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Long-term Debt
 9 Months Ended
Sep. 30, 2021
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 2020 Form 10-K. Long-term debt consisted of the following:
(In millions, except rates)September 30, 2021December 31, 2020
September 30, 2021 interest rate % (a)
Letters of Credit Outstanding at September 30, 2021
2025 Senior Notes $— $600 5.750 
2026 Senior Notes350 350 5.000 
2028 Senior Notes850 850 4.750 
2031 Senior Notes925 — 3.750 
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility, due 2023 (b)
77 — 
L+1.750
75 
Project-level debt:
Agua Caliente Solar LLC, due 2037700 — 
2.395 - 3.633
45 
Alta Wind Asset Management LLC, due 203113 14 
L+2.625
— 
Alta Wind I-V lease financing arrangements, due 2034 and 2035772 800 
5.696 - 7.015
26 
Alta Wind Realty Investments LLC, due 203124 25 7.000— 
Borrego, due 2024 and 203855 57 Various4 
Buckthorn Solar, due 2025123 126 
L+1.750
21 
Carlsbad Energy Holdings LLC, due 2027141 156 
L+1.625
68 
Carlsbad Energy Holdings LLC, due 2038407 407 4.120 — 
Carlsbad Holdco, due 2038210 210 4.210 10 
CVSR Holdco Notes, due 2037169 176 4.680 13 
CVSR, due 2037652 675 
2.339 - 3.775
— 
DG-CS Master Borrower LLC, due 2040441 467 3.510 30 
Duquesne, due 205995 95 4.620 — 
El Segundo Energy Center, due 2023193 250 
L+1.875 - L+2.500
138 
Energy Center Minneapolis Series D, E, F, G, H Notes, due 2025-2037327 327 Various— 
Kawailoa Solar Portfolio LLC, due 202679 81 
L+1.375
15 
Laredo Ridge, due 202874 78 
L+2.125
9 
Marsh Landing, due 2023102 146 
L+2.375
93 
NIMH Solar, due 2024179 191 
L+2.00
15 
Oahu Solar Holdings LLC, due 202687 89 
L+1.375
10 
Pinnacle Repowering Partnership Holdco LLC, due 2021111 — 
L+1.00
2 
Rosie Class B LLC, due 202779 80 
L+1.75
17 
Tapestry Wind LLC, due 203187 143 
L+1.375
11 
Utah Solar Holdings, due 2036284 290 3.590 16 
Walnut Creek, due 202388 126 
L+1.75
92 
WCEP Holdings, LLC, due 202332 35 
L+3.00
— 
Other188 199 Various35 
Subtotal project-level debt:5,712 5,243 
Total debt7,914 7,043 
Less current maturities(545)(384)
Less net debt issuance costs(74)(79)
Add premiums(c)
4 5 
Total long-term debt$7,299 $6,585 
(a) As of September 30, 2021, L+ equals 3 month LIBOR plus x%, except Clearway Energy Operating LLC Revolving Credit Facility, due 2023, Marsh Landing, due 2023, Pinnacle Repowering Partnership HoldCo LLC, due 2021, 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) 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 September 30, 2021, 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 nine months ended September 30, 2021.
Clearway Energy LLC and Clearway Energy Operating LLC Revolving Credit Facility
As of September 30, 2021, the Company had $77 million of borrowings under the revolving credit facility and $75 million in letters of credit outstanding. During the nine months ended September 30, 2021, the Company borrowed $377 million under the revolving credit facility, and subsequently repaid $300 million, utilizing cash on hand and proceeds from the issuance of the 2031 Senior Notes as described below. During October 2021, the Company repaid $32 million of its outstanding loans under the revolving credit facility and as of October 31, 2021, the Company had $45 million of loans outstanding and a total of $75 million in letters of credit outstanding.
