September 30,

December 31,

2018

2017

Assets

Current assets:

Cash and cash equivalents

$

18.4

$

29.1

Restricted cash

0.3

6.1

Accounts receivable - trade, unbilled and other

32.7

52.3

Accounts receivable - related party

33.7

36.6

Current portion of derivative instruments asset

6.4

2.7

Inventory

16.9

17.7

Prepayments and other current assets

12.2

12.2

Total current assets

120.6

156.7

Property, plant, and equipment, net

568.9

603.6

Equity investment in unconsolidated affiliates

155.7

163.6

Power purchase agreements and intangible assets, net

179.2

191.2

Goodwill

21.4

21.4

Derivative instruments asset

1.3

2.8

Other assets

6.4

8.1

Total assets

$

1,053.5

$

1,147.4

Liabilities

Current liabilities:

Accounts payable

$

2.0

$

1.7

Related party payables

21.3

27.2

Accrued interest

2.7

0.3

Other accrued liabilities

19.0

23.1

Current portion of long-term debt

78.1

99.5

Current portion of derivative instruments liability

4.3

4.4

Other current liabilities

0.4

1.0

Total current liabilities

127.8

157.2

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

558.3

616.3

Derivative instruments liability

16.9

19.9

Deferred income taxes

18.2

12.3

Power purchase and fuel supply agreement liabilities, net

22.3

24.1

Other long-term liabilities

49.3

47.6

Total liabilities

792.8

877.4

Commitments and contingencies

Equity

Partners’ capital

1,130.8

1,325.8

Accumulated other comprehensive loss

(137.9

)

(133.4

)

Retained deficit

(931.5

)

(1,137.6

)

Total APLP Holdings Limited Partnership equity

61.4

54.8

Preferred shares issued by a subsidiary company

199.3

215.2

Total equity

260.7

270.0

Total liabilities and equity

$

1,053.5

$

1,147.4

Three months ended
September 30,

Nine months ended
September 30,

2018

2017

2018

2017

Project revenue:

Energy sales

$

25.0

$

33.3

$

94.8

$

104.9

Energy capacity revenue

29.5

29.9

73.0

69.4

Other

10.9

34.2

43.9

131.7

65.4

97.4

211.7

306.0

Project expenses:

Fuel

16.7

22.9

54.0

70.0

Operations and maintenance

17.8

18.0

66.1

57.4

Depreciation and amortization

21.0

29.6

65.7

84.9

55.5

70.5

185.8

212.3

Project other income (expense):

Change in fair value of derivative instruments

—

(0.9

)

3.6

(5.1

)

Equity in earnings (loss) of unconsolidated affiliates

10.2

9.3

33.7

(36.1

)

Interest expense, net

(0.4

)

(0.5

)

(1.4

)

(1.7

)

Other income (expense), net

6.7

(57.3

)

6.6

(57.2

)

16.5

(49.4

)

42.5

(100.1

)

Project income (loss)

26.4

(22.5

)

68.4

(6.4

)

Administrative and other expenses (income):

Administration

1.2

1.1

3.1

3.1

Interest, net

10.3

12.9

32.2

41.3

Foreign exchange loss (gain)

2.9

7.0

(5.1

)

13.2

Other expense

3.0

2.8

10.6

10.9

17.4

23.8

40.8

68.5

Income (loss) before income taxes

9.0

(46.3

)

27.6

(74.9

)

Income tax expense (benefit)

3.6

(15.8

)

7.5

(39.1

)

Net income (loss)

5.4

(30.5

)

20.1

(35.8

)

Net (loss) income attributable to preferred shares of a subsidiary company

(1.5

)

(0.8

)

(1.6

)

3.5

Net income (expense) attributable to APLP Holdings Limited Partnership

$

6.9

$

(29.7

)

$

21.7

$

(39.3

)

September 30,

2018

2017

Cash flows from operating activities:

Net income (loss)

$

20.1

$

(35.8

)

Adjustments to reconcile to net cash provided by operating activities:

Depreciation and amortization

65.7

84.9

Loss on disposal of fixed assets

—

0.1

Gain on fair value adjustment to equity investment resulting from step acquisition

(6.7

)

—

Stock-based compensation expense

1.9

1.6

Long-lived asset and goodwill impairment charges

—

57.3

Distributions from unconsolidated affiliates

37.4

30.9

Equity in (earnings) loss from unconsolidated affiliates

(33.7

)

36.1

Unrealized foreign exchange (gain) loss

(4.8

)

12.5

Change in fair value of derivative instruments

(3.6

)

5.1

Change in deferred income taxes

4.8

(42.3

)

Change in other operating balances

Accounts receivable

22.8

(6.2

)

Inventory

0.8

(4.3

)

Prepayments, supplies and other assets

7.1

5.8

Accounts payable

(6.7

)

0.9

Accruals and other liabilities

(1.2

)

7.0

Cash flows provided by operating activities

103.9

153.6

Cash flows used in investing activities:

Cash paid for acquisition, net of cash acquired

(12.8

)

—

Purchase of property, plant and equipment

(1.2

)

(5.7

)

Cash flows used in investing activities

(14.0

)

(5.7

)

Cash flows used in financing activities:

Dividends paid to Parent

(25.3

)

(57.8

)

Contribution from Parent

12.8

—

Dividends paid on preferred shares of a subsidiary company

(6.3

)

(6.5

)

Repurchase of preferred shares of a subsidiary company

(8.0

)

(3.1

)

Repayment of corporate and project-level debt

(79.5

)

(84.2

)

Cash flows used in financing activities

(106.3

)

(151.6

)

Net decrease in cash and cash equivalents

(16.4

)

(3.7

)

Cash, cash equivalents and restricted cash at beginning of period

35.1

26.0

Cash, cash equivalents and restricted cash at end of period

$

18.7

$

22.3

Supplemental cash flow information

Interest paid

$

26.1

$

37.1

Taxes paid

$

2.5

$

2.7