ENERGY ASSETS, NET (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Summary of Energy Assets |
Energy assets, net consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
| |
March 31, 2026 |
|
December 31, 2025 |
Energy assets (1)
|
$ |
2,705,410 |
|
|
$ |
2,602,787 |
|
Less - accumulated depreciation and amortization |
(549,573) |
|
|
(521,563) |
|
Energy assets, net |
$ |
2,155,837 |
|
|
$ |
2,081,224 |
|
|
|
|
|
(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. |
|
| Summary of Depreciation and Amortization Expense of Energy Assets |
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant and ITC amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Location |
2026 |
|
2025 |
|
|
|
|
Cost of revenues (2)
|
$ |
28,199 |
|
|
$ |
22,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes depreciation and amortization on financing lease assets (see Note 7). |
|
|
|
|
|
| Summary of 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
Capitalized interest |
$ |
7,758 |
|
|
$ |
8,110 |
|
|
|
|
|
|
| Summary of Asset and Liabilities Retirement Obligations |
The following tables set forth information related to our ARO assets and ARO liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location |
March 31, 2026 |
|
December 31, 2025 |
ARO assets, net |
Energy assets, net |
$ |
5,331 |
|
|
$ |
4,917 |
|
|
|
|
|
|
|
|
|
|
|
ARO liabilities, non-current |
Other liabilities |
$ |
7,941 |
|
|
$ |
7,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
2025 |
|
|
|
|
Depreciation expense of ARO assets |
$ |
77 |
|
|
$ |
75 |
|
|
|
|
|
Accretion expense of ARO liabilities |
$ |
124 |
|
|
$ |
108 |
|
|
|
|
|
|