SEC Filings

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

Significant events during the year ended December 31, 2015
Impairment losses — During 2015, the Company recognized impairment losses related to certain of its long-lived assets and goodwill for certain reporting units, as discussed in more detail in Item 15 — Note 10, Asset Impairments, and Note 11, Goodwill and Other Intangibles, to the Consolidated Financial Statements.
NRG Yield, Inc. equity and debt offerings — During the second quarter of 2015, NRG Yield, Inc. completed its public offering of 28,198,000 shares of Class C common stock for net proceeds of $599 million. In addition, NRG Yield, Inc. issued $287.5 million aggregate principal amount of 3.25% Convertible Notes due 2020.
Debt Repurchases During the fourth quarter of 2015, the Company repurchased $520 million in aggregate principal of outstanding Senior Notes in the open market for $467 million, including accrued interest, as discussed in more detail in Item 15 - Note 12, Debt and Capital Leases, to the Consolidated Financial Statements.
Share Repurchases During 2015, under the 2015 Capital Allocation Program, the Company paid $437 million for the repurchase of 24,189,495 shares of common stock.
Transfers of Assets under Common Control On January 2, 2015, the Company sold the following facilities to NRG Yield, Inc.: Walnut Creek, the Tapestry projects (Buffalo Bear, Pinnacle and Taloga) and Laredo Ridge. NRG Yield, Inc. paid total cash consideration of $489 million, including $9 million of working capital adjustments, plus assumed project level debt of $737 million.
On November 3, 2015, the Company sold 75% of the Class B interests of NRG Wind TE Holdco, which owns a portfolio of 12 wind facilities totaling 814 net MW, to NRG Yield, Inc. NRG Yield Inc. paid total cash consideration of $209 million, subject to working capital adjustments. In February 2016, the Company made a final working capital payment of $2 million to NRG Yield, Inc., reducing total cash consideration to $207 million. NRG Yield, Inc. will be responsible for its pro-rata share of non-recourse project debt of $193 million and noncontrolling interest associated with a tax equity structure of $159 million (as of the acquisition date).
Significant events during the year ended December 31, 2014
EME acquisition — On April 1, 2014, NRG completed the acquisition of EME as discussed in more detail in Item 15 Note 3, Business Acquisitions and Dispositions.
Alta Wind acquisition — On August 12, 2014, NRG Yield, Inc. completed the acquisition of Alta Wind as discussed in more detail in Item 15 — Note 3, Business Acquisitions and Dispositions.
Long-term debt — During 2014, the Company increased its recourse debt by approximately $0.8 billion and increased its non-recourse debt by approximately $2.8 billion primarily in connection with the acquisitions of EME and Alta Wind as well as the issuance of NRG Yield, Inc. corporate debt.
Impairment losses — During 2014, the Company recognized impairment losses on its Coolwater and Osceola facilities and certain solar panels, as discussed in more detail in Item 15 — Note 10, Asset Impairments.
NRG Yield, Inc. public offering — During the third quarter of 2014, NRG Yield, Inc. completed its second public offering of its Class A common shares for net proceeds of $630 million.
Subsequent Events
Sherwin Bankruptcy — The Company's Gregory cogeneration plant provides steam, processed water and a small percentage of its electrical generation to the Corpus Christi Sherwin Alumina plant. On January 11, 2016, Sherwin Alumina Company, or Sherwin, filed a voluntary petition with the United States Bankruptcy Court for the Southern District of Texas for relief under Title 11 of the United States Code. Sherwin has agreed to pay all owed pre-petition amounts and, post-petition, Sherwin is performing pursuant to bankruptcy court authorization while it decides whether to reject the agreement Sherwin has with the Company's subsidiary that owns and operates the Company's Gregory cogeneration plant. Sherwin is seeking contractual concessions and could pursue a conversion to a Title 7 proceeding.
Canal 3 Development Project — In February 2016, the Company's Canal 3 development project, a 333 MW gas turbine peaker which is scheduled to go online in 2019 on Cape Cod, cleared the ISO-NE tenth forward capacity auction at a price of $7.03/Kw-month.


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