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Capitalization (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of Debt

Significant long-term debt issuances and borrowings by subsidiaries of NEP during the nine months ended September 30, 2019 were as follows:

Date Issued/Borrowed		Debt Issuances/Borrowings		Interest Rate		Principal Amount				Maturity Date
						(millions)
May 2019 - June 2019		NEP OpCo senior secured revolving credit facility		Variable(a)		$	450		(b)(c)	2024
June 2019		NEP OpCo senior unsecured notes		4.25%		$	700		(c)	2024
September 2019		NEP OpCo senior unsecured notes		3.875%		$	500			2026

————————————

(a) Variable rate is based on an underlying index plus a margin.

(b) Approximately $214 million of the funds drawn on the revolving credit facility was used to repay in full the outstanding indebtedness of certain projects under their respective limited-recourse financing agreements. During the three and nine months ended September 30, 2019, approximately $6 million of debt issuance costs were amortized related to the repayment of the project debt.

(c)

In July 2019, the $450 million outstanding balance under the revolving credit facility was repaid with proceeds from the issuance of the June senior unsecured notes. See additional discussion below.

Schedule of Earnings Per Share, Basic and Diluted

The reconciliation of NEP's basic and diluted earnings per unit for the three and nine months ended September 30, 2018 is as follows:

	Three Months Ended September 30, 2018				Nine Months Ended September 30, 2018
	(millions, except per unit amounts)
Numerator:
Net income attributable to NEP – basic	$	33			$	189
Adjustments for convertible notes and preferred units	10				52
Net income attributable to NEP – assuming dilution	$	43			$	241
Denominator:
Weighted-average number of common units outstanding – basic	54.9				54.5
Convertible notes and preferred units	19.7				19.7
Weighted-average number of common units outstanding – assuming dilution	74.6				74.2
Earnings per unit attributable to NEP:
Basic	$	0.60			$	3.47
Assuming dilution	$	0.58			$	3.25

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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