Power Purchase Agreement Programs (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table shows Bloom Energy's stand-alone, the PPA Entities combined and the Company's consolidated balances as of September 30, 2018, and December 31, 2017 (in thousands):



	September 30, 2018						December 31, 2017
	Bloom		PPA Entities		Consolidated		Bloom		PPA Entities		Consolidated

Assets
Current assets	$	671,184	$	27,348	$	698,532	$	383,209	$	36,772	$	419,981
Long-term assets	238,814		507,799		746,613		267,350		533,656		801,006
Total assets	$	909,998	$	535,147	$	1,445,145	$	650,559	$	570,428	$	1,220,987
Liabilities
Current liabilities	$	247,451	$	2,480	$	249,931	$	247,464	$	3,684	$	251,148
Current portion of debt	1,687		20,235		21,922		1,690		18,446		20,136
Long-term liabilities	335,707		12,376		348,083		513,367		15,768		529,135
Long-term portion of debt	390,531		328,358		718,889		579,155		342,050		921,205
Total liabilities	$	975,376	$	363,449	$	1,338,825	$	1,341,676	$	379,948	$	1,721,624

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
Overview:
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 September 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	)	$	(3,877	)	$	(1,706	)	$	(4,568	)	$	(65,688	)
Debt financing	$	—		$	144,813		$	44,968		$	28,676		$	99,000		$	131,237
Debt repayment—principal	$	—		$	(62,188	)	$	(4,031	)	$	(3,742	)	$	(15,007	)	$	(5,148	)
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 amortized using the effective interest method over the debt term.

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 (in thousands):



	September 30, 2018		December 31, 2017

Assets
Current assets
Cash and cash equivalents	$	5,496	$	9,549
Restricted cash	3,252		7,969
Accounts receivable	7,377		7,680
Customer financing receivable	5,496		5,209
Prepaid expenses and other current assets	5,727		6,365
Total current assets	27,348		36,772
Property and equipment, net	406,784		430,464
Customer financing receivable, non-current	68,535		72,677
Restricted cash	27,778		26,748
Other long-term assets	4,702		3,767
Total assets	$	535,147	$	570,428
Liabilities
Current liabilities
Accounts payable	$	549	$	520
Accrued other current liabilities	1,145		2,378
Deferred revenue and customer deposits	786		786
Current portion of debt	20,235		18,446
Total current liabilities	22,715		22,130
Derivative liabilities	1,826		5,060
Deferred revenue	8,894		9,482
Long-term portion of debt	328,358		342,050
Other long-term liabilities	1,656		1,226
Total liabilities	$	363,449	$	379,948

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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