2032 Senior Notes
On October 1, 2021, Clearway Energy Operating LLC completed the sale of $350 million of senior unsecured notes due 2032, or the 2032 Senior Notes. The 2032 Senior Notes bear interest at 3.750% and mature on January 15, 2032. Interest on the 2032 Senior Notes is payable semi-annually on January 15 and July 15 of each year, and interest payments will commence on January 15, 2022. The 2032 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2032 Senior Notes were used, together with existing corporate liquidity, to repurchase the 2026 Senior Notes, as described below.
2026 Senior Notes Tender Offer and Redemption
On October 1, 2021, the Company completed the repurchase of an aggregate principal amount of $123 million, or 35.3%, of the 2026 Senior Notes outstanding as part of the cash tender offer announced on September 24, 2021. Concurrently with the launch of the tender offer, the Company exercised its right to optionally redeem the remaining principal amount of $227 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2026 Senior Notes. The 2026 Senior Notes repurchased and redeemed in October 2021 were effectuated at a premium of approximately 103% for total consideration of $359 million.
2031 Senior Notes
On March 9, 2021, Clearway Energy Operating LLC completed the sale of $925 million of senior unsecured notes due 2031, or the 2031 Senior Notes. The 2031 Senior Notes bear interest at 3.750% and mature on February 15, 2031. Interest on the 2031 Senior Notes is payable semi-annually on February 15 and August 15 of each year, and interest payments commenced on August 15, 2021. The 2031 Senior Notes are unsecured obligations of Clearway Energy Operating LLC and are guaranteed by Clearway Energy LLC and by certain of Clearway Energy Operating LLC's wholly owned current and future subsidiaries. The net proceeds from the 2031 Senior Notes were used to repurchase the 2025 Senior Notes, as described below, as well as to repay amounts outstanding under the Company’s revolving credit facility and for general corporate purposes.
2025 Senior Notes Tender Offer and Redemption
On March 9, 2021, the Company completed the repurchase of an aggregate principal amount of $411 million, or 68.6%, of the 2025 Senior Notes outstanding as part of the cash tender offer announced on March 2, 2021. Additionally, $6 million of the 2025 Senior Notes that were subject to guaranteed delivery procedures were subsequently repurchased on March 11, 2021. Concurrently with the launch of the tender offer, the Company exercised its right to optionally redeem the remaining principal amount of $183 million that were not validly tendered and purchased in the tender offer, pursuant to the terms of the indenture governing the 2025 Senior Notes. The 2025 Senior Notes repurchased and redeemed in March 2021 were effectuated at a premium of approximately 106% for total consideration of $636 million and, as a result, the Company recorded a loss on extinguishment in the amount of $36 million. The Company recorded an additional $5 million loss on extinguishment to write off the remaining unamortized deferred financing fees related to the 2025 Senior Notes.
Project - level Debt
Agua Caliente Solar LLC
As part of the acquisition of Agua Caliente Borrower 1 LLC and the consolidation of Agua Caliente, as further described in Note 3, Acquisitions and Dispositions, the Company consolidated non-recourse debt of $716 million related to Agua Caliente Solar, LLC on February 3, 2021. The debt consists of a credit agreement with the Federal Financing Bank and accrues interest at fixed rates between 2.395% and 3.633%, which matures in 2037.
Pinnacle Repowering Partnership HoldCo LLC
On March 10, 2021, the Company entered into a financing agreement for non-recourse debt for a total commitment of $126 million related to the repowering of the Pinnacle wind project. The debt consists of a construction loan at an interest rate of LIBOR plus 1.00%. The Company's initial borrowings of $79 million were utilized to repay $53 million of the outstanding balance under the Tapestry Wind LLC financing agreement, which related to the Pinnacle wind project, to pay vendor invoices and fees and to acquire certain equipment from Clearway Renew LLC to be utilized in the repowering project. The Company will continue to draw on the construction loan to fund the repowering activities of the Pinnacle wind project up to the total commitment amount.