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Debt and Capital Leases | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt and Capital Leases | Debt and Capital Leases Long-term debt and capital leases consisted of the following:
(In millions, except rates) | December 31, |  | December 31, 2017
| 2017 |  | 2016 |  | Interest Rate % (a)
Recourse debt: |  |  |  |  |
Senior notes, due 2018 | $ | — |  |  | $ | 398 |  |  | 7.625
Senior notes, due 2021 | — |  |  | 207 |  |  | 7.875
Senior notes, due 2022 | 992 |  |  | 992 |  |  | 6.250
Senior notes, due 2023 | — |  |  | 869 |  |  | 6.625
Senior notes, due 2024 | 733 |  |  | 733 |  |  | 6.250
Senior notes, due 2026 | 1,000 |  |  | 1,000 |  |  | 7.250
Senior notes, due 2027 | 1,250 |  |  | 1,250 |  |  | 6.625
Senior notes, due 2028 | 870 |  |  | — |  |  | 5.750
Term loan facility, due 2023 | 1,872 |  |  | 1,891 |  |  | L+2.25
Tax-exempt bonds | 465 |  |  | 455 |  |  | 4.125 - 6.00
Subtotal recourse debt | 7,182 |  |  | 7,795 |  |  |
Non-recourse debt: |  |  |  |  |
NRG Yield Operating LLC Senior Notes, due 2024 | 500 |  |  | 500 |  |  | 5.375
NRG Yield Operating LLC Senior Notes, due 2026 | 350 |  |  | 350 |  |  | 5.000
NRG Yield, Inc. Convertible Senior Notes, due 2019 | 345 |  |  | 345 |  |  | 3.500
NRG Yield, Inc. Convertible Senior Notes, due 2020 | 288 |  |  | 288 |  |  | 3.250
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (b) | 55 |  |  | — |  |  | L+2.500
El Segundo Energy Center, due 2023 | 400 |  |  | 443 |  |  | L+1.75 - L+2.375
Marsh Landing, due 2023 | 318 |  |  | 370 |  |  | L+1.875
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 926 |  |  | 965 |  |  | 5.696 - 7.015
Walnut Creek, term loans due 2023 | 267 |  |  | 310 |  |  | L+1.625
Utah Portfolio, due 2022 | 278 |  |  | 287 |  |  | L+2.625
Tapestry, due 2021 | 162 |  |  | 172 |  |  | L+1.625
CVSR, due 2037 | 746 |  |  | 771 |  |  | 2.339 - 3.775
CVSR HoldCo, due 2037 | 194 |  |  | 199 |  |  | 4.680
Alpine, due 2022 | 135 |  |  | 145 |  |  | L+1.750
Energy Center Minneapolis, due 2025 | 83 |  |  | 96 |  |  | 3.55 - 5.95
Energy Center Minneapolis, due 2031 | 125 |  |  | 125 |  |  | 3.55
Viento, due 2023 | 163 |  |  | 178 |  |  | L+3.00
NRG Yield - other | 579 |  |  | 603 |  |  | various
Subtotal NRG Yield debt (non-recourse to NRG) (c) | 5,914 |  |  | 6,147 |  |  |
Ivanpah, due 2033 and 2038 | 1,073 |  |  | 1,113 |  |  | 2.285 - 4.256
Carlsbad Energy Project (c) | 427 |  |  | — |  |  | L+1.625 -.04120
Agua Caliente, due 2037 | 818 |  |  | 849 |  |  | 2.395 - 3.633
Agua Caliente Borrower 1, due 2038 | 89 |  |  | — |  |  | 5.430
Cedro Hill, due 2029 (c) | 151 |  |  | 163 |  |  | L+1.75
Midwest Generation, due 2019 | 152 |  |  | 231 |  |  | 4.390
NRG Other Renewables (c) | 647 |  |  | 269 |  |  |
NRG Other | 180 |  |  | 137 |  |  | various
Subtotal other non-recourse debt | 3,537 |  |  | 2,762 |  |  |
Subtotal all non-recourse debt | 9,451 |  |  | 8,909 |  |  |
Subtotal long-term debt (including current maturities) | 16,633 |  |  | 16,704 |  |  |
Capital leases | 5 |  |  | 6 |  |  | various
Subtotal long-term debt and capital leases (including current maturities) | 16,638 |  |  | 16,710 |  |  |
Less current maturities | (688 | ) |  | (516 | ) |  |
Less debt issuance costs | (204 | ) |  | (188 | ) |  |
Discounts | (30 | ) |  | (49 | ) |  |
Total long-term debt and capital leases | $ | 15,716 |  |  | $ | 15,957 |  |  |
(a) | As of December 31, 2017, L+ equals 3 month LIBOR plus x%, except for the Utah Solar Portfolio where L+ equals 1 month LIBOR plus 2.629%.
