SEC Filings

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

The following table reflects the changes in the Company's redeemable preferred stock balance for the years ended December 31, 2015, and 2014.
 
(In millions)
Balance as of December 31, 2013
$
249

Loss recorded in connection with extinguishment of 3.625% preferred stock and issuance of 2.822% preferred stock
42

Balance as of December 31, 2014
291

Accretion to redemption value
11

Balance as of December 31, 2015
$
302

Note 16 — Investments Accounted for by the Equity Method and Variable Interest Entities
Entities that are not Consolidated
NRG accounts for the Company's significant investments using the equity method of accounting. NRG's carrying value of equity investments can be impacted by impairments, unrealized gains and losses on derivatives and movements in foreign currency exchange rates, as well as other adjustments.
The following table summarizes NRG's significant equity method investments as of December 31, 2015:
Name
Economic
Interest
Investment Balance
 
 
(in millions)
Avenal Solar Holdings LLC (a)
50.0
%
$
(9
)
Community Wind North, LLC
99.0
%
57

Desert Sunlight Investment Holdings, LLC (a)
25.0
%
291

Elkhorn Ridge Wind, LLC (a)
66.7
%
96

GenConn Energy LLC (a)
50.0
%
110

Midway-Sunset Cogeneration Company
50.0
%
25

Petra Nova Parish Holdings LLC
50.0
%
136

Saguaro Power Company
50.0
%
(20
)
San Juan Mesa Wind Project, LLC (a)
75.0
%
80

Sherbino I Wind Farm LLC
50.0
%
80

Watson Cogeneration Company
49.0
%
36

Gladstone Power Station (b)
37.5
%
149

Other
Various

14

(a) Equity method investments owned by NRG Yield
(b) Gladstone Power Station is located in Australia
 
As of December 31,
 
2015
 
2014
 
(In millions)
Undistributed earnings from equity investments
$
55

 
$
76

Desert Sunlight As described in Note 3, Business Acquisitions and Dispositions, on June 29, 2015, NRG Yield, Inc., through its subsidiary Yield Operating, acquired 25% of the membership interest in Desert Sunlight Investment Holdings, LLC, which owns two solar photovoltaic facilities that total 550 MW located in Desert Center, California from EFS Desert Sun, LLC, an affiliate of GE Energy Financial Services, for a purchase price of $285 million. The Company accounts for its 25% investment as an equity method investment.
Petra Nova As further described in Note 3, Business Acquisitions and Dispositions, on July 3, 2014, NRG, through its wholly owned subsidiary Petra Nova Holdings LLC, sold 50% of its interest in Petra Nova Parish Holdings LLC to JX Nippon Oil Exploration (EOR) Limited, or JX Nippon, a wholly owned subsidiary of JX Nippon Oil & Gas Exploration Corporation.  As a result of the sale, the Company no longer has a controlling interest in and has deconsolidated Petra Nova Parish Holdings LLC as of the date of the sale. NRG's 50% interest in the partnership is accounted for as an equity method investment.

185