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Long-term Debt | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt This note should be read in conjunction with the complete description under Item 15 — Note 10, Long-term Debt, to the consolidated financial statements included in the Company’s 2021 Form 10-K. The Company’s borrowings, including short-term and long-term portions consisted of the following:
(In millions, except rates) | June 30, 2022 |  | December 31, 2021 |  | June 30, 2022 interest rate % (a) |  | Letters of Credit Outstanding at June 30, 2022
2028 Senior Notes | $ | 850 |  |  | $ | 850 |  |  | 4.750 |  |  |
2031 Senior Notes | 925 |  |  | 925 |  |  | 3.750 |  |  |
2032 Senior Notes | 350 |  |  | 350 |  |  | 3.750 |  |  |
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b) | — |  |  | 245 |  |  | L+1.750 |  | $ | 87 |
Bridge Loan, due 2022 (c) | — |  |  | 335 |  | S+1.250 |  |
Project-level debt: |  |  |  |  |  |  |
Agua Caliente Solar LLC, due 2037 | 677 |  |  | 684 |  |  | 2.395 - 3.633 |  | 45 |
Alta Wind Asset Management LLC, due 2031 | 12 |  |  | 13 |  |  | L+2.625 |  | — |
Alta Wind I-V lease financing arrangements, due 2034 and 2035 | 727 |  |  | 756 |  |  | 5.696 - 7.015 |  | 22 |
Alta Wind Realty Investments LLC, due 2031 | 23 |  |  | 24 |  |  | 7.000 |  |  | — |
Borrego, due 2024 and 2038 | 54 |  |  | 54 |  |  | Various |  | — |
Buckthorn Solar, due 2025 | 122 |  |  | 123 |  |  | L+1.750 |  | 23 |
Carlsbad Energy Holdings LLC, due 2027 | 136 |  |  | 136 |  |  | L+1.750 |  | 82 |
Carlsbad Energy Holdings LLC, due 2038 | 407 |  |  | 407 |  |  | 4.120 |  |  | — |
Carlsbad Holdco, due 2038 | 203 |  |  | 205 |  |  | 4.210 |  |  | 10 |
CVSR, due 2037 | 638 |  |  | 652 |  |  | 2.339 - 3.775 |  | — |
CVSR Holdco Notes, due 2037 | 160 |  |  | 169 |  |  | 4.680 |  |  | 13 |
DG-CS Master Borrower LLC, due 2040 | 434 |  |  | 441 |  |  | 3.510 |  |  | 30 |
El Segundo Energy Center, due 2023 | 154 |  |  | 193 |  |  | L+1.875 - L+2.500 |  | 138 |
Kawailoa Solar Portfolio LLC, due 2026 | 78 |  |  | 78 |  |  | L+1.375 |  | 15 |
Laredo Ridge, due 2028 (d) | — |  |  | 72 |  |  | L+2.125 |  | — |
Marsh Landing, due 2023 | 65 |  |  | 84 |  |  | L+2.375 |  | 73 |
Mililani I, due 2022 and 2024 | 98 |  |  | — |  |  | L+1.000 - L+1.250 |  | 2 |
NIMH Solar, due 2024 | 171 |  |  | 176 |  |  | L+2.000 |  | 16 |
Oahu Solar Holdings LLC, due 2026 | 85 |  |  | 86 |  |  | L+1.375 |  | 11 |
Rosie Class B LLC, due 2027 | 78 |  |  | 78 |  |  | L+1.750 |  | 17 |
Tapestry Wind LLC, due 2031 (d) | — |  |  | 85 |  |  | L+1.375 |  | — |
Utah Solar Holdings, due 2036 | 267 |  |  | 273 |  |  | 3.590 |  |  | 15 |
Viento Funding II, LLC, due 2023 and 2029 (d) | 188 |  |  | 29 |  |  | S+1.475 |  | 26 |
Walnut Creek, due 2023 | 55 |  |  | 74 |  |  | L+1.750 |  | 133 |
WCEP Holdings, LLC, due 2023 | 28 |  |  | 30 |  |  | L+3.000 |  | — |
Other | 142 |  |  | 151 |  |  | Various |  | 191 |
Subtotal project-level debt: | 5,002 |  |  | 5,073 |  |  |  |  |
Total debt | 7,127 |  |  | 7,778 |  |  |  |  |
Less current maturities | (457) |  |  | (772) |  |  |  |  |
Less net debt issuance costs | (69) |  |  | (71) |  |  |  |  |
Add premiums (e) | 4 |  |  | 4 |  |  |  |  |
Total long-term debt | $ | 6,605 |  |  | $ | 6,939 |  |  |  |  |
