| Equity method investments |
4. Equity method investments
The following tables summarize our equity method investments:
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Carrying value as of
December 31, |
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Percentage of
Ownership as of
December 31, 2012 |
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Entity name |
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2012 |
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2011 |
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Fredrickson |
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50.0 |
% |
|
167,723 |
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166,837 |
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Orlando Cogen, LP |
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50.0 |
% |
|
19,930 |
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25,955 |
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Onondaga Rewables |
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50.0 |
% |
|
167 |
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|
291 |
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Rockland Wind Farm |
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50.0 |
% |
|
— |
(1) |
|
12,500 |
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Koma Kulshan Associates |
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49.8 |
% |
|
6,393 |
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5,856 |
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Chambers Cogen, LP |
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40.0 |
% |
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154,300 |
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143,797 |
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Delta-Person, LP |
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40.0 |
% |
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— |
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— |
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Idaho Wind Partners 1, LLC |
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27.6 |
% |
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34,703 |
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36,143 |
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Selkirk Cogen Partners, LP |
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18.5 |
% |
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33,700 |
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47,357 |
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Gregory Power Partners, LP |
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17.1 |
% |
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2,796 |
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3,520 |
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Goshen North |
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12.5 |
% |
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8,978 |
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— |
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Badger Creek Limited |
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— |
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— |
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6,477 |
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PERH |
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— |
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— |
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25,609 |
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Other |
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— |
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— |
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9 |
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| |
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Total |
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$ |
428,690 |
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$ |
474,351 |
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- (1)
- On December 31, 2012 we increased our ownership in Rockland from 30% to 50% and consolidated the project as of that date.
We have no undistributed earnings from equity investments for the years ended December 31, 2012 and 2011.
Equity (deficit) in earnings (loss) of equity method investments was as follows:
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Year Ended December 31, |
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Entity name |
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2012 |
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2011 |
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2010 |
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Chambers Cogen, LP |
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$ |
17,082 |
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$ |
7,739 |
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$ |
13,144 |
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Orlando Cogen, LP |
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3,200 |
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863 |
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2,031 |
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Gregory Power Partners, LP |
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(725 |
) |
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524 |
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2,162 |
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Koma Kulshan Associates |
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537 |
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483 |
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452 |
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Frederickson Power L.P. |
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886 |
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444 |
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— |
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Onondaga Rewables, LLC |
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(433 |
) |
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(1,761 |
) |
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(320 |
) |
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Idaho Wind Partners 1, LLC |
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(193 |
) |
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(1,563 |
) |
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(126 |
) |
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Selkirk Cogen Partners, LP |
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7,640 |
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(406 |
) |
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(3,454 |
) |
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Badger Creek Limited |
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(2,778 |
) |
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(4 |
) |
|
749 |
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Rockland Wind Farm |
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(7,997 |
) |
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— |
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— |
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PERH |
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(1,963 |
) |
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38 |
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— |
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Other |
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(10 |
) |
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(1 |
) |
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(861 |
) |
| |
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Total |
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15,246 |
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6,356 |
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13,777 |
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Distributions from equity method investments |
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(38,347 |
) |
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(21,889 |
) |
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(16,843 |
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Deficit in earnings (loss) of equity method investments, net of distributions |
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$ |
(23,101 |
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$ |
(15,533 |
) |
$ |
(3,066 |
) |
The following summarizes the balance sheets at December 31, 2012, 2011 and 2010, and operating results for each of the years ended December 31, 2012, 2011 and 2010, respectively, for our proportional ownership interest in equity method investments:
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2012 |
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2011 |
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2010 |
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Assets |
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Current assets |
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Chambers |
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$ |
16,143 |
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$ |
9,937 |
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$ |
11,391 |
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Orlando |
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6,997 |
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6,892 |
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6,965 |
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Gregory |
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3,238 |
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3,933 |
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3,063 |
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Selkirk |
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12,854 |
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15,852 |
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11,782 |
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Badger Creek |
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— |
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|
766 |
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2,714 |
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Other |
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21,823 |
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10,671 |
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7,563 |
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Non-current assets |
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Chambers |
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235,151 |
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245,842 |
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253,388 |
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Orlando |
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18,104 |
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23,805 |
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29,419 |
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Gregory |
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14,636 |
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16,092 |
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19,490 |
