Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net

3 Months Ended

Mar. 31, 2021

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net

Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net

7. Equipment Related to Power Purchase Agreements and Fuel Delivered to Customers, net

Leased property at March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	March 31,		December 31,
	2021		2020
Equipment related to power purchase agreements and fuel delivered to customers	$	90,878	$	92,736
Less: accumulated depreciation		(16,664)		(16,929)
Equipment related to power purchase agreements and fuel delivered to customers, net		74,214		75,807

As of March 31, 2021, the Company had deployed long-lived assets at customer sites that had associated Power Purchase Agreements (“PPAs”). These PPAs expire over the next one to ten years. PPAs contain termination clauses with associated penalties, the amount of which cause the likelihood of cancellation to be remote.

Depreciation expense is $1.8 million and $2.1 million for the three months ended March 31, 2021 and 2020 respectively.