ENERGY ASSETS, NET (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
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| Summary of Energy Assets |
Energy assets, net consisted of the following:
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June 30, 2026 |
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December 31, 2025 |
Energy assets (1)
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$ |
2,814,726 |
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$ |
2,602,787 |
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Less - accumulated depreciation and amortization |
(578,398) |
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(521,563) |
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Energy assets, net |
$ |
2,236,328 |
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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 $16,683 of amounts paid to Powin. See Note 10 for additional information. |
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| Summary of Depreciation and Amortization Expense of Energy Assets |
The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant and ITC amortization:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
Location |
2026 |
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2025 |
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2026 |
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2025 |
Cost of revenues (2)
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$ |
29,052 |
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$ |
23,997 |
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$ |
57,251 |
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$ |
46,839 |
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(2) Includes depreciation and amortization on financing lease assets (see Note 7). |
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| 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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Capitalized interest |
$ |
7,775 |
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$ |
9,842 |
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$ |
15,533 |
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$ |
17,952 |
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| Summary of Asset and Liabilities Retirement Obligations |
The following tables set forth information related to our ARO assets and ARO liabilities:
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Location |
June 30, 2026 |
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December 31, 2025 |
ARO assets, net |
Energy assets, net |
$ |
5,253 |
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$ |
4,917 |
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ARO liabilities, non-current |
Other liabilities |
$ |
8,060 |
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$ |
7,328 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
Depreciation expense of ARO assets |
$ |
77 |
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$ |
31 |
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$ |
154 |
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$ |
106 |
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Accretion expense of ARO liabilities |
$ |
124 |
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$ |
108 |
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$ |
248 |
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$ |
216 |
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