Variable Interest Entities and Unconsolidated Investments

We consolidate all of our VIEs where we have determined that we are the primary beneficiary. There were no changes to our determination of whether we are the primary beneficiary of our VIEs for the three months ended March 31, 2015. See Note 5 in our 2014 Form 10-K for further information regarding our VIEs.

VIE Disclosures

Our consolidated VIEs include natural gas-fired power plants with an aggregate capacity of 10,365 MW at both March 31, 2015 and December 31, 2014. For these VIEs, we may provide other operational and administrative support through various affiliate contractual arrangements among the VIEs, Calpine Corporation and its other wholly-owned subsidiaries whereby we support the VIE through the reimbursement of costs and/or the purchase and sale of energy. Other than amounts contractually required, we provided support to these VIEs in the form of cash and other contributions of nil and $40 million during the three months ended March 31, 2015 and 2014, respectively.

Unconsolidated VIEs and Investments in Power Plants

We have a 50% partnership interest in Greenfield LP and in Whitby. Greenfield LP and Whitby are also VIEs; however, we do not have the power to direct the most significant activities of these entities and therefore do not consolidate them. Greenfield LP is a limited partnership between certain subsidiaries of ours and of Mitsui & Co., Ltd., which operates the Greenfield Energy Centre, a 1,038 MW natural gas-fired, combined-cycle power plant located in Ontario, Canada. We and Mitsui & Co., Ltd. each hold a 50% interest in Greenfield LP. Whitby is a limited partnership between certain of our subsidiaries and Atlantic Packaging Ltd., which operates the Whitby facility, a 50 MW natural gas-fired, simple-cycle cogeneration power plant located in Ontario, Canada. We and Atlantic Packaging Ltd. each hold a 50% partnership interest in Whitby.

We account for these entities under the equity method of accounting and include our net equity interest in investments in power plants on our Consolidated Condensed Balance Sheets. At March 31, 2015 and December 31, 2014, our equity method investments included on our Consolidated Condensed Balance Sheets were comprised of the following (in millions):



	Ownership Interest as of March 31, 2015	March 31, 2015		December 31, 2014
Greenfield LP	50%	$	69	$	78
Whitby	50%	19		17
Total investments in power plants		$	88	$	95

Our risk of loss related to our unconsolidated VIEs is limited to our investment balance. Holders of the debt of our unconsolidated investments do not have recourse to Calpine Corporation and its other subsidiaries; therefore, the debt of our unconsolidated investments is not reflected on our Consolidated Condensed Balance Sheets. At March 31, 2015 and December 31, 2014, equity method investee debt was approximately $310 million and $342 million, respectively, and based on our pro rata share of each of the investments, our share of such debt would be approximately $155 million and $171 million at March 31, 2015 and December 31, 2014, respectively.

Our equity interest in the net income from Greenfield LP and Whitby for the three months ended March 31, 2015 and 2014, is recorded in (income) from unconsolidated investments in power plants on our Consolidated Condensed Statements of Operations. The following table sets forth details of our (income) from unconsolidated investments in power plants for the periods indicated (in millions):



	Three Months Ended March 31,
	2015			2014
Greenfield LP	$	(2	)	$	(5	)
Whitby	(3		)	(4		)
Total	$	(5	)	$	(9	)

Distributions from Greenfield LP were nil during each of the three months ended March 31, 2015, and 2014. Distributions from Whitby were nil and $13 million during the three months ended March 31, 2015 and 2014, respectively.

Inland Empire Energy Center Put and Call Options — We hold a call option to purchase the Inland Empire Energy Center (a 775 MW natural gas-fired power plant located in California) from GE that may be exercised between years 2017 and 2024. GE holds a put option whereby they can require us to purchase the power plant, if certain plant performance criteria are met by 2025. We determined that we are not the primary beneficiary of the Inland Empire power plant, and we do not consolidate it due to the fact that GE directs the most significant activities of the power plant including operations and maintenance.

Significant Unconsolidated Subsidiary — Whitby met the criteria of a significant unconsolidated subsidiary for the three months ended March 31, 2015, based upon the relationship of our equity income from our investment to our consolidated net loss before taxes. The summarized financial data for Whitby for the three months ended March 31, 2015 and 2014, are set forth below (in millions):

Whitby

Condensed Statements of Operations

(Unaudited)



	Three Months Ended March 31,
	2015		2014
Revenues	$	15	$	15
Operating expenses	9		7
Net income	$	6	$	8