Equity method investments in unconsolidated affiliates (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Equity method investments in unconsolidated affiliates |
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| Schedule of equity method investments |
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Percentage of
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Carrying value as of
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Ownership as of
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December 31,
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Entity name
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December 31, 2019
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2019
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2018
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Frederickson(1)
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50.2
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%
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$
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65.2
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$
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72.0
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Orlando Cogen, LP
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50.0
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%
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3.6
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4.5
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Chambers Cogen, LP
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40.0
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%
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9.0
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64.3
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Craven County Wood Energy, LP (2)
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50.0
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%
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9.5
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—
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Grayling Generating Station, LP (2)
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30.0
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%
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9.3
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—
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Total
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$
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96.6
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$
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140.8
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(1)
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We own 50.15% of Frederickson. However, we do not have financial control of the entity. The Frederickson entity is organized under a joint ownership agreement. Under the terms of that agreement, the two owner parties have joint control of the asset and substantive participating rights through the structure of its Owner’s Committee. Each party has equal representation on this committee and unanimous consent is required over all significant decisions of the entity. These significant decisions include, but are not limited to (i) approval of the annual operating plan, annual operating budget, annual capital budget and five-year forecasts, (ii) approval of all expenditures in excess of the approved budget, (iii) adoption of procedures intended to govern the operation and conduct of the facility, and (iv) entering into, amending, supplementing or terminating any project agreement. Disputes between the owners for these significant decisions are subject to independent arbitration. Accordingly, since we do not control the project, Frederickson is accounted for under the equity method of accounting. |
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(2)
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In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3 Acquisitions and divestments. |
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| Equity (deficit) in earnings (loss) of equity method investments |
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Year Ended December 31,
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Entity name
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2019
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2018
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2017
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Frederickson
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$
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9.1
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$
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6.9
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$
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(27.9)
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Orlando Cogen, LP
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33.0
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30.1
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25.6
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Koma Kulshan Associates (1)
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—
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0.6
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0.7
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Chambers Cogen, LP
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(46.0)
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5.6
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(42.6)
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Selkirk Cogen Partners, LP (2)
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—
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—
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(10.6)
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Craven County Wood Energy, LP (3)
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0.1
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—
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—
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Grayling Generating Station, LP (3)
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0.8
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—
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—
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Total (loss) earnings of unconsolidated affiliates
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(3.0)
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43.2
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(54.8)
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Distributions from equity method investments
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(59.5)
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(61.6)
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(47.3)
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Deficit in earnings of equity method investments, net of distributions
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$
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(62.5)
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$
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(18.4)
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$
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(102.1)
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(1)
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In July 2018, we purchased the remaining 50% partnership interest in Koma and consolidated the project in our financial statements. See Note 3 Acquisitions and divestments. |
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(2)
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In November 2017, we sold our 17.7% interest in Selkirk. |
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(3)
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In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3 Acquisitions and divestments. |
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| Summarized financial position information |
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2019
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2018
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2017
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Assets
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Current assets
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Frederickson
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$
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2.1
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$
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2.5
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$
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1.9
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Orlando Cogen, LP
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7.8
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7.7
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9.2
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Koma Kulshan Associates (1)
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—
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—
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0.5
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Chambers Cogen, LP
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14.4
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15.6
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17.3
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Craven County Wood Energy, LP (2)
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4.4
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—
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—
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Grayling Generating Station, LP (2)
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3.3
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—
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—
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Non-current assets
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Frederickson
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63.9
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70.0
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76.2
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Orlando Cogen, LP
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6.1
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7.1
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8.1
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Koma Kulshan Associates (1)
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—
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—
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4.7
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Chambers Cogen, LP
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56.5
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117.4
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130.9
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Craven County Wood Energy, LP (2)
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5.8
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—
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—
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Grayling Generating Station, LP (2)
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6.8
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—
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—
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$
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171.1
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$
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220.3
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$
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248.8
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Liabilities
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Current liabilities
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Frederickson
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$
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0.3
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$
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—
