same period in 2016. This was partially offset by an increase in restricted cash of $54.8 million as less cash became available for use in the nine months ended September 30, 2017 as compared to the nine months ended September 30, 2016, and a decrease in cash acquired from acquisitions of $8.0 million due to the consolidation of the wind power plants in India acquired from FERSA in 2016.
Net Cash Used in Financing Activities
Net cash used in financing activities for the nine months ended September 30, 2017 was $9.5 million, compared to $184.0 million for the nine months ended September 30, 2016. The decrease in net cash used in financing activities of $174.5 million was driven by $135.0 million of cash used to pay the Revolver, $35.4 million of cash used to repay the Senior Notes, $30.7 million of cash used to pay dividends and a net $23.6 million borrowed for project debt financing in the nine months ended September 30, 2016, offset by cash provided by net parent investments in the amount of $50.2 million for the same period.
Off-Balance Sheet Arrangements
As of September 30, 2017, the Company did not have any off-balance sheet arrangements. As of December 31, 2016, the Company had one outstanding $0.4 million letter of credit issued in August 2016 under the Revolver in support of the Alto Cielo acquisition. This letter of credit was terminated on March 23, 2017 in connection with the Fifth Amendment.
Recently Issued Accounting Standards
See Item 1. Note 1 - Nature of Operations for information regarding recently issued accounting standards that are relevant to the Company.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that TerraForm Global, Inc. and its subsidiaries (together, the “Company”) expect or anticipate will occur in the future are forward-looking statements. They may include estimates of cash available for distribution to shareholders, earnings, revenues, capital expenditures, liquidity, capital structure, future growth, financing arrangements and other financial performance items (including future dividends per share), descriptions of management’s plans or objectives for future operations, products, services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide the Company’s current expectations or predictions of future conditions, events, or results and speak only as of the date they are made. Although the Company believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.
Some of the important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are listed below and further disclosed under the section entitled Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed on June 15, 2017:
risks related to the closing of the transactions contemplated by the merger agreement entered into with certain affiliates of Brookfield Asset Management Inc. (the “Brookfield Transaction”) and the consequences to the Company if the Brookfield Transaction is not consummated;
risks related to our relationship with SunEdison, Inc. (“SunEdison”);
risks related to the voluntary filing by SunEdison and certain of its domestic and international subsidiaries for protection under Chapter 11 of the U.S. Bankruptcy Code (the “SunEdison Bankruptcy”), including our transition away from reliance on SunEdison for management, corporate and accounting services, employees, critical systems and information technology infrastructure, and the operation, maintenance and asset management of our power plants, and the risk of recovery on our claims against SunEdison;
risks related to the settlement agreement entered into among the Company, SunEdison and certain of their respective affiliates to resolve, among other things, the intercompany claims between the Company and SunEdison in the SunEdison Bankruptcy;