-term contracted assets across North America. The Company is indirectly owned by Global Infrastructure Partners III. Global Infrastructure Management, LLC is an independent fund manager of funds that invests in infrastructure assets in the energy and transport sectors, and Global Infrastructure Partners III is its third equity fund. The Company is sponsored by GIP through GIP's portfolio company, CEG.     
The Company was previously owned by NRG Energy, Inc., or NRG. On August 31, 2018, NRG transferred its full ownership interest in the Company to CEG, the holder of NRG's renewable energy development and operations platform, and subsequently sold 100% of its interest in CEG to GIP, referred to hereinafter as the GIP Transaction.
The Company’s environmentally-sound asset portfolio includes over 5,272 MW of wind, solar and natural gas-fired power generation facilities, as well as district energy systems. Through this diversified and contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and, in some instances, electricity at a central plant. Certain district energy systems are subject to rate regulation by state public utility commissions (although they may negotiate certain rates) while the other district energy systems have rates determined by negotiated bilateral contracts.
The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG's interest shown as noncontrolling interest in the financial statements. The holders of Clearway Energy, Inc.'s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. Clearway Energy, Inc. currently owns 55.8% of the economic interests of Clearway Energy LLC, with CEG retaining 44.2% of the economic interests of Clearway Energy LLC.

13

                                                                          

The following table represents the structure of the Company as of June 30, 2019:
https://cdn.kscope.io/1ae42e8310b6f3da3dc03f18b2bdb007-clearwayorg123118a03.jpg

Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company's 2018 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of June 30, 2019 , and the results of operations, comprehensive income (loss) and cash flows for the six months ended June 30, 2019 and 2018.
PG&E Bankruptcy
On January 29, 2019, PG&E filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of California. Certain subsidiaries of the Company, which hold interests in 6 solar facilities totaling 480 MW and Marsh Landing with capacity of 720 MW, sell the output of their facilities to PG&E under long-term PPAs. The Company consolidates three of the solar facilities and Marsh Landing, and records its interest in the other solar facilities as equity method investments. As of June 30, 2019, the Company had $1.4 billion of property, plant and equipment, net, $357 million investments in unconsolidated affiliates and $1.3 billion of borrowings with final maturity dates ranging from 2023 - 2038 related to these facilities. The related subsidiaries of the Company are parties to financing agreements consisting of non-recourse project-level debt and, in certain cases, non-recourse holding company debt. The PG&E Bankruptcy triggered defaults under the PPAs with PG&E and such related project-level financing agreements. As a result, the Company recorded $1.3 billion of principal, net of the related unamortized debt issuance costs, as short-term debt as of June 30, 2019. As of August 5, 2019, the Company's

14

                                                                          

contracts with PG&E have operated in the normal course and the Company currently expects these contracts to continue as such. As of August 5, 2019, the Company has entered into forbearance agreements for certain project-level financing arrangements, and continues to seek forbearance agreements for its other project-level financing arrangements affected by the PG&E Bankruptcy. For further discussion see Note 7, Long-term Debt.
Transition Services Agreement
As a result of the GIP Transaction, the Company entered into a Transition Services Agreement with NRG, or the NRG TSA, pursuant to which NRG or certain of its affiliates began providing certain services to the Company following the consummation of the GIP Transaction on August 31, 2018, in exchange for the payment of a fee in respect of such services. A material portion of these processes terminated during the second quarter of 2019 and such services were subsequently provided by both the Company and by CEG pursuant to the CEG Master Services Agreements. During the second quarter of 2019, the Company exercised its option to extend the term of the NRG TSA through April 30, 2020 for the remaining services, some of which will be billed at an hourly rate as agreed between the parties. Expenses related to the NRG TSA are recorded in transaction and integration costs in the consolidated statements of operations.

Note 2 Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates.
Cash and Cash Equivalents, and Restricted Cash
Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $86 million and $109 million as of June 30, 2019 and December 31, 2018, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statements of cash flows.
 
June 30,
 
December 31,
 
2019
 
2018
 
(in millions)
Cash and cash equivalents
$
91

 
$
407

Restricted cash
203

 
176

Cash, cash equivalents and restricted cash shown in the statement of cash flows
$
294

 
$
583


Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. As of June 30, 2019, these restricted funds were comprised of $60 million designated to fund operating expenses, approximately $45 million designated for current debt service payments, and $42 million restricted for reserves including debt service, performance obligations and other reserves, as well as capital expenditures. The remaining $56 million is held in distributions reserve accounts, of which $36 million related to subsidiaries affected by the PG&E Bankruptcy as discussed in Note 1, Nature of Business, and may not be distributed during the pendency of the bankruptcy.
Accumulated Depreciation, Accumulated Amortization
The following table presents the accumulated depreciation included in the property, plant and equipment, net, and accumulated amortization included in intangible assets, net, respectively, as of June 30, 2019 and December 31, 2018:
 
