Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities And Equity Method Investments

v3.23.3
Variable Interest Entities And Equity Method Investments
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS
Variable Interest Entities
The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:
September 30, December 31,
2023 (1)
2022 (1)
Cash and cash equivalents $ 8,676  $ 10,107 
Restricted cash —  799 
Accounts receivable, net —  590 
Costs and estimated earnings in excess of billings 19,754  952 
Prepaid expenses and other current assets 3,013  14,322 
Total VIE current assets 31,443  26,770 
Property and equipment, net 275  89 
Energy assets, net 238,425  182,050 
Operating lease assets 17,577  4,901 
Restricted cash, non-current portion 73  73 
Other assets 16,841  30 
Total VIE assets $ 304,634  $ 213,913 
Current portions of long-term debt and financing lease liabilities $ 122,524  $ 2,087 
Accounts payable 7,966  8,055 
Accrued expenses and other current liabilities 13,173  12,559 
Current portions of operating lease liabilities 6,658  117 
Total VIE current liabilities 150,321  22,818 
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 17,970  19,177 
Long-term operating lease liabilities, net of current portion 9,961  5,159 
Other liabilities 1,833  3,575 
Total VIE liabilities $ 180,085  $ 50,729 
(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.
See Note 14 for additional information on the call and put options related to our investment funds.
Non-controlling Interests
Non-controlling interests represents the equity owned by the other joint venture members of consolidated joint ventures. During the nine months ended September 30, 2023, joint venture members contributed $957 to joint ventures. One JV member was refunded $20,521, net of adjustments, from debt proceeds received from the JV’s Non-recourse Construction Credit Facility, 6.54%, due July 2024.
Equity Method Investments
Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in earnings from unconsolidated entities on the condensed consolidated statements of income.
The following table provides information about our equity method investments in joint ventures:
As of
September 30, 2023 December 31, 2022
Equity method investments $ 16,204  $ 10,855