| ENERGY ASSETS, NET |
ENERGY ASSETS, NET
Energy assets, net consisted of the following:
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March 31, 2026 |
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December 31, 2025 |
Energy assets (1)
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$ |
2,705,410 |
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$ |
2,602,787 |
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Less - accumulated depreciation and amortization |
(549,573) |
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|
(521,563) |
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Energy assets, net |
$ |
2,155,837 |
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|
$ |
2,081,224 |
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(1) Includes financing lease assets (see Note 7), capitalized interest and asset retirement obligations (“ARO”) assets (see tables below). Also includes $16,683 of amounts paid to Powin. See Note 10 for additional information. |
Depreciation and Amortization Expense
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant and ITC amortization:
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Three Months Ended March 31, |
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Location |
2026 |
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2025 |
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Cost of revenues (2)
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$ |
28,199 |
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$ |
22,842 |
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(2) Includes depreciation and amortization on financing lease assets (see Note 7). |
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Capitalized Interest
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 March 31, |
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2026 |
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2025 |
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Capitalized interest |
$ |
7,758 |
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$ |
8,110 |
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The following tables set forth information related to our ARO assets and ARO liabilities:
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Location |
March 31, 2026 |
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December 31, 2025 |
ARO assets, net |
Energy assets, net |
$ |
5,331 |
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$ |
4,917 |
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ARO liabilities, non-current |
Other liabilities |
$ |
7,941 |
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$ |
7,328 |
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Three Months Ended March 31, |
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2026 |
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2025 |
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Depreciation expense of ARO assets |
$ |
77 |
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$ |
75 |
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Accretion expense of ARO liabilities |
$ |
124 |
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$ |
108 |
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