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Debt and Capital Leases (Tables)
 12 Months Ended
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