(a) As of June 30, 2022, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Mililani I, due 2022 and 2024, and Walnut Creek, due 2023, where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the borrower leverage ratio, as defined in the credit agreement. (c) S+ equals SOFR, plus x%. (d) Laredo Ridge, due 2028; Tapestry Wind, LLC, due 2031; and Viento Funding II, LLC, due 2023 project-level debt were repaid on March 16, 2022 totaling $186 million and was replaced with $190 million in new project-level debt under Viento Funding II, LLC that was obtained on March 16, 2022 and is due in 2029, as discussed further below. (e) Premiums relate to the 2028 Senior Notes. The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of June 30, 2022, the Company was in compliance with all of the required covenants. The discussion below describes material changes to or additions of long-term debt for the six months ended June 30, 2022. Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility As of June 30, 2022, the Company had no outstanding borrowings under the revolving credit facility and $87 million in letters of credit outstanding. During the six months ended June 30, 2022, the Company borrowed $80 million under the revolving credit facility and repaid $325 million, $305 million of which was repaid on May 3, 2022, utilizing the proceeds received from the Thermal Disposition. Bridge Loan Agreement On May 3, 2022, the Company repaid the $335 million in outstanding borrowings under the Bridge Loan Agreement utilizing proceeds received from the Thermal Disposition, as further described in Note 3, Acquisitions and Dispositions. Project-level Debt Mililani I On March 25, 2022, as part of the acquisition of Mililani I, as further described in Note 3, Acquisitions and Dispositions, the Company assumed the project’s financing agreement which included a $16 million construction loan that converts to a term loan upon completion of construction, $60 million tax equity bridge loan and a $27 million sponsor equity bridge loan. The sponsor equity bridge loan was repaid at acquisition date, utilizing $14 million from the cash equity investor, as well as $15 million of the Company’s acquisition price, which was contributed back by CEG, and $2 million was utilized to pay associated fees. The tax equity bridge loan will be repaid with the final proceeds from the tax equity investor that will be received when Mililani I achieves substantial completion, which is expected to occur in the second half of 2022. Subsequent to the Mililani I acquisition, the Company borrowed an additional $22 million in construction loans. As of June 30, 2022, the Company had $38 million in outstanding construction loans in addition to the $60 million tax equity bridge loan referenced above. Viento Funding II, LLC On March 16, 2022, the Company, through its indirect subsidiary, Viento Funding II, LLC, entered into a financing agreement which included the issuance of a $190 million term loan as well as $35 million in letters of credit, supported by the Company’s interests in the Elkhorn Ridge, Laredo Ridge, San Juan Mesa and Taloga wind projects. The term loan bears annual interest at a rate of SOFR plus a spread of 0.10% and an applicable margin, which is 1.35% per annum through the fourth anniversary of the term loan and 1.50% per annum thereafter through the maturity date of March 16, 2029. The proceeds from the term loan were used to pay off the existing debt in the amount of $186 million related to Laredo Ridge, Tapestry Wind LLC and Viento Funding II, LLC and to pay related financing costs. The Company recorded a loss on debt extinguishment of $2 million to expense unamortized debt issuance costs.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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