(b) | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement
(c) | Debt associated with the asset sales announced in February 2018
Long-term debt includes the following discounts:
|  | As of December 31,
|  | 2017 |  | 2016
|  | (In millions)
Term loan facility, due 2023 (a) |  | $ | (7 | ) |  | $ | (9 | )
Yield, Inc. Convertible notes, due 2019 |  | (5 | ) |  | (10 | )
Yield, Inc. Convertible notes, due 2020 |  | (13 | ) |  | (17 | )
Midwest Generation, due 2019 |  | (5 | ) |  | (13 | )
Total discounts |  | $ | (30 | ) |  | $ | (49 | )
(a) | Term loan facility, due 2018 replaced with the Term loan facility due 2023. Discount of $1 million was related to current maturities in 2016.
Consolidated Annual Maturities Annual payments based on the maturities of NRG's debt and capital leases for the years ending after December 31, 2017 are as follows:
| (In millions)
2018 | $ | 695 |
2019 | 933 |
2020 | 805 |
2021 | 606 |
2022 | 1,854 |
Thereafter | 11,745 |
Total | $ | 16,638 |
Recourse Debt Senior Notes Issuance of 2028 Senior Notes On December 7, 2017, NRG issued $870 million of aggregate principal amount at par of 5.75% senior unsecured notes due 2028. The 2028 Senior Notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is paid semi-annually beginning on July 15, 2018, until the maturity date of January 15, 2028. The proceeds from the issuance of the 2028 Senior Notes were utilized to redeem the Company's 6.625% Senior Notes due 2023. Issuance of 2026 Senior Notes On May 23, 2016, NRG issued $1.0 billion in aggregate principal amount at par of 7.25% senior notes due 2026, or the 2026 Senior Notes. The 2026 Senior Notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is paid semi-annually beginning on November 15, 2016, until the maturity date of May 15, 2026. The proceeds from the issuance of the 2026 Senior Notes were utilized to repurchase a portion of the Senior Notes during 2016. Issuance of 2027 Senior Notes On August 2, 2016, NRG issued $1.25 billion in aggregate principal amount at par of 6.625% senior notes due 2027, or the 2027 Senior Notes. The 2027 Senior Notes are senior unsecured obligations of NRG and are guaranteed by certain of its subsidiaries. Interest is paid semi-annually beginning on January 15, 2017, until the maturity date of January 15, 2027. The proceeds from the issuance of the 2027 Senior Notes were utilized to retire the Company's 8.250% senior notes due 2020 and reduce the balance of the Company's 7.875% senior notes due 2021. 2017 Senior Note Redemptions During the year ended December 31, 2017, the Company redeemed $1.5 billion in aggregate principal of its Senior Notes for $1.5 billion, which included accrued interest of $29 million. In connection with the redemptions, a $49 million loss on debt extinguishment was recorded, which included the write-off of previously deferred financing costs of $7 million.
