0001669374-22-000011.txt : 20220906 0001669374-22-000011.hdr.sgml : 20220906 20220906143354 ACCESSION NUMBER: 0001669374-22-000011 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220901 0000037637 0000037637 FILED AS OF DATE: 20220906 DATE AS OF CHANGE: 20220906 ABS ASSET CLASS: Debt Securities FILER: COMPANY DATA: COMPANY CONFORMED NAME: Duke Energy Florida Project Finance, LLC CENTRAL INDEX KEY: 0001669374 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 810977581 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-209196-01 FILM NUMBER: 221228004 BUSINESS ADDRESS: STREET 1: 299 FIRST AVENUE NORTH CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 704-382-3853 MAIL ADDRESS: STREET 1: 299 FIRST AVENUE NORTH CITY: ST. PETERSBURG STATE: FL ZIP: 33701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUKE ENERGY FLORIDA, LLC. CENTRAL INDEX KEY: 0000037637 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590247770 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 001-03274 FILM NUMBER: 221228003 BUSINESS ADDRESS: STREET 1: 100 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278205151 MAIL ADDRESS: STREET 1: 100 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 33701 FORMER COMPANY: FORMER CONFORMED NAME: DUKE ENERGY FLORIDA, INC. DATE OF NAME CHANGE: 20130514 FORMER COMPANY: FORMER CONFORMED NAME: FLORIDA POWER CORP DATE OF NAME CHANGE: 20060629 FORMER COMPANY: FORMER CONFORMED NAME: FLORIDA POWER CORP / DATE OF NAME CHANGE: 19950829 10-D 1 defpf-20220901x10d.htm FORM 10-D Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the semi-annual distribution period from
March 1, 2022 to August 31, 2022
Commission File NumberRegistrant; State of Incorporation; Address; and Telephone NumberIRS Employer Identification No.
333-209196-01DUKE ENERGY FLORIDA PROJECT FINANCE, LLC81-0977581
(Delaware)
299 First Avenue North, St. Petersburg, Florida 33701
704-382-3853
1-03274DUKE ENERGY FLORIDA, LLC59-0247770
(Depositor and Sponsor)
(Florida)
299 First Avenue North, St. Petersburg, Florida 33701
704-382-3853
Registered/reporting pursuant to (check one)
Name of exchange
Title of classSection 12(b)Section 12(g)Section 15(d)(If Section 12(b))
Series A 2021 Senior Secured Bondsooþ
Series A 2026 Senior Secured Bondsooþ
Series A 2032 Senior Secured Bondsooþ
Series A 2035 Senior Secured Bondsooþ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ No o


PART I – DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.
The record date for distributions described in Exhibit 99.1 is August 31, 2022.
Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated June 15, 2016, of Duke Energy Florida Project Finance, LLC (Issuing Entity) relating to the Series A Senior Secured Bonds (Bonds) filed with the Securities and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on June 17, 2016.
As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the September 1, 2022, distribution date.
The following Items have been omitted pursuant to General Instruction C of Form 10-D:
•Item 1A. Asset-Level Information.
•Item 1B. Asset Representations Reviewer and Investor Communication.
PART II – OTHER INFORMATION
Item 2. Legal Proceedings.
None.
Item 3. Sale of Securities and Use of Proceeds.
None.
The following Items have been omitted pursuant to General Instruction C of Form 10-D:
•Item 4. Defaults Upon Senior Securities.
•Item 5. Submission of Matters to a Vote of Security Holders.
•Item 6. Significant Obligors of Pool Assets.
•Item 7. Change in Sponsor Interest in the Securities.
•Item 8. Significant Enhancement Provider Information.
Item 9. Other Information.
None.



Item 10. Exhibits
Exhibits filed here within are designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.
Exhibit No.Description
3.1
3.2
4.1
10.1
10.2
10.3
*99.1


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:September 6, 2022DUKE ENERGY FLORIDA PROJECT FINANCE, LLC
(Issuing Entity)
By: Duke Energy Florida, LLC, as Servicer
By:/s/ Cynthia S. Lee
Cynthia S. Lee
Vice President, Chief Accounting Officer and Controller

 EX-99.1 2 defpf-20220901xexhibit991.htm EX-99.1 Document
Exhibit 99.1
SEMI-ANNUAL SERVICER’S CERTIFICATE
Pursuant to Section 4.01(c)(ii) of the Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016 (Servicing Agreement), by and between DUKE ENERGY FLORIDA, LLC, as servicer (Servicer), and Duke Energy Florida Project Finance, LLC, the Servicer does hereby certify, for the September 1, 2022, Payment Date (Current Payment Date), as follows:
Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.
Collection Periods: March 1, 2022 to August 31, 2022
Payment Date: September 1, 2022
1.Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
i.Remittances for theMarch 2022Collection Period$6,108,960.88 
ii.Remittances for theApril 2022Collection Period5,878,098.82 
iii.Remittances for theMay 2022Collection Period6,214,350.46 
iv..Remittances for theJune 2022Collection Period7,480,059.43 
v.Remittances for theJuly 2022Collection Period6,883,855.22 
vi.Remittances for theAugust 2022Collection Period9,805,905.76 
vii.
viii.
ix.Investment Earnings on Capital Subaccount18,784.73 
x.Investment Earnings on Excess Funds Subaccount63.78 
xi.Investment Earnings on General Subaccount71,762.33 
xii.General Subaccount Balance (sum of i through xi above)$42,461,841.41 
xiii.Excess Funds Subaccount Balance as of prior Payment Date— 
xiv.Capital Subaccount Balance as of prior Payment Date6,341,204.08 
xv.Collection Account Balance (sum of xii through xiv above)$48,803,045.49 

