June 30,

December 31,

2017

2016

Assets

Current assets:

Cash and cash equivalents

$

25.7

$

26.0

Restricted cash

9.9

9.3

Accounts receivable - trade, unbilled and other

38.6

34.8

Accounts receivable - related party

36.6

40.2

Current portion of derivative instruments asset

2.8

4.1

Inventory

17.9

14.5

Prepayments and other current assets

11.7

6.3

Total current assets

143.2

135.2

Property, plant, and equipment, net

590.0

613.7

Equity investment in unconsolidated affiliates

204.2

266.8

Power purchase agreements and intangible assets, net

227.4

246.2

Goodwill

36.1

36.1

Derivative instruments asset

2.8

4.6

Other assets

3.9

5.2

Total assets

$

1,207.6

$

1,307.8

Liabilities

Current liabilities:

Accounts payable

$

1.9

$

3.7

Related party payables

27.4

26.3

Accrued interest

0.3

0.3

Other accrued liabilities

22.1

17.5

Current portion of long-term debt

104.5

109.4

Current portion of derivative instruments liability

4.8

6.0

Other current liabilities

2.9

1.8

Total current liabilities

163.9

165.0

Long-term debt, net of unamortized discount and deferred financing costs

654.7

697.0

Derivative instruments liability

18.0

14.8

Deferred income taxes

44.2

69.2

Power purchase and fuel supply agreement liabilities, net

24.7

25.3

Other long-term liabilities

52.8

51.6

Total liabilities

958.3

1,022.9

Commitments and contingencies

Equity

Partners’ capital

1,156.7

1,202.0

Accumulated other comprehensive loss

(139.7

)

(146.5

)

Retained deficit

(989.0

)

(991.9

)

Total APLP Holdings Limited Partnership equity

28.0

63.6

Preferred shares issued by a subsidiary company

221.3

221.3

Total equity

249.3

284.9

Total liabilities and equity

$

1,207.6

$

1,307.8

Three months ended
June 30,

Six months ended
June 30,

2017

2016

2017

2016

Project revenue:

Energy sales

$

37.4

$

42.5

$

71.6

$

92.1

Energy capacity revenue

23.3

32.3

39.5

60.9

Other

55.7

15.6

97.5

37.7

116.4

90.4

208.6

190.7

Project expenses:

Fuel

21.3

32.1

47.1

67.6

Operations and maintenance

21.1

26.1

39.4

44.8

Depreciation and amortization

27.6

23.6

55.3

46.6

70.0

81.8

141.8

159.0

Project other income (expense):

Change in fair value of derivative instruments

(2.5

)

13.0

(4.2

)

14.1

Equity in (loss) earnings of unconsolidated affiliates

(54.5

)

7.6

(45.4

)

18.3

Interest expense, net

(0.6

)

(0.6

)

(1.1

)

(1.3

)

Other income

—

0.1

—

—

(57.6

)

20.1

(50.7

)

31.1

Project (loss) income

(11.2

)

28.7

16.1

62.8

Administrative and other expenses:

Administration

1.0

0.6

2.0

0.9

Interest, net

13.4

46.5

28.4

67.0

Foreign exchange loss

4.4

0.5

6.3

9.6

Other expense

4.2

7.2

8.0

7.1

23.0

54.8

44.7

84.6

Loss before income taxes

(34.2

)

(26.1

)

(28.6

)

(21.8

)

Income tax benefit

(22.9

)

(17.3

)

(23.3

)

(15.7

)

Net loss

(11.3

)

(8.8

)

(5.3

)

(6.1

)

Net income attributable to preferred shares of a subsidiary company

2.1

2.1

4.3

4.2

Net loss attributable to APLP Holdings Limited Partnership

$

(13.4

)

$

(10.9

)

$

(9.6

)

$

(10.3

)

June 30,

2017

2016

Cash provided by operating activities:

Net loss

$

(5.3

)

$

(6.1

)

Adjustments to reconcile to net cash provided by operating activities:

Depreciation and amortization

55.3

46.6

Loss on sale of assets

—

0.2

Stock-based compensation expense

1.1

0.9

Distributions from unconsolidated affiliates

17.2

23.5

Equity in loss (earnings) from unconsolidated affiliate

45.4

(18.3

)

Unrealized foreign exchange loss

6.3

9.9

Change in fair value of derivative instruments

4.1

(14.1

)

Amortization of debt discount and deferred financing costs

—

33.8

Change in deferred income taxes

(25.1

)

(17.5

)

Change in other operating balances

Accounts receivable

(0.3

)

(12.2

)

Inventory

(3.3

)

(0.3

)

Prepayments, supplies and other assets

4.1

(0.5

)

Accounts payable

(4.1

)

(3.3

)

Accruals and other liabilities

1.3

(2.0

)

Cash provided by operating activities

96.7

40.6

Cash (used in) provided by investing activities:

Change in restricted cash

(0.6

)

1.0

Reimbursement of costs for third party construction project

—

4.7

Purchase of property, plant and equipment

(4.2

)

(2.0

)

Cash (used in) provided by investing activities

(4.8

)

3.7

Cash used in financing activities:

Dividends paid to Parent

(31.1

)

(235.2

)

Dividends paid on preferred shares of a subsidiary company

(4.2

)

(4.2

)

Repayment of debt

(56.9

)

(508.0

)

Proceeds from senior secured term loan facility, net of discount

—

682.9

Deferred financing costs

—

(15.9

)

Cash used in financing activities

(92.2

)

(80.4

)

Net decrease in cash and cash equivalents

(0.3

)

(36.1

)

Cash and cash equivalents at beginning of period

26.0

60.3

Cash and cash equivalents at end of period

$

25.7

$

24.2

Supplemental cash flow information

Interest paid

$

26.3

$

24.8

Taxes paid

$

2.2

$

1.9

Accruals for construction

$

1.3

$

1.0