|TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019|
these companies and also disposed of $0.6 million of cash and cash equivalents and $0.8 million of restricted cash. There was no additional loss recognized during 2017 as a result of these sales.
Acquisitions of Renewable Energy Facilities from SunEdison
The following tables summarize the renewable energy facilities acquired by the Company from SunEdison through a series of transactions during the year ended December 31, 2016. There were no renewable energy facilities acquired from SunEdison during the year ended December 31, 2018 and December 31, 2017. As TerraForm Power was a controlled affiliate of SunEdison during 2016, the assets and liabilities transferred to the Company from SunEdison related to interests under common control with SunEdison, and accordingly, were recorded at historical cost. The difference between the cash purchase price and historical cost of the net assets acquired was recorded as a contribution or distribution from SunEdison, as applicable, upon final funding of the acquisition.
Year Ended December 31, 2016
As of December 31, 2016
Nameplate Capacity (MW)
Number of Sites
Cash Due to SunEdison2
Represents the total amount paid to SunEdison. Excludes aggregated tax equity partner payments of $1.6 million to SunEdison.
All amounts were paid to SunEdison for these renewable energy facilities as of December 31, 2016.
$16.7 million of construction debt existed for one of the renewable energy facilities as of the acquisition date. This debt was fully repaid by SunEdison during the third quarter of 2016 using cash proceeds paid by the Company to SunEdison for the acquisition of the facility.
5. RENEWABLE ENERGY FACILITIES
Renewable energy facilities, net consists of the following:
As of December 31,
Renewable energy facilities in service, at cost
Less accumulated depreciation - renewable energy facilities
Renewable energy facilities in service, net
Construction in progress - renewable energy facilities
Total renewable energy facilities, net
Depreciation expense related to renewable energy facilities was $270.4 million, $212.6 million and $209.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.
Construction in progress amounts include capitalized interest costs and amortization of deferred financing costs incurred during the asset's construction period when funds are borrowed to finance construction, which totaled $0.2 million and $1.6 million during the years ended December 31, 2018 and 2016, respectively. There was no capitalization of interest costs or deferred financing cost amortization for the year ended December 31, 2017.
The Company reviews long-lived assets that are held and used for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company currently has a REC sales agreement with a customer expiring December 31, 2021 that is significant to an operating project within the Enfinity solar distributed generation portfolio, and on March 31, 2018, this customer filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The potential replacement of this contract would likely result in a significant decrease in expected revenues for this operating project. The Company’s analysis indicated that the bankruptcy filing was a triggering event to perform an impairment evaluation, and the carrying amount of $19.5 million as of March 31, 2018 was no longer considered recoverable based on an