| Principal Repurchased |  | Cash Paid (a) |  | Average Early Redemption Percentage
Amount in millions, except rates |  |  |  |  |
7.625% senior notes due 2018 | $ | 398 |  |  | $ | 411 |  |  | 101.42 | %
7.875% senior notes due 2021 | 206 |  |  | 218 |  |  | 102.63 | %
6.625% senior notes due 2023 | 869 |  |  | 915 |  |  | 103.57 | %
Total | $ | 1,473 |  |  | $ | 1,544 |  |  |
(a) Includes payment for accrued interest. 2016 Senior Notes Repurchases During the year ended December 31, 2016, the Company repurchased $3.0 billion in aggregate principal of its Senior Notes for $3.1 billion, which included accrued interest of $77 million. In connection with the repurchases, a $117 million loss on debt extinguishment was recorded, which included the write-off of previously deferred financing costs of $16 million.
| Principal Repurchased |  | Cash Paid (a) |  | Average Early Redemption Percentage
Amount in millions, except rates |  |  |  |  |
7.625% senior notes due 2018 (b) | $ | 641 |  |  | $ | 706 |  |  | 107.89 | %
8.250% senior notes due 2020 | 1,058 |  |  | 1,129 |  |  | 103.12 | %
7.875% senior notes due 2021 (c) | 922 |  |  | 978 |  |  | 104.00 | %
6.250% senior notes due 2022 | 108 |  |  | 105 |  |  | 94.73 | %
6.625% senior notes due 2023 | 67 |  |  | 64 |  |  | 94.13 | %
6.250% senior notes due 2024 | 171 |  |  | 163 |  |  | 94.52 | %
Total | $ | 2,967 |  |  | $ | 3,145 |  |  |
(a) Includes payment for accrued interest. (b) $186 million of the redemptions financed by cash on hand. (c) $193 million of the redemptions financed by cash on hand. Senior Notes Outstanding As of December 31, 2017, NRG had the following outstanding issuances of senior notes, or Senior Notes: i.6.250% senior notes, issued January 27, 2014 and due July 15, 2022, or the 2022 Senior Notes; ii.6.250% senior notes, issued April 21, 2014 and due November 1, 2024, or the 2024 Senior Notes; iii.7.250% senior notes, issued May 23, 2016 and due May 15, 2026, or the 2026 Senior Notes; iv.6.625% senior notes, issued August 2, 2016 and due January 15, 2027, or the 2027 Senior Notes; and v.5.750% senior notes, issued December 7, 2017 and due January 15, 2028, or the 2028 Senior Notes. The Company periodically enters into supplemental indentures for the purpose of adding entities under the Senior Notes as guarantors. The indentures and the forms of notes provide, among other things, that the Senior Notes will be senior unsecured obligations of NRG. The indentures also provide for customary events of default, which include, among others: nonpayment of principal or interest; breach of other agreements in the indentures; defaults in failure to pay certain other indebtedness; the rendering of judgments to pay certain amounts of money against NRG and its subsidiaries; the failure of certain guarantees to be enforceable; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs, the Trustee or the Holders of at least 25% in principal amount of the then outstanding series of Senior Notes may declare all of the Senior Notes of such series to be due and payable immediately. The terms of the indentures, among other things, limit NRG's ability and certain of its subsidiaries' ability to return capital to stockholders, grant liens on assets to lenders and incur additional debt. Interest is payable semi-annually on the Senior Notes until their maturity dates. 2022 Senior Notes At any time prior to July 15, 2017, NRG may redeem up to 35% of the aggregate principal amount of the 2022 Senior Notes, at a redemption price equal to 106.25% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to July 15, 2018, NRG may redeem all or a part of the 2022 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 103.125% of the note, plus interest payments due on the note from the date of redemption through July 15, 2018, computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after July 15, 2018, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
July 15, 2018 to July 14, 2019 | 103.125 | %
July 15, 2019 to July 14, 2020 | 101.563 | %
July 15, 2020 and thereafter | 100.000 | %
