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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 12/21/2016
Entire Document
 

activities of $520.6 million was driven by $266.0 million of cash paid for acquisitions, net of cash acquired, related to Honiton, NSM 24, Witkop/Soutpan and Renova (Bahia and Salvador) and $276.4 million of cash paid for deposit for acquisitions, partially offset by other activity.
Net Cash Provided By Financing Activities
Net cash provided by financing activities for the year ended December 31, 2015 and 2014 was $1,537.0 million and $365.5 million, respectively. The increase in net cash provided by financing activities of $1,171.4 million was driven by $624.0 million in proceeds from the IPO, $549.1 million in proceeds from the Private Placements, $799.9 million of net proceeds from the 2022 Senior Notes, $135.0 million in proceeds from the Revolver, partially offset by increased net principal repayments of $300.0 million on the Bridge facility and an additional $467.2 million of repayments of project level term debt facilities, combined with decreased borrowings at the project level of $173.5 million.
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
The following table reflects the changes in cash flows for the comparative periods:
(In thousands)
 
Year Ended December 31,
 
 
 
2014
 
2013
 
Change
Net cash provided by (used in) operating activities
 
$
15,060

 
$
(16,972
)
 
$
32,032

Net cash used in investing activities
 
(231,853
)
 
(101,953
)
 
(129,900
)
Net cash provided by financing activities
 
365,519

 
118,639

 
246,880

Net Cash Provided By (Used In) Operating Activities
The change to net cash provided by operating activities is primarily driven by the timing of cash payments to SunEdison and affiliates for reimbursement of operating expenses paid by the same or other affiliates of SunEdison.
Net Cash Used In Investing Activities
The change to net cash used in investing activities is driven by capital expenditures related to the third party acquisitions of solar power plants and changes in restricted cash in accordance with the restrictions in our debt agreements.
Net Cash Provided By Financing Activities
The change in net cash provided by financing activities is primarily driven by proceeds from our $150.0 million Bridge Facility, leading to increased term debt financing proceeds of $135.0 million, which were partially offset by reduced net contributions from SunEdison.
Contractual Obligations and Commercial Commitments
We have a variety of contractual obligations and other commercial commitments that represent prospective cash requirements. The following table summarizes our outstanding contractual obligations and commercial commitments as of December 31, 2015.
(in thousands)
 
Payment due by Period
Contractual Cash Obligations
 
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
Long-term debt (principal) (1)
 
$
11,044

 
$
10,721

 
$
10,079

 
$
148,555

 
$
17,318

 
$
1,111,618

 
$
1,309,335

Long-term debt (interest) (2)
 
126,887

 
125,013

 
123,905

 
121,066

 
117,045

 
516,140

 
1,130,056

Purchase obligations (3)
 
44,250

 
42,801

 
34,376

 
25,473

 
26,731

 
65,075

 
238,706

Operating leases
 
1,339

 
1,385

 
1,334

 
1,293

 
1,337

 
40,611

 
47,299

Management services agreement (4)
 
7,000

 


 


 


 
 
 
 
 
7,000

Total contractual obligations
 
$
190,520

 
$
179,920

 
$
169,694

 
$
296,387

 
$
162,431

 
$
1,733,444

 
$
2,732,396

(1) These amounts include the remaining $801.4 million of the Senior Notes, $135 million drawn on the Revolver, and $372.9 million of non-recourse project level debt as of December 31, 2015.
(2) Includes fixed rate interest and variable rate interest using December 31, 2015 rates.
(3) Consists primarily of contractual payments due for O&M services and asset management services.
(4) 2.5% of the Company’s cash available for distribution in 2016, 2017 and 2018, and an amount equal to SunEdison’s or other service provider’s actual cost in 2019 and thereafter.


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