| Energy Assets, Net |
ENERGY ASSETS, NET
Energy assets, net consisted of the following:
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September 30, 2022 |
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December 31, 2021 |
Energy assets (1)
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$ |
1,332,068 |
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$ |
1,120,712 |
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| Less - accumulated depreciation and amortization |
(299,259) |
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(264,181) |
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| Energy assets, net |
$ |
1,032,809 |
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$ |
856,531 |
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(1) Includes financing lease assets (see Note 6), capitalized interest and Asset retirement obligations (“ARO”) assets (see tables below). |
During the nine months ended September 30, 2022, we acquired a solar project for a cash payment of $3,553, which did not constitute a business in accordance with ASC 805-50, Business Combinations.
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
| Location |
2022 |
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2021 |
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2022 |
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2021 |
Cost of revenues (2)
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$ |
12,933 |
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$ |
11,313 |
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$ |
36,911 |
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$ |
31,449 |
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(2) Includes depreciation and amortization on financing lease assets (see Note 6). |
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The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Capitalized interest |
$ |
3,877 |
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$ |
827 |
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$ |
7,785 |
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$ |
4,353 |
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The following tables sets forth information related to our ARO assets and ARO liabilities:
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Location |
September 30, 2022 |
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December 31, 2021 |
| ARO assets, net |
Energy assets, net |
$ |
2,390 |
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$ |
1,939 |
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| ARO liabilities, current |
Accrued expenses and other current liabilities |
$ |
— |
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$ |
6 |
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| ARO liabilities, non-current |
Other liabilities |
3,007 |
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2,342 |
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| Total ARO liabilities |
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$ |
3,007 |
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$ |
2,348 |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Depreciation expense of ARO assets |
$ |
37 |
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$ |
30 |
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$ |
110 |
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$ |
83 |
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| Accretion expense of ARO liabilities |
$ |
36 |
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$ |
33 |
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$ |
108 |
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$ |
90 |
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