2.     Outstanding Amounts as of prior Payment Date:
i.Series A2018Outstanding Amount$— 
ii.Series A2021Outstanding Amount22,276,781.00 
iii.Series A2026Outstanding Amount436,000,000.00 
iv.Series A2032Outstanding Amount250,000,000.00 
v.Series A2035Outstanding Amount275,290,000.00 
vi.Aggregate Outstanding Amount of all Series A Bonds$983,566,781.00 

3.     Required Funding/Payments as of Current Payment Date:
PrincipalPrincipal Due
i.Series A2018$— 
ii.Series A202122,276,781.00 
iii.Series A20264,513,007 
iv.Series A2032— 
v.Series A2035— 
vi.All Series A Bonds$26,789,788.00 

Exhibit 99.1
Interest
WALInterest RateDays in Interest PeriodPrincipal BalanceInterest Due
v.Series A20181.196 %184 $— $— 
vi.Series A20211.731 %184 — 192,805.54 
vii.Series A20262.538 %184 431,486,993.00 5,532,840.00 
viii.Series A20322.858 %184 250,000,000.00 3,572,500.00 
ix.Series A20353.112 %184 275,290,000.00 4,283,512.40 
x.All Series A Bonds$13,581,657.94 
Required LevelFunding Required
xi.Capital Account$6,471,450.00 $— 
4.     Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:
i.Trustee Fees and Expenses; Indemnity Amounts$13,150.00 
ii.Servicing Fee323,572.50 
iii.Administration Fee25,000.02 
iv.Operating Expenses72,509.10 
Series A BondsAggregatePer $1,000 of Original Principal Amount
v.Semi-Annual Interest (including any past-due for prior periods)$13,581,657.94 
1.Series A2018$— $— 
2.Series A2021192,805.54 1.29 
3.Series A20265,532,840.00 12.69 
4.Series A20323,572,500.00 14.29 
5.Series A20354,283,512.40 15.56 
vi.Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date$— 
1.Series A2018$— $— 
2.Series A2021— — 
3.Series A2026— — 
4.Series A2032— — 
5.Series A2035— — 
vii.Semi-Annual Principal$26,789,788.00 
1.Series A2018$— $— 
2.Series A202122,276,781.00 148.51 
3.Series A20264,513,007 10.35 
4.Series A2032— 
5.Series A2035— 
viii.Other unpaid Operating Expenses$— 
ix.Funding of Capital Subaccount (to required level)130,245.92 
x.Capital Subaccount Return to Duke Energy Florida100,696.02 
xi.Deposits to Excess Funds Subaccount 1,425,221.91 
xii.Released to Issuer upon Retirement of all Series Bonds— 
xiii.Aggregate Remittances as of Current Payment Date$42,461,841.41 

Exhibit 99.1
5.    Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):
i.Series A2018$— 
ii.Series A2021— 
iii.Series A2026431,486,993.00 
iv.Series A2032250,000,000.00 
v.Series A2035275,290,000.00 
vi.Aggregate Outstanding Amount of all Series A Bonds$956,776,993.00 
vii.Excess Funds Subaccount Balance1,425,221.91 
viii.Capital Subaccount Balances6,471,450.00 
ix.Aggregate Collection Account Balance$7,896,671.91 
6.    Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):
i.Excess Funds Subaccount$— 
ii.Capital Subaccount— 
iii.Total Withdrawals$— 
7.    Shortfalls in Interest and Principal Payments as of Current Payment Date:
i.Semi-annual Interest
Series A2018$— 
Series A2021— 
Series A2026— 
Series A2032— 
Series A2035— 
Total$— 
ii.Semi-annual Principal
Series A2018$— 
Series A2021— 
Series A2026— 
Series A2032— 
Series A2035— 
Total$— 
8.    Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:
i.Return on Invested Capital$— 
9.    Shortfalls in Required Subaccount Levels as of Current Payment Date:
i.Capital Subaccount$— 

Exhibit 99.1
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate.
Date:August 22, 2022DUKE ENERGY FLORIDA, LLC,
as Servicer
By:/s/ Michael O'Keeffe
Michael O'Keeffe
Director, Electric Utilities and Infrastructure