SEC Filings

10-K
NRG ENERGY, INC. filed this Form 10-K on 02/29/2016
Entire Document
 
                


Interest Rate Swaps Project Financings
Many of NRG's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly, and the LIBOR is determined in advance of each interest period. The following table summarizes the swaps, some of which are forward starting as indicated, related to NRG's project level debt as of December 31, 2015.
Non-Recourse Debt
% of Principal
 
Fixed Interest Rate
 
Floating Interest Rate
 
Notional Amount at December 31, 2015 (In millions)
 
Effective Date
 
Maturity Date
NRG Peaker Finance Co. LLC
100
%
 
6.673
%
 
3-mo. LIBOR + 1.07%
 
$
76

 
June 18, 2002
 
June 10, 2019
NRG West Holdings LLC
75
%
 
2.417
%
 
3-mo. LIBOR
 
358

 
November 30, 2011
 
August 31, 2023
South Trent Wind LLC
75
%
 
3.265
%
 
3-mo. LIBOR
 
46

 
June 15, 2010
 
June 14, 2020
South Trent Wind LLC
75
%
 
4.95
%
 
3-mo. LIBOR
 
21

 
June 30, 2020
 
June 14, 2028
NRG Solar Roadrunner LLC
75
%
 
4.313
%
 
3-mo. LIBOR
 
30

 
September 30, 2011
 
December 31, 2029
NRG Solar Alpine LLC
85
%
 
2.744
%
 
3-mo. LIBOR
 
122

 
various
 
December 31, 2029
NRG Solar Alpine LLC
85
%
 
2.421
%
 
3-mo. LIBOR
 
9

 
June 24, 2014
 
June 30, 2025
NRG Solar Avra Valley LLC
85
%
 
2.333
%
 
3-mo. LIBOR
 
51

 
November 30, 2012
 
November 30, 2030
NRG Marsh Landing
75
%
 
3.244
%
 
3-mo. LIBOR
 
387

 
June 28, 2013
 
June 30, 2023
Other
75
%
 
various

 
various
 
154

 
various
 
various
EME Project Financings
 
 
 
 
 
 
 
 
 
 
 
Broken Bow
75
%
 
2.960
%
 
3-mo. LIBOR
 
41

 
December 31, 2013
 
December 21, 2027
Cedro Hill
90
%
 
4.290
%
 
3-mo. LIBOR
 
93

 
December 31, 2010
 
December 31, 2025
Crofton Bluffs
75
%
 
2.748
%
 
3-mo. LIBOR
 
21

 
December 31, 2013
 
December 21, 2027
Laredo Ridge
75
%
 
2.310
%
 
3-mo. LIBOR
 
83

 
March 31, 2011
 
March 31, 2026
Tapestry
75
%
 
2.210
%
 
3-mo. LIBOR
 
163

 
December 30, 2011
 
December 21, 2021
Tapestry
50
%
 
3.570
%
 
3-mo. LIBOR
 
60

 
December 21, 2021
 
December 21, 2029
Viento Funding II
90
%
 
various
 
6-mo. LIBOR
 
170

 
various
 
various
Viento Funding II
90
%
 
4.985
%
 
6-mo. LIBOR
 
65

 
July 11, 2023
 
June 30, 2028
Walnut Creek Energy
75
%
 
various
 
3-mo. LIBOR
 
311

 
June 28, 2013
 
May 31, 2023
WCEP Holdings
90
%
 
4.003
%
 
3-mo. LIBOR
 
46

 
June 28, 2013
 
May 21, 2023
Subtotal EME
 
 
 
 
 
 
1,053

 
 
 
 
Alta Wind Project Financings
 
 
 
 
 
 
 
 
 
 
 
AWAM
100
%
 
2.470
%
 
3-mo. LIBOR
 
19

 
May 22, 2013
 
May 15, 2031
Subtotal Alta Wind
 
 
 
 
 
 
19

 
 
 
 
Total
 
 
 
 
 
 
2,326

 
 
 
 


176