Annual report [Section 13 and 15(d), not S-K Item 405]

Energy Assets, Net (Tables)

v3.25.0.1
Energy Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Summary of Energy Assets
Energy assets, net consisted of the following: 
December 31,
  2024 2023
Energy assets (1)
$ 2,338,680  $ 2,054,145 
Less: accumulated depreciation, net (423,369) (364,721)
Energy assets, net $ 1,915,311  $ 1,689,424 
(1) Includes financing lease assets (see Note 8), capitalized interest and ARO assets (see tables below). Also includes the energy asset projects acquired in August 2023 and January 2024. See section below 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 amortization:
Year Ended December 31,
Location 2024 2023 2022
Cost of revenues (1)
$ 82,114  $ 59,390  $ 49,755 
(1) Includes depreciation and amortization expense on financing lease assets. See Note 8.
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:
Year Ended December 31,
2024 2023 2022
Capitalized interest $ 50,889  $ 43,561  $ 13,050 
Schedule of Customer Energy Liabilities
The liabilities recognized in association with these customer energy assets were as follows:
December 31,
Location 2024 2023
Accrued expenses and other current liabilities $ 651  $ 598 
Other liabilities 47,692  41,680 
Total customer energy asset projects liability $ 48,343  $ 42,278 
Schedule of Asset and Liabilities Retirement Obligations
The following tables sets forth information related to our ARO assets and ARO liabilities:
December 31,
Location 2024 2023
ARO assets, net Energy assets, net $ 4,414  $ 4,800 
ARO liabilities, non-current Other liabilities $ 6,136  $ 5,960 


Year Ended December 31,
2024 2023 2022
Depreciation expense of ARO assets $ 238  $ 215  $ 146 
Accretion expense of ARO liabilities $ 332  $ 258  $ 146