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Power Purchase Agreement Programs (Tables)
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below shows the details of the Investment Companies from inception to the periods indicated (dollars in thousands):
 
 
PPA I
 
PPA
Company II
 
PPA
Company IIIa
 
PPA
Company IIIb
 
PPA
Company IV
 
PPA
Company V
Maximum size of installation (in megawatts)
 
25
 
30
 
10
 
6
 
21
 
40
Term of power purchase agreements (years)
 
10
 
21
 
15
 
15
 
15
 
15
First system installed
 
Sep-10
 
Jun-12
 
Feb-13
 
Aug-13
 
Sep-14
 
Jun-15
Last system installed
 
Mar-13
 
Nov-13
 
Jun-14
 
Jun-15
 
Mar-16
 
Dec-16
Income (loss) and tax benefits allocation to Equity Investor
 
99%
 
99%
 
99%
 
99%
 
90%
 
99%
Cash allocation to Equity Investor
 
80%
 
99%
 
99%
 
99%
 
90%
 
90%
Income (loss), tax and cash allocations to Equity Investor after the flip date
 
22%
 
5%
 
5%
 
5%
 
No flip
 
No flip
Equity Investor(1)
 
Credit Suisse
 
Credit Suisse
 
US Bank
 
US Bank
 
Exelon
Corporation
 
Exelon
Corporation
Put option date(2)
 
10th anniversary
of initial
funding date
 
10th anniversary
of initial
funding date
 
1st anniversary
of flip point
 
1st anniversary
of flip point
 
N/A
 
N/A
Activity as of June 30, 2018:
Installed size (in megawatts)
 
5

 
30

 
10

 
5

 
19

 
37

Company cash contributions
 
$
180,699

 
$
22,442

 
$
32,223

 
$
22,658

 
$
11,669

 
$
27,932

Company non-cash contributions(3)
 
$

 
$

 
$
8,655

 
$
2,082

 
$

 
$

Equity Investor cash contributions
 
$
100,000

 
$
139,993

 
$
36,967

 
$
20,152

 
$
84,782

 
$
227,344

Distributions to Equity Investor
 
$
(81,016
)
 
$
(116,942
)
 
$
(3,691
)
 
$
(1,604
)
 
$
(4,275
)
 
$
(63,936
)
Debt financing
 
$

 
$
144,813

 
$
44,968

 
$
28,676

 
$
99,000

 
$
131,237

Debt repayment—principal
 
$

 
$
(59,300
)
 
$
(3,668
)
 
$
(3,523
)
 
$
(14,582
)
 
$
(4,274
)
Activity as of December 31, 2017:
 
 
 
 
 
 
 
 
 
 
Installed size (in megawatts)
 
5

 
30

 
10

 
5

 
19

 
37

Company cash contributions
 
$
180,699

 
$
22,442

 
$
32,223

 
$
22,658

 
$
11,669

 
$
27,932

Company non-cash contributions(3)
 
$

 
$

 
$
8,655

 
$
2,082

 
$

 
$

Equity Investor cash contributions
 
$
100,000

 
$
139,993

 
$
36,967

 
$
20,152

 
$
84,782

 
$
227,344

Distributions to Equity Investor
 
$
(81,016
)
 
$
(111,296
)
 
$
(3,324
)
 
$
(1,404
)
 
$
(2,565
)
 
$
(60,286
)
Debt financing
 
$

 
$
144,813

 
$
44,968

 
$
28,676

 
$
99,000

 
$
131,237

Debt repayment—principal
 
$

 
$
(53,726
)
 
$
(3,041
)
 
$
(3,077
)
 
$
(13,697
)
 
$
(2,834
)
 
(1)
Investor name represents ultimate parent of subsidiary financing the project.
(2)
Investor right on the certain date, upon giving the Company advance written notice, to sell the membership interests to the Company or resign or withdraw from the Company.
(3)
Non-cash contributions consisted of warrants that were issued by the Company to respective lenders to each PPA Entity, as required by such entity’s credit agreements. The corresponding values are being amortized using the effective interest method over the debt term.
The following table shows Bloom Energy, the PPA Entities combined and Company consolidated balances as of June 30, 2018, and December 31, 2017 (in thousands):
 
 
June 30, 2018
 
December 31, 2017
 
 
Bloom
 
PPA Entities
 
Consolidated
 
Bloom
 
PPA Entities
 
Consolidated
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
$
361,354

 
$
28,919

 
$
390,273

 
$
383,209

 
$
36,772

 
$
419,981

Long-term assets
 
250,790

 
516,674

 
767,464

 
267,350

 
533,656

 
801,006

Total assets
 
612,144

 
545,593

 
1,157,737

 
650,559

 
570,428

 
1,220,987

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
215,303

 
2,837

 
218,140

 
247,464

 
3,684

 
251,148

Current portion of debt
 
10,351

 
19,655

 
30,006

 
1,690

 
18,446

 
20,136

Long-term liabilities
 
531,137

 
13,134

 
544,271

 
513,367

 
15,768

 
529,135

Long-term portion of debt
 
597,021

 
333,102

 
930,123

 
579,155

 
342,050

 
921,205

Total liabilities
 
$
1,353,812

 
$
368,728

 
$
1,722,540

 
$
1,341,676

 
$
379,948

 
$
1,721,624

The aggregate carrying values of the PPA Entities’ assets and liabilities in the Company's consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows:
 
 
June 30,
2018
 
December 31,
2017
 
 
 
 
 
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
9,691

 
$
9,549

Restricted cash
 
4,735

 
7,969

Accounts receivable
 
7,293

 
7,680

Customer financing receivable
 
5,398

 
5,209

Prepaid expenses and other current assets
 
1,802

 
6,365

Total current assets
 
28,919

 
36,772

Property and equipment, net
 
414,684

 
430,464

Customer financing receivable, non-current
 
69,963

 
72,677

Restricted cash
 
27,604

 
26,748

Other long-term assets
 
4,423

 
3,767

Total assets
 
$
545,593

 
$
570,428

Liabilities
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable
 
$
482

 
$
520

Accrued other current liabilities
 
1,569

 
2,378

Deferred revenue and customer deposits
 
786

 
786

Current portion of debt
 
19,655

 
18,446

Total current liabilities
 
22,492

 
22,130

Derivative liabilities
 
2,528

 
5,060

Deferred revenue
 
9,092

 
9,482

Long-term portion of debt
 
333,102

 
342,050

Other long-term liabilities
 
1,514

 
1,226

Total liabilities
 
$
368,728

 
$
379,948