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Selkirk |
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25,958 |
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47,737 |
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65,036 |
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Badger Creek |
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— |
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6,011 |
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6,645 |
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Other |
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289,581 |
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313,142 |
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128,763 |
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$ |
644,485 |
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$ |
700,680 |
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$ |
546,219 |
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Liabilities |
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Current liabilities |
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Chambers |
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$ |
15,188 |
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$ |
16,016 |
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15,914 |
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Orlando |
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5,171 |
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4,742 |
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4,841 |
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Gregory |
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4,023 |
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3,132 |
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3,421 |
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Selkirk |
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4,837 |
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14,743 |
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17,371 |
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Badger Creek |
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— |
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300 |
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1,520 |
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Other |
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7,163 |
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10,980 |
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76,910 |
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Non-current liabilities |
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Chambers |
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81,806 |
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95,966 |
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109,010 |
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Orlando |
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— |
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— |
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— |
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Gregory |
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11,055 |
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13,373 |
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15,470 |
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Selkirk |
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275 |
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1,489 |
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5,872 |
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Badger Creek |
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— |
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— |
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— |
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Other |
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86,277 |
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65,588 |
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1,085 |
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$ |
215,795 |
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$ |
226,329 |
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$ |
251,414 |
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Operating results |
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2012 |
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2011 |
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2010 |
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Revenue |
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Chambers |
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$ |
58,077 |
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$ |
49,336 |
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$ |
55,469 |
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Orlando |
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43,272 |
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40,345 |
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42,062 |
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Gregory |
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20,986 |
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28,474 |
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31,291 |
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Selkirk |
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48,660 |
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54,613 |
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51,915 |
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Badger Creek |
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3,357 |
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6,546 |
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13,485 |
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Other |
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42,099 |
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16,499 |
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3,501 |
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216,451 |
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195,813 |
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197,723 |
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Project expenses |
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Chambers |
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39,094 |
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39,358 |
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38,377 |
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Orlando |
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39,989 |
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39,414 |
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39,898 |
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Gregory |
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21,394 |
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27,440 |
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27,324 |
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Selkirk |
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42,383 |
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49,595 |
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48,496 |
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Badger Creek |
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2,971 |
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6,526 |
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11,723 |
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Other |
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28,316 |
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12,126 |
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2,049 |
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174,147 |
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174,459 |
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167,867 |
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Project other income (expense) |
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Chambers |
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(1,901 |
) |
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(2,239 |
) |
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(3,948 |
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Orlando |
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(83 |
) |
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(68 |
) |
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(133 |
) |
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Gregory |
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(317 |
) |
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(510 |
) |
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(1,805 |
) |
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Selkirk |
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1,363 |
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(5,424 |
) |
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(6,873 |
) |
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Badger Creek |
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(3,164 |
) |
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(24 |
) |
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(1,013 |
) |
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Other |
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(22,956 |
) |
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(6,733 |
) |
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(2,307 |
) |
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(27,058 |
) |
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(14,998 |
) |
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(16,079 |
) |
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Project income (loss) |
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Chambers |
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$ |
17,082 |
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$ |
7,739 |
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$ |
13,144 |
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Orlando |
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|
3,200 |
|
|
863 |
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|
2,031 |
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Gregory |
|
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(725 |
) |
|
524 |
|
|
2,162 |
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Selkirk |
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7,640 |
|
|
(406 |
) |
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(3,454 |
) |
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Badger Creek |
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(2,778 |
) |
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(4 |
) |
|
749 |
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Other |
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(9,173 |
) |
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(2,360 |
) |
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(855 |
) |
| |
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15,246 |
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6,356 |
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13,777 |
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