June 30, 2019
 
December 31, 2018
 
(In millions)
Property, Plant and Equipment Accumulated Depreciation
$
1,731

 
$
1,590

Intangible Assets Accumulated Amortization
343

 
308



15

                                                                          

Distributions
The following table lists distributions paid on Clearway Energy LLC's Class A, B, C and D units during the six months ended June 30, 2019:
 
Second Quarter 2019
 
First Quarter 2019
Distributions per Class A, B, C and D unit
$
0.20

 
$
0.20

On August 1, 2019, Clearway Energy LLC declared a distribution on its Class A, Class B, Class C and Class D units of $0.20 per unit payable on September 17, 2019 to unit holders of record as of September 3, 2019.
Revenue Recognition
Revenue from Contracts with Customers
On January 1, 2018, the Company adopted the guidance in ASC 606, Revenue from Contracts with Customers, or Topic 606, using the modified retrospective method applied to contracts which were not completed as of the adoption date, with no adjustment required to the financial statements upon adoption. Following the adoption of the new standard, the Company’s revenue recognition of its contracts with customers remains materially consistent with its historical practice. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company's policies with respect to its various revenue streams are detailed below. In general, the Company applies the invoicing practical expedient to recognize revenue for the revenue streams detailed below, except in circumstances where the invoiced amount does not represent the value transferred to the customer.
Thermal Revenues
Steam and chilled water revenue is recognized as the Company transfers the product to the customer, based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. For thermal contracts, the Company’s performance obligation to deliver steam and chilled water is satisfied over time and revenue is recognized based on the invoiced amount. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement.
As contracts for steam and chilled water are long-term contracts, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and which vary based on the contract duration, customer type, inception date and other contract-specific factors. For the fixed price contracts, the Company cannot accurately estimate the amount of its unsatisfied performance obligations as it will vary based on customer usage, which will depend on factors such as weather and customer activity.
Power Purchase Agreements
The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. Energy, capacity and where applicable, renewable attributes, from the majority of the Company’s renewable energy assets and certain conventional energy plants is sold through long-term PPAs and tolling agreements to a single counterparty, which is often a utility or commercial customer. The majority of these PPAs are accounted for as leases. ASC 840 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Management's judgment is required in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease.
Renewable Energy Credits
Renewable energy credits, or RECs, are usually sold through long-term PPAs. Revenue from the sale of self-generated RECs is recognized when the related energy is generated and simultaneously delivered even in cases where there is a certification lag as it has been deemed to be perfunctory.
In a bundled contract to sell energy, capacity and/or self-generated RECs, all performance obligations are deemed to be delivered at the same time and hence, timing of recognition of revenue for all performance obligations is the same and occurs over time. In such cases, it is often unnecessary to allocate transaction price to multiple performance obligations.

16

                                                                          

Sale of Emission Allowances
The Company records its bank of emission allowances as part of intangible assets. From time to time, management may authorize the transfer of emission allowances in excess of usage from the Company's emission bank to intangible assets held-for-sale for trading purposes. The Company records the sale of emission allowances on a net basis within operating revenue in the Company's consolidated statements of operations.
Disaggregated Revenues     
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three and six months ended June 30, 2019:
 
Three months ended June 30, 2019
(In millions)
Conventional Generation
 
Renewables
 
Thermal
 
Total
Energy revenue(a)
$
1

 
$
166

 
$
2

 
$
169

Capacity revenue(a)
85

 

 
38

 
123

Contract amortization
(2
)
 
(15
)
 

 
(17
)
Other revenue

 
2

 
7

 
9

Total operating revenue
84

 
153

 
47

 
284

Less: Lease revenue
(86
)
 
(157
)
 
(1
)
 
(244
)
Less: Contract amortization
2

 
15

 

 
17

Total revenue from contracts with customers
$

 
$
11

 
$
46

 
$
57

 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
 
 
Conventional Generation
 
Renewables
 
Thermal
 
Total
Energy revenue
 
$
1

 
$
157

 
$
1

 
$
159

Capacity revenue
 
85

 

 

 
85

 
 
$
86

 
$
157

 
$
1

 
$
244


 
Six months ended June 30, 2019
(In millions)
Conventional Generation
 
Renewables
 
Thermal
 
Total
Energy revenue(a)
$
2

 
$
274

 
$
3

 
$
279

Capacity revenue(a)
164

 

 
82

 
246

Contract amortization
(3
)
 
(30
)
 
(1
)
 
(34
)
Mark-to-market for economic hedging activities

 
(7
)
 

 
(7
)
Other revenue

 
4

 
13

 
17

Total operating revenue
163

 
241

 
97

 
501

Less: Mark-to-market for economic hedging activities

 
7

 

 
7

Less: Lease revenue
(166
)
 
(256
)
 
(