2024 Senior Notes At any time prior to May 1, 2017, NRG may redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, at a redemption price equal to 106.25% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to May 1, 2019, NRG may redeem all or a part of the 2024 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 103.125% of the note, plus interest payments due on the note from the date of redemption through May 1, 2019 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after May 1, 2019, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
May 1, 2019 to April 30, 2020 | 103.125 | %
May 1, 2020 to April 30, 2021 | 102.083 | %
May 1, 2021 to April 30, 2022 | 101.042 | %
May 1, 2022 and thereafter | 100.000 | %
2026 Senior Notes At any time prior to May 15, 2019, NRG may redeem up to 35% of the aggregate principal amount of the 2026 Senior Notes, at a redemption price equal to 107.25% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to May 15, 2021, NRG may redeem all or a part of the 2026 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 103.625% of the note, plus interest payments due on the note from the date of redemption through May 15, 2021 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after May 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
May 15, 2021 to May 14, 2022 | 103.625 | %
May 15, 2022 to May 14, 2023 | 102.417 | %
May 15, 2023 to May 14, 2024 | 101.208 | %
May 15, 2024 and thereafter | 100.000 | %
2027 Senior Notes At any time prior to July 15, 2019, NRG may redeem up to 35% of the aggregate principal amount of the 2027 Senior Notes, at a redemption price equal to 106.625% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to July 15, 2021 NRG may redeem all or a part of the 2027 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 103.313% of the note, plus interest payments due on the note from the date of redemption through July 15, 2021 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after July 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
July 15, 2021 to July14, 2022 | 103.313 | %
July 15, 2022 to July 14, 2023 | 102.208 | %
July 15, 2023 to July 14, 2024 | 101.104 | %
July 15, 2024 and thereafter | 100.000 | %
2028 Senior Notes At any time prior to January 15, 2021, NRG may redeem up to 35% of the aggregate principal amount of the 2028 Senior Notes, at a redemption price equal to 105.750% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to January 15, 2023 NRG may redeem all or a part of the 2028 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 102.875% of the note, plus interest payments due on the note from the date of redemption through January 15, 2023 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after January 15, 2023, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period | Redemption Percentage
January 15, 2023 to January 14, 2024 | 102.875 | %
January 15, 2024 to January 14, 2025 | 101.917 | %
January 15, 2025 to January 14, 2026 | 100.958 | %
January 15, 2026 and thereafter | 100.000 | %
Senior Credit Facility On June 30, 2016, NRG replaced its Senior Credit Facility, consisting of its Term Loan Facility and Revolving Credit Facility with a new senior secured facility, or the Senior Credit Facility, which includes the following:
• | A $1.9 billion term loan facility, or the 2023 Term Loan Facility, with a maturity date of June 30, 2023, which will pay interest at a rate of LIBOR plus 2.75%, with a LIBOR floor of 0.75%. The debt was issued at 99.50% of face value; the discount will be amortized to interest expense over the life of the loan. Repayments under the 2023 Term Loan Facility will consist of 0.25% of principal per quarter, with the remainder due at maturity. The proceeds of the new term loan facility as well as cash on hand were used to repay the 2018 Term Loan Facility balance outstanding. A $21 million loss on extinguishment of the Term Loan Facility was recorded during the second quarter of 2016, which consisted of the write-off of previously deferred financing costs. On January 24, 2017, NRG repriced the 2023 Term Loan Facility, reducing the interest rate margin by 50 basis points to LIBOR plus 2.25%, the LIBOR floor remains 0.75%.
• | A $289 million revolving senior credit facility, or the Tranche A Revolving Facility, with a maturity date of July 1, 2018 and a $2.2 billion revolving senior credit facility, or the Tranche B Revolving Facility, with a maturity date of June 30, 2021, which will pay interest at a rate of LIBOR plus 2.25%.
