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Portfolio Financings (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below shows the details of the three Investment Company VIEs that were active during the year ended December 31, 2022 and their cumulative activities from inception to the years indicated (dollars in thousands):


	PPA IIIa		PPA IV		PPA V
Overview:
Maximum size of installation (in megawatts)	10		21		40
Installed size (in megawatts)	10		19		37
Term of power purchase agreements (in years)	15		15		15
First system installed	Feb-13		Sep-14		Jun-15
Last system installed	Jun-14		Mar-16		Dec-16
Initial income (loss) and tax benefits allocation to Equity Investor	99%		90%		99%
Initial cash allocation to Equity Investor	99%		90%		90%
Income (loss), tax and cash allocations to Equity Investor after the flip date	5%		No flip		No flip
Equity Investor(s) 1	US Bank		Constellation4		Constellation4 and Intel
Put option date 2	1st anniversary of flip point		N/A		N/A
Company cash contributions	$	32,223	$	11,669	$	27,932
Company non-cash contributions 3	8,655		—		—
Equity Investor cash contributions	36,967		84,782		227,344
Debt financing	44,968		99,000		131,237
Activity as of December 31, 2022:
Distributions to Equity Investor	4,897		15,017		30,786
Debt repayment—principal	44,968		99,000		139,795
Activity as of December 31, 2021:
Distributions to Equity Investor	4,897		12,848		26,601
Debt repayment—principal	13,899		25,045		132,587
Activity as of December 31, 2020:
Distributions to Equity Investor	4,847		8,852		24,809
Debt repayment—principal	10,513		21,163		16,475

1 Investor name represents ultimate parent of subsidiary financing the project. Bloom purchased the equity interest in each of the PPAs from each respective Equity Investor during fiscal year 2022. Refer to the sections entitled PPA IIIa Repowering of Energy Servers, PPA IV Repowering of Energy Servers and PPA V Interest Buyout for further details.
2 Investor right on the certain date, upon giving us advance written notice, to sell the membership interests to us or resign or withdraw from the investment partnership.
3 Non-cash contributions consisted of warrants that were issued by us 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.
4 Formerly known as Exelon Corporation.

The following are the aggregate carrying values of our VIEs’ assets and liabilities in our consolidated balance sheets, after eliminations of intercompany transactions and balances, including as of December 31, 2022 for each of the PPA Entities in the PPA V transaction, and as of December 31, 2021 for each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction and the PPA V transaction (in thousands):


	December 31,
	2022		2021
Assets
Current assets:
Cash and cash equivalents	$	5,008	$	1,541
Restricted cash	550		3,078
Accounts receivable	2,072		5,112
Customer financing receivable	—		5,784
Prepaid expenses and other current assets	1,927		3,071
Total current assets	9,557		18,586
Property and equipment, net	133,285		228,546
Customer financing receivable	—		39,484
Restricted cash	8,000		23,239
Other long-term assets	1,869		2,362
Total assets	$	152,711	$	312,217
Liabilities
Current liabilities:
Accrued expenses and other current liabilities	$	1,037	$	194
Deferred revenue and customer deposits	662		662
Non-recourse debt	13,307		17,483
Total current liabilities	15,006		18,339
Deferred revenue and customer deposits	4,748		5,410
Non-recourse debt	112,480		217,417
Total liabilities	$	132,234	$	241,166

The table below provides detail into the assets and liabilities of Bloom Energy separate from the PPA Entities. The table provides our stand-alone assets and liabilities, those of the PPA Entities combined, and our consolidated balances as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022						December 31, 2021
	Bloom Energy		PPA Entities		Consolidated		Bloom Energy		PPA Entities		Consolidated

Assets
Current assets	$	1,046,406	$	9,557	$	1,055,963	$	787,834	$	18,586	$	806,420
Long-term assets	747,510		143,154		890,664		625,520		293,631		919,151
Total assets	$	1,793,916	$	152,711	$	1,946,627	$	1,413,354	$	312,217	$	1,725,571
Liabilities
Current liabilities	$	514,224	$	1,699	$	515,923	$	315,792	$	856	$	316,648
Current portion of debt	12,716		13,307		26,023		8,348		17,483		25,831
Long-term liabilities	635,561		4,748		640,309		669,759		5,410		675,169
Long-term portion of debt	273,076		112,480		385,556		283,482		217,417		500,899
Total liabilities	$	1,435,577	$	132,234	$	1,567,811	$	1,277,381	$	241,166	$	1,518,547

- 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.

+ References + Details