| Summary of Debt |
Debt was comprised of the following:
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As of December 31, |
|
2024 |
|
2023 |
Senior secured credit facility, 7.90%, due January 2024 to December 2028 (1) (2) (8)
|
$ |
148,000 |
|
|
$ |
279,900 |
|
Second lien term loan, 10.57%, due June 2029(1) (2) (8)
|
100,000 |
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|
— |
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| Energy Asset Construction Facilities |
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|
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June 2020, 6.14%, due March 2025 (2) (8)
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$ |
20,385 |
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|
$ |
20,705 |
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|
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April 2023, 6.82%, due July 2024 |
— |
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|
134,415 |
|
August 2023, 8.53%, due December 2027 (1) (2) (8)
|
318,824 |
|
|
278,858 |
|
August 2023, 6.33%, due February 2024 |
— |
|
|
36,270 |
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| Subtotal energy asset construction facilities |
$ |
339,209 |
|
|
$ |
470,248 |
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| Energy Asset Operating Facilities |
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October 2011 fixed rate 6.11% due June 2028 (5)
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$ |
1,417 |
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$ |
1,976 |
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October 2012 variable rate 7.22%, due June 2025 (4) (8)
|
31,660 |
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|
34,453 |
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September 2015 variable rate 6.54%, due March 2028 (4) (8)
|
13,271 |
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|
13,747 |
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August 2016 fixed rate 4.95%, due June 2031 (4)
|
1,813 |
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|
2,253 |
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April 2017 fixed rate 5.61%, due February 2034 (4)
|
1,128 |
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|
1,348 |
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June 2017 variable rate 7.14%, due December 2027 (4) (8)
|
4,944 |
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|
7,158 |
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June 2018 fixed rate 5.15%, due December 2038 (2) (4)
|
18,883 |
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|
21,063 |
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June 2018 variable rate 6.74%, due June 2033 (2) (8) (3)
|
5,500 |
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|
6,592 |
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October 2018 variable rate 7.20%, due October 2029 (2) (8) (5)
|
5,264 |
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|
6,145 |
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November 2020 fixed rate 3.58%, due December 2027 (4)
|
1,400 |
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|
2,004 |
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June 2021 fixed rate 4.92%, due June 2045 (4)
|
3,154 |
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|
3,489 |
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July 2021 fixed rate 3.25%, due March 2046 (2) (4)
|
33,214 |
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|
35,090 |
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July 2021 variable rate 8.34%, due July 2030 (2) (4) (8)
|
— |
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|
2,140 |
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June 2022 fixed rate 5.45%, due March 2042 (2) (4)
|
5,942 |
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|
6,395 |
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October 2022 fixed rate 6.70%, due August 2039 (2) (4)
|
362,583 |
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|
349,093 |
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March 2023 fixed rate 5.99%, due, December 2047 (2) (4)
|
21,290 |
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|
21,984 |
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August 2023 seller's promissory note, 5.00%, due January 2024 |
— |
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|
28,294 |
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August 2023 fixed rate 5.83%, due April 2047 (2)
|
12,290 |
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|
3,520 |
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April 2024 fixed rate 6.20%, due June 2042(2) (4)
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89,846 |
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|
— |
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April 2024 fixed rate 8.00%, due June 2042 (2) (4)
|
12,566 |
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|
— |
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February 2024 variable rate 6.33%, due April 2030 (2) (4)
|
34,605 |
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|
— |
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Various Enerqos financing facilities |
13,934 |
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|
17,786 |
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| Subtotal energy asset operating facilities |
$ |
674,704 |
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|
$ |
564,530 |
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| Sale-leasebacks |
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August 2018 master sale-leaseback, 0.00% to 1.86%, due July 2039 to December 2049 (3) (6)
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$ |
205,565 |
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$ |
163,504 |
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December 2020 master sale-leaseback, 0.00%, due December 2040 to March 2043 (4) (6)
|
21,111 |
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|
22,194 |
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August 2024 master sale-leaseback, 0.00%, due August 2034 to August 2044(2) (4)(6)
|
172,694 |
|
|
— |
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| Subtotal sale-leasebacks |
$ |
399,370 |
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|
$ |
185,698 |
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Financing Leases (7)
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$ |
12,904 |
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|
$ |
13,928 |
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| Total debt and financing leases |
$ |
1,674,187 |
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|
$ |
1,514,304 |
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Less: current maturities, net of unamortized discount |
149,363 |
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|
322,247 |
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| Less: unamortized discount and debt issuance costs |
40,924 |
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|
21,982 |
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| Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
$ |
1,483,900 |
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|
$ |
1,170,075 |
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| (1) Facility has interest at varying rates monthly or quarterly in arrears. |
| (2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make the remaining principal and the required interest balance due according to the agreement. |
| (3) Facility is payable in semi-annual installments. |
| (4) Facility is payable in quarterly installments. |
| (5) Facility is payable in monthly installments. |
(6) These agreements are sale-leaseback arrangements and are accounted for as failed sales under the guidance and are classified as financing liabilities. See Note 8. |
(7) Financing leases are sale-leaseback arrangements under previous guidance and do not include approximately $10,862 in future interest payments as of December 31, 2024 and $12,468 as of December 31, 2023. See Note 8. |
| (8) These agreements are now using the Secured Overnight Financing Rate (“SOFR”) as the primary reference rate used to calculate interest. |
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The table below sets forth amounts outstanding under the senior secured credit facility:
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Rate as of December 31, 2024 |
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As of December 31, |
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|
2024 |
|
2023 |
| Revolving credit facility |
7.99 |
% |
|
$ |
135,000 |
|
|
$ |
139,900 |
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| Term loan A |
6.96 |
% |
|
13,000 |
|
|
75,000 |
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| Delayed draw term loan A |
— |
% |
|
— |
|
|
65,000 |
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| Total senior secured credit facility outstanding |
148,000 |
|
|
279,900 |
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| Less: unamortized debt discount and debt issuance costs |
(177) |
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|
(884) |
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| Total senior secured credit facility outstanding, net |
$ |
147,823 |
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|
$ |
279,016 |
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