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SEC Filings
TERRAFORM POWER, INC. filed this Form 10-K on 03/15/2019
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See Note 10. Long-term Debt to our consolidated financial statements for further discussion of these financing activities.

Debt Service Obligations

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in addressing our borrowings through 2023 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

The aggregate contractual principal payments of long-term debt due after December 31, 2018, including financing lease obligations and excluding amortization of debt discounts, premiums and deferred financing costs, as stated in the financing agreements, are as follows:
(In thousands)
Maturities of long-term debt1







Represents the contractual principal payment due dates for our long-term debt and does not reflect the reclassification of $166.4 million of long-term debt to current as a result of debt defaults under certain of our non-recourse financing arrangements (see Note 10. Long-term Debt to our consolidated financial statements for further discussion).

Cash Dividends to Investors

The following table presents cash dividends declared and paid on Class A common stock during the year ended December 31, 2018:
Dividends per Share
Declaration Date
Record Date
Payment Date
First Quarter

February 6, 2018
February 28, 2018
March 30, 2018
Second Quarter

April 30, 2018
June 1, 2018
June 15, 2018
Third Quarter

August 13, 2018
September 1, 2018
September 15, 2018
Fourth Quarter

November 8, 2018
December 3, 2018
December 17, 2018
On October 6, 2017, our Board declared the payment of the Special Dividend (as defined in Note 14. Stockholder’s Equity to our consolidated financial statements) to holders of record immediately prior to the effective time of the Merger in the amount of $1.94 per fully diluted share, which included our issued and outstanding Class A shares, Class A shares issued to SunEdison pursuant to the Settlement Agreement and Class A shares underlying our outstanding restricted stock units under our 2014 Second Amended and Restated Long-Term Incentive Plan (the “2014 LTIP”). The Special Dividend, which was paid on October 17, 2017, represented the only dividend payment during the year ended December 31, 2017.

On March 13, 2019, our Board declared a quarterly dividend with respect to our Class A common stock of $0.2014 per share. The dividend is payable on March 29, 2019 to stockholders of record as of March 24, 2019.

Incentive Distribution Rights
Prior to the consummation of the Merger, IDRs represented the right to receive increasing percentages (15.0%, 25.0% and 50.0%) of Terra LLC’s quarterly distributions after the Class A Units of Terra LLC received quarterly distributions in an amount equal to $0.2257 per unit and the target distribution levels were achieved. SunEdison held 100% of the IDRs from the completion of the IPO up until the consummation of the Merger.

SunEdison transferred all of the outstanding IDRs of Terra LLC held by SunEdison or certain of its affiliates to Brookfield IDR Holder, an indirect wholly-owned subsidiary of Brookfield, at the effective time of the Merger, and the Company and Brookfield IDR Holder entered into an amended and restated limited liability company agreement of Terra LLC (as amended from time to time, the “New Terra LLC Agreement”). The New Terra LLC Agreement, among other things, resets the IDR thresholds of Terra LLC to establish a first distribution threshold of $0.93 per share of Class A common stock and a second distribution threshold of $1.05 per share of Class A common stock. As a result of this amendment and restatement, amounts distributed from Terra LLC will be distributed on a quarterly basis as follows: