permanently reducing to zero and terminating the revolving commitments under the Revolver on March 31, 2017.
For the nine months ended September 30, 2016, the Company recognized a gain on extinguishment of debt of $5.7 million. This gain was due to the Company's repurchase of the Senior Notes, partially offset by a loss on the repayment of Indian term debt, as well as a loss on extinguishment of debt resulting from the cancellation of third party debt in Thailand during the first quarter of 2016.
Interest Expense, net
Interest expense, net for the nine months ended September 30, 2017 and 2016 was as follows:
Nine Months Ended September 30,
Total interest expense, net
Interest expense, net decreased by $7.2 million during the nine months ended September 30, 2017 compared to the same period in 2016. The decrease was primarily driven by a decrease in amortization of the deferred financing fees relating to the Revolver. In March 2017, the Company permanently reduced to zero and terminated the revolving commitments under the Revolver, and as such the Company wrote off the remaining portion of the Revolver's deferred financing fees as a loss on extinguishment of debt. Interest income decreased by $2.0 million during the nine months ended September 30, 2017 compared to the same period in 2016, primarily due to distributions made from power plants in Brazil in December 2016 and April and July 2017.
As a result of the SunEdison Bankruptcy, we do not expect SunEdison to perform under the Interest Payment Agreement going forward, in which case we expect to continue servicing out debt obligations with current liquidity and cash flows from operations. See Item 1. Note 16 - Related Parties - Interest Payment Agreement for additional information on the Interest Payment Agreement.
Gain on Foreign Currency Exchange, net
Net gain on foreign currency exchange was $30.1 million for the nine months ended September 30, 2017 versus a net gain of $22.0 million for the nine months ended September 30, 2016, resulting in a increase of $8.1 million. This change is primarily due to an increase in gain on foreign currency exchange of $13.3 million related to the impact of revaluation to the U.S. dollar value of plant assets and liabilities denominated in foreign currencies and foreign currency exchange rates on intercompany loans, offset by $5.2 million on foreign currency forward contracts that matured during the nine months ended September 30, 2017 versus the same period in 2016.
Other Income, net
Other income, net was $8.2 million for the nine months ended September 30, 2017, compared to $19.8 million for the same period in 2016. The decrease was due to receipt of $6.7 million from the sale of certain of SunEdison’s assets to a third party buyer in September 2016 and damages payments received from contractors in South Africa during the second quarter of 2016, offset by proceeds from the sale of PPAs in Thailand in the first and second quarters of 2017.
Income Tax Provision
Income tax expense was $7.4 million for the nine months ended September 30, 2017, compared to $5.0 million for the nine months ended September 30, 2016. For the nine months ended September 30, 2017, the overall effective tax rate was different than the statutory rate of 35.0% primarily due to valuation allowances, tax holiday benefits, taxes on non-operating income in Thailand and presumed profits taxes in Brazil. As of September 30, 2017, most jurisdictions were in a net deferred tax asset position. A valuation allowance is recorded against the deferred tax assets primarily because of the historical losses in those jurisdictions.