The Senior Credit Facility is guaranteed by substantially all of NRG's existing and future direct and indirect subsidiaries, with certain customary or agreed-upon exceptions for unrestricted foreign subsidiaries, and certain other subsidiaries, including GenOn, NRG Yield, Inc. and their respective subsidiaries. The capital stock of these guarantor subsidiaries has been pledged for the benefit of the Senior Credit Facility's lenders. The Senior Credit Facility is also secured by first-priority perfected security interests in substantially all of the property and assets owned or acquired by NRG and its subsidiaries, other than certain limited exceptions. These exceptions include assets of certain unrestricted subsidiaries, equity interests in certain of NRG's affiliates that have non-recourse debt financing, including GenOn, NRG Yield, Inc. and their respective subsidiaries, and voting equity interests in excess of 66% of the total outstanding voting equity interest of certain of NRG's foreign subsidiaries. Tax Exempt Bonds
|  | As of December 31, |  |
|  | 2017 |  | 2016 |  | Interest Rate %
Amount in millions, except rates |  |  |  |  |  |
Indian River Power tax exempt bonds, due 2040 |  | $ | 57 |  |  | $ | 57 |  |  | 6.000
Indian River Power LLC, tax exempt bonds, due 2045 |  | 190 |  |  | 190 |  |  | 5.375
Dunkirk Power LLC, tax exempt bonds, due 2042 |  | 59 |  |  | 59 |  |  | 5.875
City of Texas City, tax exempt bonds, due 2045 |  | 32 |  |  | 22 |  |  | 4.125
Fort Bend County, tax exempt bonds, due 2038 |  | 54 |  |  | 54 |  |  | 4.750
Fort Bend County, tax exempt bonds, due 2042 |  | 73 |  |  | 73 |  |  | 4.750
Total |  | $ | 465 |  |  | $ | 455 |  |  |
Non-Recourse Debt The following are descriptions of certain indebtedness of NRG's subsidiaries that are outstanding as of December 31, 2017. All of NRG's non-recourse debt is secured by the assets in the respective project subsidiaries as further described below. Yield LLC and Yield Operating LLC Revolving Credit Facility NRG Yield LLC and its direct wholly owned subsidiary, NRG Yield Operating LLC, entered into a senior secured revolving credit facility, which can be used for cash and for the issuance of letters of credit. At December 31, 2017, there was $55 million outstanding on the revolver and $74 million of letters of credit issued under the revolving credit facility. NRG Yield Operating 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the NRG Yield Operating 2026 Senior Notes. The NRG Yield Operating 2026 Senior Notes bear interest of 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and will commence on March 15, 2017. The Yield Operating 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of NRG Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of the proceeds from the 2026 Senior Notes was used to repay NRG Yield Operating LLC's revolving credit facility. Project Financings The following are descriptions of certain indebtedness of NRG's project subsidiaries that are outstanding as of December 31, 2017. Aqua Caliente Holdco Financing Agreement On February 17, 2017, Agua Caliente Borrower I LLC and Agua Caliente Borrower II LLC, Agua Caliente Holdco, the indirect owners of the Agua Caliente solar facility, issued $130 million of senior secured notes under the Agua Caliente Holdco Financing Agreement, or 2038 Agua Caliente Holdco Notes, that bear interest at 5.43% and mature on December 31, 2038. Net proceeds were distributed to the Company. Carlsbad Project Financing On May 26, 2017, Carlsbad Energy Holdings, LLC entered into a note payable agreement with financial institutions for the issuance of up to $407 million of senior secured notes that bear interest at a rate of 4.12%, and mature on October 31, 2038. As of December 31, 2017, all $407 million of these notes were outstanding. Also on May 26, 2017, Carlsbad Energy Holdings, LLC entered into a credit agreement, or the Carlsbad Financing Agreement, with the issuing banks, for a $194 million construction loan, that will convert to a term loan upon completion of the project. The Carlsbad Financing Agreement also includes a letter of credit facility with an aggregate principle amount not to exceed $83 million, and a working capital loan facility with an aggregate principle amount not to exceed $4 million. As of December 31, 2017, $20 million was outstanding under the construction loan and $29 million in in letters of credit in support of the project were issued. Utah Portfolio As part of the November 2, 2016 utility-scale solar and wind acquisition, as discussed in Note 3, Discontinued Operations, Acquisitions and Dispositions, NRG recorded $222 million of non-recourse project level debt. As of term conversion for the three associated debt facilities, the Company borrowed an additional $65 million of non-recourse debt. Each facility bears interest of LIBOR plus 2.625% and matures on December 16, 2022. Thermal Financing On October 31, 2016, NRG Energy Center Minneapolis LLC, a subsidiary of NRG Yield, Inc., received proceeds of $125 million from the issuance of 3.55% Series D notes due October 31, 2031, or the Series D Notes, and entered into a shelf facility for the anticipated issuance of an additional $70 million of notes. The Series D Notes are secured by substantially all of the assets of NRG Energy Center Minneapolis LLC. NRG Thermal LLC has guaranteed the indebtedness and its guarantee is secured by a pledge of the equity interests in all of NRG Thermal LLC’s subsidiaries. NRG Energy Center Minneapolis LLC distributed the proceeds of the Series D Notes to NRG Thermal LLC, who in turn distributed the proceeds to NRG Yield Operating LLC to be utilized for general corporate purposes, including potential acquisitions. Alta Wind lease financing arrangements Alta Wind Holdings (Alta Wind II - V) and Alta I have finance lease obligations issued under lease transactions whereby the respective operating entities sold and leased back undivided interests in specific assets of the projects. All of the assets of Alta I-V are pledged as collateral under these arrangements. The sale and related lease transactions are accounted for as financing arrangements as the operating entities have continued involvement with the property.
