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SEC Filing Details

10-K
NRG ENERGY, INC. filed this Form 10-K on 03/01/2018
Entire Document
 

Significant Events
NRG Transformation Plan
NRG is in process of executing its Transformation Plan. The three-part, three-year plan is comprised of targets in the areas of operational and cost excellence, portfolio optimization, and capital structure and allocation enhancement. For further discussion, refer to Item 1 - Business.
During 2017, NRG received cash proceeds from asset sales in the amount of $150 million, which includes the sales to NRG Yield, Inc. (also included below in Transfers of Assets Under Common Control) and sale of Minnesota wind projects to third parties.
On February 6, 2018, NRG entered into a purchase and sale agreement with GIP to sell NRG's ownership in NRG Yield, Inc. and NRG's renewables platform for a total purchase price of $1.375 billion, subject to certain conditions.
On February 6, 2018, NRG entered into a purchase and sale agreement with Cleco to sell NRG's South Central business for a total purchase price of $1.0 billion, subject to certain adjustments.
On January 24, 2018, the Company entered into an agreement with NRG Yield, Inc. to sell 100% of its ownership interest in Buckthorn Solar for cash consideration of $42 million, subject to other adjustments.
On February 6, 2018, the Company entered into an agreement with NRG Yield, Inc. to sell 100% of the membership interests in Carlsbad Energy Holdings LLC, which owns the Carlsbad project, a 527 MW natural gas fired project in Carlsbad, CA, pursuant to the ROFO Agreement. The purchase price for the transaction is $365 million in cash consideration, subject to customary working capital and other adjustments.
On February 23, 2018, the Company entered into an agreement to sell BETM to a third party for $70 million. The transaction is expected to close in the second half of 2018 and is subject to various customary closing conditions, approvals and consents.
GenOn Chapter 11 Bankruptcy Filing
On June 14, 2017, the GenOn Entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On December 12, 2017, the Bankruptcy Court entered an order confirming the plan of reorganization. For further discussion, refer to Item 15 Note 1, Nature of Business, Note 3, Discontinued Operations, Acquisitions and Dispositions, and Note 21, Related Party Transactions, to the Consolidated Financial Statements.
Tax Act
As of December 31, 2017, as a result of the Tax Act, the Company reduced its deferred tax assets by $733 million offset by valuation allowance of $660 million. In addition, the Company established a non-current receivable for its refundable AMT credits of $64 million, net of sequestration. The net impact of the Tax Act on net income is a decrease of $9 million primarily due to the expense of $73 million resulting from the Company's revaluation of its net deferred tax asset, partially offset by a $64 million benefit from establishing the AMT credit receivable.
Transfers of Assets Under Common Control
During 2017, the Company completed the sale of several projects totaling 555 MW to NRG Yield, Inc. for aggregate cash consideration of approximately $245 million, as discussed in more detail in Item 15 Note 3, Discontinued Operations, Acquisitions and Dispositions, to the Consolidated Financial Statements.
Financing Activities
Debt Issuances — During 2017, the Company issued approximately $0.9 billion in recourse debt, approximately $0.8 billion in non-recourse debt and repriced the 2023 Term Loan Facility as discussed in more detail in Item 15 - Note 12, Debt and Capital Leases, to the Consolidated Financial Statements.

Debt Repurchases During 2017, the Company repurchased $1.5 billion in aggregate principal of outstanding Senior Notes for approximately $1.5 billion, including accrued interest, as discussed in more detail in Item 15 - Note 12, Debt and Capital Leases, to the Consolidated Financial Statements.


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