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Debt and Capital Leases (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Long-term 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.
Annual Payments Based On the Maturities of NRG's Debt | 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 |
Schedule of Tax Exempt Bonds | 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 |  |  |
Schedule of Project Level Debt Assumed During Acquisition |
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 |  |  |  |  |
Debt Instrument Redemption | 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 | %
| 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.
| 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 |  |  |
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 | %
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 | %
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 | %
Schedule of Swaps Related to Project Level Debt | 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 |  |  |  |  |

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