Outstanding Loans and Security Agreements

6 Months Ended

Jun. 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 June 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	$	67,980	$	12,434	$	54,690	$	67,124	10.25%	March 2027	Company	Yes
2.5% Green Convertible Senior Notes due August 2025	230,000		—		223,848		223,848		2.5%	August 2025	Company	Yes
Total recourse debt	297,980		12,434		278,538		290,972
3.04% Senior Secured Notes due June 30, 2031	129,061		9,643		117,586		127,229		3.04%	June 2031	PPA V	No
6.07% Senior Secured Notes due March 2030	71,687		5,091		65,969		71,060		6.07%	March 2030	PPA IV	No
Total non-recourse debt	200,748		14,734		183,555		198,289
Total debt	$	498,728	$	27,168	$	462,093	$	489,261

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 June 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 six months ended June 30, 2022 was $2.0 million and $3.9 million, respectively, including amortization of issuance costs of $0.5 million and $1.0 million, respectively. Interest expense on the Green Notes for the three and six months ended June 30, 2021 was $1.9 million and $3.9 million, respectively, including amortization of issuance costs of $0.5 million and $1.0 million, respectively.

Non-recourse Debt Facilities

Please refer to 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):

	June 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	9.3		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 as of June 30, 2022.

Repayment Schedule and Interest Expense

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

Remainder of 2022	$	12,524
2023	28,503
2024	31,872
2025	265,494
2026	39,078
Thereafter	121,257
	$	498,728

Interest expense of $13.8 million and $14.6 million for the three months ended June 30, 2022 and 2021, respectively, was recorded in interest expense on the condensed consolidated statements of operations. Interest expense of $27.9 million and $29.3 million for the six months ended June 30, 2022 and 2021, respectively, was recorded in interest expense on the condensed consolidated statements of operations. We did not incur any interest expense - related parties during the three and six months ended June 30, 2022 and 2021.