Net Cash Provided By Financing Activities
Net cash provided by financing activities for the year ended December 31, 2015 was $1,536.5 million, compared to net cash provided by financing activities for the year ended December 31, 2014 of $365.5 million. The increase in net cash provided by financing activities of $1,170.9 million was driven by $624.0 million in proceeds from the IPO, $549.1 million in proceeds from the private placement investments in the Company, $799.9 million of net proceeds from the 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.
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, 2016.
Payment due by Period
Contractual Cash Obligations
Long-term debt (principal) (1)
Long-term debt (interest) (2)
Purchase obligations (3)
Total contractual obligations
(1) These amounts include the remaining $752.8 million of the Senior Notes, and $351.6 million of non-recourse project level debt as of December 31, 2016.
(2) Includes fixed rate interest and variable rate interest using December 31, 2016 rates.
(3) Consists primarily of contractual payments due for O&M services and asset management services, which include fixed and variable fees.
In January 2016, the Company repurchased $41.0 million principal amount of the Senior Notes pursuant to its open market repurchase program, resulting in total repurchases of $49.6 million principal amount of the Senior Notes under that program. On September 8, 2016, the Company repaid the $135.0 million outstanding under the Revolver.
Off-Balance Sheet Arrangements
As of December 31, 2016, the Company had one outstanding $0.4 million letter of credit issued under the Revolver in support of the Alto Cielo acquisition, which was issued in August 2016 and remained outstanding as of December 31, 2016. This letter of credit replaced a $0.5 million letter of credit previously issued by the Company on December 31, 2015, which had expired. The outstanding letter of credit was terminated on March 23, 2017 in connection with the Fifth Amendment.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related footnotes. In preparing these financial statements, management has made its best estimates of certain amounts included in the financial statements. Application of these accounting policies and estimates, however, involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates. In arriving at our critical accounting estimates, factors considered were how accurate the estimate or assumptions have been in the past, how much the estimate or assumptions have changed and how reasonably likely such change may have a material impact. Our critical accounting policies and estimates are more fully described in Item 15. Note 2 - Summary of Significant Accounting Policies. There have been no significant changes to our critical accounting policies and estimates since December 31, 2016. Our critical accounting policies are discussed below.
Restricted cash consists of cash on deposit in financial institutions that is restricted to satisfy the requirements of certain debt and acquisition agreements and funds held within the Company's project companies that are restricted for current debt service payments and other purposes in accordance with the applicable debt agreements. These restrictions include: (i)