Amount in millions, except rates |  | Lease Financing Arrangement |  | Letter of Credit Facility
Non-Recourse Debt |  | Amount Outstanding as of December 31, 2017 |  | Interest Rate |  | Maturity Date |  | Amount Outstanding as of December 31, 2017 |  | Interest Rate |  | Maturity Date
Alta Wind I |  | $ | 231 |  |  | 7.015% |  | 12/30/2034 |  | $ | 16 |  |  | 3.00% - 3.25% |  | 1/5/2021
Alta Wind II |  | 183 |  |  | 5.696% |  | 12/30/2034 |  | 27 |  |  | 1.250% |  | 3/21/2022
Alta Wind III |  | 191 |  |  | 6.067% |  | 12/30/2034 |  | 27 |  |  | 1.750% |  | various
Alta Wind IV |  | 123 |  |  | 5.938% |  | 12/30/2034 |  | 19 |  |  | 1.750% |  | various
Alta Wind V |  | 198 |  |  | 6.071% |  | 6/30/2035 |  | 30 |  |  | 1.750% |  | various
Total |  | $ | 926 |  |  |  |  |  |  | $ | 119 |  |  |  |  |
Midwest Generation On April 7, 2016, Midwest Generation, LLC, or MWG, entered into an agreement to sell certain quantities of unforced capacity that has cleared various PJM Reliability Pricing Model auctions to a trading counterparty for net proceeds of $253 million. MWG will continue to operate the applicable generation facilities and remains responsible for performance penalties and eligible for performance bonus payments, if any. Accordingly, MWG will continue to account for all revenues and costs as before; however, the proceeds will be recorded as a financing obligation while capacity payments by PJM to the counterparty will be reflected as debt amortization and interest expense through the end of the 2018/19 delivery year. MWG will amortize the upfront discount to interest expense, at an effective interest rate of 4.39%, over the term of the arrangement, through June 2019. As of December 31, 2017, $152 million was outstanding. CVSR On July 15, 2016, CVSR Holdco LLC, the indirect owner of the CVSR project, issued $200 million of senior secured notes. The $199 million of net proceeds from the notes were distributed to a subsidiary of NRG and NRG Yield Operating LLC, the owners of CVSR Holdco LLC, based on their pro-rata ownership. The notes were issued at par and bear an interest rate at 4.68%. Interest is payable semi-annually beginning on September 30, 2016, until the maturity date of March 31, 2037. Capistrano Refinancing On July 13, 2016, Cedro Hill, Broken Bow and Crofton Bluffs, subsidiaries of Capistrano Wind Partners, each amended their respective credit facilities to increase borrowings to a total of $312 million and to lower their respective interest rates. The net proceeds of $87 million were distributed to Capistrano Wind Partners and subsequently distributed to the holders of the Class B preferred equity interests of Capistrano Wind Partners. Interest Rate Swaps — Project Financings Many of NRG's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly, and the LIBOR is determined in advance of each interest period. The following table summarizes the swaps, some of which are forward starting as indicated, related to NRG's project level debt as of December 31, 2017.
