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Investments Accounted for by the Equity Method and Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summarized financial information for the Company's consolidated VIEs consisted of the following as of September 30, 2020:


(In millions)	Oahu Solar Partnership		Kawailoa Partnership		Elbow Creek TE Holdco		Wildorado TE Holdco		DGPV Holdco 3		Alta TE Holdco		Spring Canyon		Buckthorn Renewables LLC		Other (a)
Other current and non-current assets	$	25	$	24	$	10	$	16	$	61	$	58	$	3	$	3	$	5
Property, plant and equipment	182		142		102		244		329		363		82		209		8
Intangible assets	—		—		1		—		1		228		—		—		—
Total assets	207		166		113		260		391		649		85		212		13
Current and non-current liabilities	125		116		27		12		276		44		5		7		3
Total liabilities	125		116		27		12		276		44		5		7		3
Noncontrolling interest	25		35		74		107		3		38		29		62		—
Net assets less noncontrolling interests	$	57	$	15	$	12	$	141	$	112	$	567	$	51	$	143	$	10

(a) Other is comprised of Crosswinds and Hardin projects.

The following table shows the balances that were consolidated effective on May 29, 2020:


(In millions)	May 29, 2020
Current assets	$	32
Property, plant and equipment	331
Intangible assets	1
Other non-current assets	37
Total assets	$	401
Debt	206
Other current and non-current liabilities	84
Total liabilities	$	290
Noncontrolling interests and redeemable noncontrolling interests	6
Net assets less noncontrolling interests	$	105

Equity Method Investments

The Company's maximum exposure to loss as of September 30, 2020 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:


Name	Economic Interest	Investment Balance
		(In millions)
Utah Solar Portfolio (a)	50%	$	268
Desert Sunlight	25%	257
Agua Caliente Solar	16%	89
GenConn	50%	90
DGPV Holdco 1 LLC (a)	95%	81
DGPV Holdco 2 LLC (a)	95%	63
San Juan Mesa	75%	42
Elkhorn Ridge	66.7%	39
Avenal	50%	(5)
Mesquite Star (a)	50%	77
		$	1,001

(a) VIEs and tax equity structures and economic interest are based on cash to be distributed

The following tables present summarized financial information for the Company's significant equity method investments:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Income Statement Data:
DGPV Holdco 3 (a)
Operating revenue	$	—	$	9	$	14	$	22
Operating income	—		6		6		11
Net income (loss)	$	—	$	16	$	(12)	$	24

(a) Year to date as of the reconsideration event on May 29, 2020


(In millions)	As of September 30, 2020		As of December 31, 2019
Balance Sheet Data:
DGPV Holdco 3 (a)
Current assets	$	—	$	39
Non-current assets	—		371
Current liabilities	—		61
Non-current liabilities	—		216
Redeemable noncontrolling interest	$	—	$	(1)

(a) DGPV Holdco 3 was no longer an equity method investment as of the reconsideration event on May 29, 2020

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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