Outstanding Loans and Security Agreements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Outstanding Loans and Security Agreements

Outstanding Loans and Security Agreements

The following is a summary of our debt as of March 31, 2023 (in thousands, except percentage data):

	Unpaid Principal Balance		Net Carrying Value						Unused Borrowing Capacity		Interest Rate	Maturity Dates	Entity
			Current		Long- Term		Total
10.25% Senior Secured Notes due March 2027	$	57,645	$	12,971	$	44,058	$	57,029	$	57,645	10.25%	March 2027	Company
2.5% Green Convertible Senior Notes due August 2025	230,000		—		225,324		225,324		230,000		2.5%	August 2025	Company
Total recourse debt	287,645		12,971		269,382		282,353		287,645
3.04% Senior Secured Notes due June 30, 2031	121,546		11,435		108,564		119,999		121,546		3.04%	June 2031	PPA V
Total non-recourse debt	121,546		11,435		108,564		119,999		121,546
Total debt	$	409,191	$	24,406	$	377,946	$	402,352	$	409,191

The following is a summary of our debt as of December 31, 2022 (in thousands, except percentage data):

	Unpaid Principal Balance		Net Carrying Value						Interest Rate	Maturity Dates	Entity
			Current		Long- Term		Total
10.25% Senior Secured Notes due March 2027	$	61,653	$	12,716	$	48,244	$	60,960	10.25%	March 2027	Company
2.5% Green Convertible Senior Notes due August 2025	230,000		—		224,832		224,832		2.5%	August 2025	Company
Total recourse debt	291,653		12,716		273,076		285,792
3.04% Senior Secured Notes due June 30, 2031	127,430		13,307		112,480		125,787		3.04%	June 2031	PPA V
Total non-recourse debt	127,430		13,307		112,480		125,787
Total debt	$	419,083	$	26,023	$	385,556	$	411,579

Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiaries. The differences between the unpaid principal balances and the net carrying values apply to deferred financing costs. We and all of our subsidiaries were in compliance with all financial covenants as of March 31, 2023 and December 31, 2022.

Recourse Debt Facilities

Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2022, for discussion of our 10.25% Senior Secured Notes due March 2027 and 2.5% Green Convertible Senior Notes due August 2025.

The non-current balance of the outstanding unpaid principal of the 10.25% Senior Secured Notes was $44.7 million and $48.9 million as of March 31, 2023 and December 31, 2022, respectively. The current balance of the outstanding unpaid principal of the 10.25% Senior Secured Notes was $13.0 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively.

Interest on the 2.5% Green Notes for the three months ended March 31, 2023 and 2022 was $1.9 million and $1.9 million, respectively, including amortization of issuance costs of 0.5 million and $0.5 million, respectively.

Interest on the 10.25% Senior Secured Notes for the three months ended March 31, 2023 and 2022 was $1.7 million and $1.7 million, respectively, including amortization of issuance costs of $0.1 million and $0.1 million, respectively.

Non-recourse Debt Facilities

Please refer to Part II, Item 8, Note 7 - Outstanding Loans and Security Agreements in our Annual Form 10-K for the fiscal year ended December 31, 2022 for discussion of our non-recourse debt.

The purchase and credit agreement for our 3.04% Senior Secured Notes due June 2031 requires us to maintain a debt service reserve, the balance of which was $8.0 million and $8.0 million as of March 31, 2023 and December 31, 2022, respectively, and was included as part of long-term restricted cash in the condensed consolidated balance sheets.

Repayment Schedule and Interest Expense

The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2023 (in thousands):

Remainder of 2023	$	20,143
2024	25,623
2025	258,322
2026	30,912
2027	18,116
Thereafter	56,075
	$	409,191

Interest expense of $11.7 million and $14.1 million for the three months ended March 31, 2023 and 2022, respectively, was recorded in interest expense on the condensed consolidated statements of operations.