| % of Principal |  | Fixed Interest Rate |  | Floating Interest Rate |  | Notional Amount at December 31, 2017 (In millions) |  | Effective Date |  | Maturity Date
Recourse Debt |  |  |  |  |  |  |  |  |  |  |
NRG Energy | 85 | % |  | various |  |  | 1-mo. LIBOR |  | $ | 1,000 |  |  | June 30, 2016 |  | June 30, 2021
Non-Recourse Debt |  |  |  |  |  |  |  |  |  |  |  |
El Segundo Energy Center | 75 | % |  | various |  |  | 3-mo. LIBOR |  | 340 |  |  | various |  | various
South Trent Wind LLC | 75 | % |  | 3.265 | % |  | 3-mo. LIBOR |  | 40 |  |  | June 15, 2010 |  | June 14, 2020
South Trent Wind LLC | 75 | % |  | 4.95 | % |  | 3-mo. LIBOR |  | 21 |  |  | June 30, 2020 |  | June 14, 2028
NRG Solar Roadrunner LLC | 75 | % |  | 4.313 | % |  | 3-mo. LIBOR |  | 26 |  |  | September 30, 2011 |  | December 31, 2029
NRG Solar Alpine LLC | 85 | % |  | various |  | 3-mo. LIBOR |  | 115 |  |  | various |  | various
NRG Solar Avra Valley LLC | 85 | % |  | 2.333 | % |  | 3-mo. LIBOR |  | 46 |  |  | November 30, 2012 |  | November 30, 2030
NRG Marsh Landing | 75 | % |  | 3.244 | % |  | 3-mo. LIBOR |  | 295 |  |  | June 28, 2013 |  | June 30, 2023
Utah Portfolio | 80 | % |  | various |  |  | 1-mo. LIBOR |  | 223 |  |  | various |  | September 30, 2036
DGPV 4 | 85 | % |  | various |  |  | 3-mo. LIBOR |  | 95 |  |  | various |  | various
Other | 75 | % |  | various |  |  | various |  | 653 |  |  | various |  | various
EME Project Financings |  |  |  |  |  |  | — |  |  |  |  |
Broken Bow | 75 | % |  | various |  |  | 3-mo. LIBOR |  | 55 |  |  | various |  | various
Cedro Hill | 90 | % |  | various |  |  | 3-mo. LIBOR |  | 136 |  |  | various |  | various
Crofton Bluffs | 75 | % |  | various |  |  | 3-mo. LIBOR |  | 36 |  |  | various |  | various
Laredo Ridge | 75 | % |  | 2.310 | % |  | 3-mo. LIBOR |  | 75 |  |  | March 31, 2011 |  | March 31, 2026
Tapestry | 75 | % |  | 2.210 | % |  | 3-mo. LIBOR |  | 146 |  |  | December 30, 2011 |  | December 21, 2021
Tapestry | 50 | % |  | 3.570 | % |  | 3-mo. LIBOR |  | 60 |  |  | December 21, 2021 |  | December 21, 2029
Viento Funding II | 90 | % |  | various |  |  | 6-mo. LIBOR |  | 148 |  |  | various |  | various
Viento Funding II | 90 | % |  | 4.985 | % |  | 6-mo. LIBOR |  | 65 |  |  | July 11, 2023 |  | June 30, 2028
Walnut Creek Energy | 75 | % |  | various |  |  | 3-mo. LIBOR |  | 239 |  |  | June 28, 2013 |  | May 31, 2023
WCEP Holdings | 90 | % |  | 4.003 | % |  | 3-mo. LIBOR |  | 45 |  |  | June 28, 2013 |  | May 21, 2023
Alta Wind Project Financings |  |  |  |  |  |  |  |  |  |  |
AWAM | 100 | % |  | 2.470 | % |  | 3-mo. LIBOR |  | 17 |  |  | May 22, 2013 |  | May 15, 2031
Total |  |  |  |  |  |  | $ | 3,876 |  |  |  |  |

X
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