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$
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0.4
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Orlando Cogen, LP
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10.2
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10.3
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10.3
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Koma Kulshan Associates (1)
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—
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—
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0.1
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Chambers Cogen, LP
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13.7
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9.2
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3.7
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Craven County Wood Energy, LP (2)
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0.8
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—
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—
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Grayling Generating Station, LP (2)
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0.5
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—
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—
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Non-current liabilities
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Frederickson
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0.5
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0.5
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0.4
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Orlando Cogen, LP
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—
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—
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—
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Koma Kulshan Associates (1)
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—
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—
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0.2
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Chambers Cogen, LP
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48.2
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59.5
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70.0
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Craven County Wood Energy, LP (2)
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—
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—
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—
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Grayling Generating Station, LP (2)
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0.3
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—
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—
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$
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74.5
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$
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79.5
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$
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85.1
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(1)
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In July 2018, we purchased the remaining 50% partnership interest in Koma and consolidated the project in our financial statements. See Note 3 Acquisitions and divestments. |
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(2)
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In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3 Acquisitions and divestments. |
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| Summary of operating results |
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Operating results
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2019
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2018
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2017
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Revenue
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Frederickson
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$
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36.0
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$
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21.0
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$
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21.6
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Orlando Cogen, LP
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61.5
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60.2
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55.0
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Koma Kulshan Associates (1)
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—
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1.2
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1.8
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Chambers Cogen, LP
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39.4
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43.3
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43.8
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Selkirk Cogen Partners, LP (2)
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—
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—
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1.8
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Craven County Wood Energy, LP (3)
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4.9
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—
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—
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Grayling Generating Station, LP (3)
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2.2
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—
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—
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144.0
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125.7
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124.0
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Project expenses
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Frederickson
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26.9
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14.1
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21.0
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Orlando Cogen, LP
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28.5
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30.1
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29.4
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Koma Kulshan Associates (1)
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—
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0.6
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1.1
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Chambers Cogen, LP
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34.6
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36.1
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37.5
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Selkirk Cogen Partners, LP (2)
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—
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—
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2.8
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Craven County Wood Energy, LP (3)
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4.7
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—
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—
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Grayling Generating Station, LP (3)
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1.8
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—
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—
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96.5
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80.9
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91.8
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Project other expenses
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Frederickson
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—
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—
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(28.4)
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Orlando Cogen, LP
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—
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—
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—
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Koma Kulshan Associates (1)
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—
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—
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—
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Chambers Cogen, LP
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(50.9)
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(1.6)
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(48.9)
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Selkirk Cogen Partners, LP (2)
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—
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—
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(9.7)
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Craven County Wood Energy, LP (3)
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—
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—
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—
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Grayling Generating Station, LP (3)
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0.4
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—
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—
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(50.5)
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(1.6)
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(87.0)
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Net income (loss)
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Frederickson
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9.1
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6.9
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(27.8)
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Orlando Cogen, LP
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33.0
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30.1
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25.6
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Koma Kulshan Associates (1)
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—
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0.6
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0.7
|
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Chambers Cogen, LP
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(46.1)
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5.6
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(42.6)
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Selkirk Cogen Partners, LP (2)
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—
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—
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(10.7)
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Craven County Wood Energy, LP (3)
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0.2
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—
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—
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Grayling Generating Station, LP (3)
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|
|
0.8
|
|
|
—
|
|
|
—
|
|
Equity in (loss) earnings of unconsolidated affiliates
|
|
$
|
(3.0)
|
|
$
|
43.2
|
|
$
|
(54.8)
|
|
(1)
| |
In July 2018, we purchased the remaining 50% partnership interest in Koma and consolidated the project in our financial statements. Amounts in the above table relate to the period Koma was accounted for under the equity method of accounting. See Note 3 Acquisitions and divestments. |
|
(2)
| |
In November 2017, we sold our 17.7% interest in Selkirk. |
|
(3)
| |
In May 2019, we acquired the equity ownership interests held by AltaGas in Craven and Grayling. See Note 3 Acquisitions and divestments. |
|