Annual report pursuant to Section 13 and 15(d)

Business Acquisitions and Related Transactions

v3.6.0.2
Business Acquisitions and Related Transactions
 12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Business Acquisitions and Related Transactions
BUSINESS ACQUISITIONS AND RELATED TRANSACTIONS
The Company accounts for acquisitions using the acquisition method in accordance with ASC 805, Business Combinations. The purchase price for each has been allocated to the assets based on their estimated fair values at the date of each acquisition as set forth in the table below. The excess purchase price over the estimated fair value of the net assets, which are calculated using level 3 inputs per the fair value hierarchy as defined in Note 16, acquired has been recorded as goodwill. Intangible assets identified have been recorded and are being amortized over periods ranging from one to fifteen years. See Note 4 for additional information.
In December 2016, the Company acquired a solar PV project currently under construction as well as an associated construction loan agreement with a bank for use in providing non-recourse financing for this acquired solar PV project currently under construction. The Company paid $3,575 to acquire the asset under construction, and assumed $9,503 of associated non-recourse financing.
In August 2014, the Company acquired the energy consultancy and energy project management business of EEX, an independent energy services provider located in Central London, U.K. The Company paid $9,054 to acquire substantially all of the assets of EEX. The purchase price is subject to post-closing adjustments for working capital and for certain indemnity obligations of the seller and its owners. The Company deposited approximately $834 of the initial cash payment with a third-party escrow agent as security for these matters.
A summary of the cumulative consideration paid and the allocation of the purchase price of all of the acquisitions in each respective year is as follows:
 
2016
2015
2014
Accounts receivable
—

—

1,432

Costs and estimated earnings in excess of billings
—

—

186

Prepaid expenses and other current assets
263

—

295

Property and equipment and project assets
12,815

—

123

Goodwill
—

—

7,590

Intangible assets(1)
—

—

7,208

Accounts payable
—

—

(1,719
)
Accrued liabilities
—

—

(459
)
Billings in excess of cost and estimated earnings
—

—

(752
)
Purchase price
$
13,078

$
—

$
13,904

Total, net of cash received
$
13,078

$
—

$
13,904

Debt assumed
$
9,503

$
—

$
—

Total fair value of consideration
$
3,575

$
—

$
13,904


(1) Intangible assets acquired during 2014 consisted of customer contracts, customer relationships, non-compete agreements and technology and were assigned a weighted average useful life of 8.2 years.
The results of the acquired companies since the dates of the acquisitions have been included in the Company’s operations as presented in the accompanying consolidated statements of income (loss), consolidated statements of comprehensive income (loss) and consolidated statements of cash flows.