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

We operate with sufficient liquidity to enable us to fund dividends, growth initiatives, capital expenditures and withstand sudden adverse changes in economic circumstances or short-term fluctuations in resource. Principal sources of funding are cash flows from operations, revolving credit facilities (including our Sponsor Line and Revolver as discussed and defined below), unused debt capacity at our projects, non-core asset sales and proceeds from the issuance of debt or equity securities through public markets.

The following table summarizes corporate liquidity and available capital as of December 31, 2018 and 2017:
 
 
As of December 31,
(In thousands)
 
2018
 
2017
Unrestricted corporate cash
 
$
52,506

 
$
46,810

Project-level distributable cash
 
18,414

 
21,180

Cash available to corporate
 
70,920

 
67,990

Credit facilities:
 
 
 
 
Committed revolving credit facilities1
 
600,000

 
450,000

Drawn portion of revolving credit facilities

 
(377,000
)
 
(60,000
)
Revolving line of credit commitments

 
(99,487
)
 
(102,637
)
Undrawn portion of Sponsor Line2
 
500,000

 
500,000

Available portion of credit facilities
 
623,513

 
787,363

Corporate liquidity
 
$
694,433

 
$
855,353

Other project-level unrestricted cash
 
177,604

 
60,097

Project-level restricted cash3
 
144,285

 
96,700

Available capital
 
$
1,016,322

 
$
1,012,150

———
(1)
On February 6, 2018, Terra Operating LLC elected to increase the total borrowing capacity of the Revolver from $450.0 million to $600.0 million. On October 5, 2018, Terra Operating LLC entered into an amendment to the Revolver, as discussed in the Financing Activities section below.
(2)
Represents a $500.0 million secured revolving Sponsor Line (as defined below) credit facility that may only be used to fund all or a portion of certain funded acquisitions or growth capital expenditures. During the year ended December 31, 2018, we drew and repaid $86.0 million under the Sponsor Line. As discussed in the Financing Activities section below, the Sponsor Line may only be used to fund all or a portion of certain funded acquisitions or growth capital expenditures.
(3)
Represents short-term and long-term restricted cash and includes $2.3 million of cash trapped at our project-level subsidiaries as of December 31, 2018, which is presented as current restricted cash as the cash balances were subject to distribution restrictions related to debt defaults that existed as of the balance sheet date (see Note 2. Summary of Significant Accounting Policies to our consolidated financial statements for additional details).



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