Equity Method Investment

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

At December 31, 2021, investments in equity method investees primarily includes the approximately 50% ownership interest in Desert Sunlight Investment Holdings, LLC, approximately 50% ownership interest in Rosmar, the ownership interest in Meade, including Meade's ownership interest in the CPL and related expansion project, the 40% ownership interest in Pine Brooke Holdings and the 33.3% ownership interests in certain projects acquired in October 2021 (see Note 3). NEP is not the primary beneficiary and therefore does not consolidate these entities because it does not control any of the ongoing activities of these entities, was not involved in the initial design of these entities and does not have controlling interests in these entities.

Summarized information for these equity method investees is as follows:


	2021		2020		2019
	(millions)




Revenues	$	334	$	244	$	213
Operating income	$	164	$	142	$	124
Net income(a)	$	261	$	151	$	67

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(a) Includes the earnings from equity method investee related to Meade's ownership interest in CPL and the related expansion subsequent to the Meade acquisition in November 2019.


	December 31, 2021		December 31, 2020
	(millions)
Current assets	$	186	$	160
Noncurrent assets(a)	$	5,073	$	4,297
Current liabilities	$	85	$	84
Noncurrent liabilities	$	1,456	$	1,011





NEP's share of underlying equity in the equity method investees	$	2,063	$	1,915
Difference between investment carrying amounts and underlying equity in net assets(b)	(167)		(101)
NEP's investment carrying amounts	$	1,896	$	1,814

________________________

(a) Includes the equity method investment related to Meade's ownership interest in the CPL and related expansion project.

(b) Substantially all of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the life of the related projects.