Outstanding Loans and Security Agreements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Outstanding Loans and Security Agreements

Outstanding Loans and Security Agreements

The following is a summary of our debt as of September 30, 2022 (in thousands, except percentage data):

	Unpaid Principal Balance		Net Carrying Value						Interest Rate	Maturity Dates	Entity	Recourse
			Current		Long- Term		Total
10.25% Senior Secured Notes due March 2027	$	63,966	$	12,792	$	50,402	$	63,194	10.25%	March 2027	Company	Yes
2.5% Green Convertible Senior Notes due August 2025	230,000		—		224,340		224,340		2.5%	August 2025	Company	Yes
Total recourse debt	293,966		12,792		274,742		287,534
3.04% Senior Secured Notes due June 30, 2031	127,736		10,332		115,667		125,999		3.04%	June 2031	PPA V	No
6.07% Senior Secured Notes due March 2030	70,492		5,611		64,288		69,899		6.07%	March 2030	PPA IV	No
Total non-recourse debt	198,228		15,943		179,955		195,898
Total debt	$	492,194	$	28,735	$	454,697	$	483,432

The following is a summary of our debt as of December 31, 2021 (in thousands, except percentage data):

	Unpaid Principal Balance		Net Carrying Value						Interest Rate	Maturity Dates	Entity	Recourse
			Current		Long- Term		Total
10.25% Senior Secured Notes due March 2027	$	70,000	$	8,348	$	60,620	$	68,968	10.25%	March 2027	Company	Yes
2.5% Green Convertible Senior Notes due August 2025	230,000		—		222,863		222,863		2.5%	August 2025	Company	Yes
Total recourse debt	300,000		8,348		283,483		291,831
3.04% Senior Secured Notes due June 30, 2031	134,644		9,376		123,255		132,631		3.04%	June 2031	PPA V	No
7.5% Term Loan due September 2028	31,070		3,436		25,570		29,006		7.5%	September  2028	PPA IIIa	No
6.07% Senior Secured Notes due March 2030	73,955		4,671		68,591		73,262		6.07%	March 2030	PPA IV	No
Total non-recourse debt	239,669		17,483		217,416		234,899
Total debt	$	539,669	$	25,831	$	500,899	$	526,730

We and all of our subsidiaries were in compliance with all financial covenants as of September 30, 2022 and December 31, 2021.

Recourse Debt Facilities

Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2021, for discussion of our 10.25% Senior Secured Notes due March 2027 and 2.5% Green Convertible Senior Notes due August 2025.

Interest expense on the Green Notes for the three and nine months ended September 30, 2022, was $1.9 million and $5.8 million, respectively, including amortization of issuance costs of $0.5 million and $1.5 million, respectively. Interest expense on the Green Notes for the three and nine months ended September 30, 2021, was $1.9 million and $5.8 million, respectively, including amortization of issuance costs of $0.5 million and $1.5 million, respectively.

Non-recourse Debt Facilities

Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2021 for discussion of our non-recourse debt.

Both note purchase and credit agreements require us to maintain a debt service reserve, the balances of which are presented below (in millions):

	September 30,		December 31,
	2022		2021
3.04% Senior Secured Notes due June 30, 2031	$	8.0	$	8.0
7.5% Term Loan due September 2028	—		3.6
6.07% Senior Secured Notes due March 2030	9.5		9.1

These debt service balances are included as part of long-term restricted cash in the condensed consolidated balance sheets. Both notes and the loan are secured by assets of respective PPAs.

7.5% Term Loan due September 2028 - On June 14, 2022, as part of the PPA IIIa Upgrade, we paid off the outstanding balance and related accrued interest of $30.2 million and $0.4 million, respectively, and recognized a loss on extinguishment of debt of $4.2 million. The debt service reserve of $3.6 million was reclassified from restricted cash to cash and cash equivalents at the time of extinguishment of debt.

Repayment Schedule and Interest Expense

The following table presents details of our outstanding loan principal repayment schedule as of September 30, 2022 (in thousands):

Remainder of 2022	$	6,755
2023	28,503
2024	31,872
2025	265,494
2026	39,078
Thereafter	120,492
	$	492,194

Interest expense of $13.1 million and $14.5 million for the three months ended September 30, 2022 and 2021, respectively, was recorded in interest expense on the condensed consolidated statements of operations. Interest expense of $41.0 million and $43.8 million for the nine months ended September 30, 2022 and 2021, respectively, was recorded in interest expense on the condensed consolidated statements of operations.