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 six months ended June 30, 2016. See Note 5 in our 2015 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 10,266 MW at both June 30, 2016 and December 31, 2015. 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 during each of the three and six months ended June 30, 2016 and 2015.

Unconsolidated VIEs and Investments in Power Plants

We have a 50% partnership interest in Greenfield LP and in Whitby. Greenfield LP and Whitby are 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 June 30, 2016 and December 31, 2015, our equity method investments included on our Consolidated Condensed Balance Sheets were comprised of the following (in millions):



	Ownership Interest as of June 30, 2016	June 30, 2016		December 31, 2015
Greenfield LP	50%	$	67	$	65
Whitby	50%	7		14
Total investments in power plants		$	74	$	79

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 June 30, 2016 and December 31, 2015, equity method investee debt was approximately $279 million and $269 million, respectively, and based on our pro rata share of each of the investments, our share of such debt would be approximately $139 million and $135 million at June 30, 2016 and December 31, 2015, respectively.

Our equity interest in the net income from Greenfield LP and Whitby for the three and six months ended June 30, 2016 and 2015, is recorded in (income) from unconsolidated investments in power plants. The following table sets forth details of our (income) from unconsolidated investments in power plants for the periods indicated (in millions):



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Greenfield LP	$	(1	)	$	(4	)	$	(5	)	$	(6	)
Whitby	(2		)	(3		)	(5		)	(6		)
Total	$	(3	)	$	(7	)	$	(10	)	$	(12	)

Distributions from Greenfield LP were $5 million during each of the three and six months ended June 30, 2016, and nil during each of the three and six months ended June 30, 2015. Distributions from Whitby were $13 million during each of the three and six months ended June 30, 2016 and 2015.

Significant Unconsolidated Subsidiaries — Greenfield LP and Whitby met the criteria of significant unconsolidated subsidiaries for the six months ended June 30, 2015, based upon the relationship of our equity income from our investment to our consolidated net income before taxes. Aggregated summarized financial data for the six months ended June 30, 2016 and 2015 are set forth below (in millions):

Condensed Combined Statements of Operations

of Our Unconsolidated Subsidiaries

(Unaudited)



	Six Months Ended June 30,
	2016		2015
Revenues	$	75	$	98
Operating expenses	43		66
Income from operations	32		32
Interest expense, net of interest income	8		10
Other (income) expense, net	3		(1		)
Net income	$	21	$	23