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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019
Entire Document
 

Facility Category / Portfolio
 
Location
 
Nameplate Capacity (MW)
 
Number of Sites
 
Weighted Average Remaining Duration of PPA (Years)1
Las Vegas
 
Spain
 
23.0

 
1

 
11

La Caldera
 
Spain
 
22.5

 
1

 
12

Valcaire
 
Spain
 
16.0

 
1

 
15

Seron 2
 
Spain
 
10.0

 
1

 
11

IFM
 
Spain
 
4.4

 
3

 
19

Total Regulated Solar and Wind
 
 
 
792.4

 
24

 
14

 
 
 
 
 
 
 
 
 
Total Renewable Energy Facilities
 
3,737.7

 
575

 
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(1)
Calculated as of December 31, 2018.
(2)
These portfolios consist of renewable energy facilities located in multiple locations within the U.S., as follows:
CD DG Portfolio: California, Massachusetts, New Jersey, New York and Pennsylvania
DG 2015 Portfolio 2: Arizona, California, Connecticut, Massachusetts, New Jersey, Utah and Vermont
U.S. Projects 2014: Arizona, California, Connecticut, Georgia, Massachusetts, New Jersey, New York and Puerto Rico
DG 2014 Portfolio 1: Arizona, California, Georgia, Hawaii, Massachusetts, Maryland, New Jersey, New York, Oregon, Texas, Vermont and Puerto Rico
TEG: Arizona, California, Connecticut, Massachusetts, New Jersey and Pennsylvania
Hudson Energy Solar: Massachusetts, New Jersey and Pennsylvania
Summit Solar Projects (U.S.): California, Connecticut, Florida, Maryland and New Jersey
U.S. Projects 2009-2013: California, Colorado, Connecticut, Massachusetts, New Jersey, Oregon and Puerto Rico
SUNE XVIII: Arizona, California, Hawaii, Massachusetts, Maryland, Minnesota, New Hampshire, New York and Texas
Enfinity: Arizona, California and Ohio
SunE Solar Fund X: California, Maryland and New Mexico
Blackhawk Solar Portfolio: Utah, Florida, Nevada and California

Seasonality and Resource Availability

The amount of electricity produced and revenues generated by our solar generation facilities is dependent in part on the amount of sunlight, or irradiation, where the assets are located. As shorter daylight hours in winter months result in less irradiation, the electricity generated by these facilities will vary depending on the season. Irradiation can also be variable at a particular location from period to period due to weather or other meteorological patterns, which can affect operating results. As the majority of our solar power plants are located in the Northern Hemisphere, we expect our solar portfolio’s power generation to be at its lowest during the first and fourth quarters of each year. Therefore, we expect our first and fourth quarter solar revenue to be lower than in other quarters.

Similarly, the electricity produced and revenues generated by our wind power plants depend heavily on wind conditions, which are variable and difficult to predict. Operating results for wind power plants vary significantly from period to period depending on the wind conditions during the periods in question. As our wind power plants are located in geographies with different profiles, there is some flattening of the seasonal variability associated with each individual wind power plant’s generation, and we expect that as the fleet expands the effect of such wind resource variability may be favorably impacted, although we cannot guarantee that we will purchase wind power facilities that will achieve such results in part or at all. Historically, our wind production has been greater in the first and fourth quarters which can partially offset any lower solar revenues in those quarters.

We do not expect seasonality to have a material effect on our ability to pay a regular dividend. We intend to mitigate the effects of any seasonality that we experience by reserving a portion of our cash available for distribution and otherwise maintain sufficient liquidity in order to, among other things, facilitate the payment of dividends to our stockholders.

Competition

Power generation is a capital-intensive business with numerous industry participants. We compete to acquire new renewable energy facilities with renewable energy developers, independent power producers, financial investors and certain utilities. We compete to supply energy to our potential customers with utilities and other providers of distributed generation. We compete with other renewable energy developers, independent power producers, financial investors, utilities and other providers of distributed generation based on our cost of capital, development expertise, pipeline, global footprint and brand


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