The following table reflects the changes in the Company's redeemable preferred stock balance for the years ended December 31, 2015, and 2014.
Balance as of December 31, 2013
Loss recorded in connection with extinguishment of 3.625% preferred stock and issuance of 2.822% preferred stock
Balance as of December 31, 2014
Accretion to redemption value
Balance as of December 31, 2015
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:
Avenal Solar Holdings LLC (a)
Community Wind North, LLC
Desert Sunlight Investment Holdings, LLC (a)
Elkhorn Ridge Wind, LLC (a)
GenConn Energy LLC (a)
Midway-Sunset Cogeneration Company
Petra Nova Parish Holdings LLC
Saguaro Power Company
San Juan Mesa Wind Project, LLC (a)
Sherbino I Wind Farm LLC
Watson Cogeneration Company
Gladstone Power Station (b)
(a) Equity method investments owned by NRG Yield
(b) Gladstone Power Station is located in Australia
As of December 31,
Undistributed earnings from equity investments
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.