Quarterly report [Sections 13 or 15(d)]

ENERGY ASSETS, NET

v3.26.1
ENERGY ASSETS, NET
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
ENERGY ASSETS, NET ENERGY ASSETS, NET
Energy assets, net consisted of the following:
June 30, 2026 December 31, 2025
Energy assets (1)
$
2,814,726 
$
2,602,787 
Less - accumulated depreciation and amortization
(578,398)
(521,563)
Energy assets, net
$
2,236,328 
$
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.
Transfer of Investment Tax Credits
On June 30, 2026, we sold ITC on one energy asset to a third party at a total value, net of fees, of $20,411.
The benefit from the sales of the ITC are recognized in profit or loss as a reduction to depreciation expense over the life of the energy assets.
Depreciation and Amortization Expense
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant and ITC amortization:
Three Months Ended June 30, Six Months Ended June 30,
Location
 2026 2025 2026 2025
Cost of revenues (2)
$
29,052 
$
23,997 
$
57,251 
$
46,839 
(2) Includes depreciation and amortization on financing lease assets (see Note 7).
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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Capitalized interest
$
7,775 
$
9,842 
$
15,533 
$
17,952 

ARO

The following tables set forth information related to our ARO assets and ARO liabilities:
Location
June 30, 2026
December 31, 2025
ARO assets, net
Energy assets, net
$
5,253 
$
4,917 
ARO liabilities, non-current
Other liabilities
$
8,060 
$
7,328 

Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Depreciation expense of ARO assets
$
77 
$
31 
$
154 
$
106 
Accretion expense of ARO liabilities
$
124 
$
108 
$
248 
$
216