Portfolio Financings

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

We have developed various financing options that enable customers’ use of the Energy Servers through third-party ownership financing arrangements. For additional information on these financing options, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

PPA Entity’s Aggregate Assets and Liabilities

Generally, the assets of an operating company owned by an investment company can be used to settle only the operating company obligations, and the operating company creditors do not have recourse to us. The following were the aggregate carrying values of our VIE’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including the PPA Entity in the PPA V transaction as of June 30, 2023 and December 31, 2022 (in thousands):



	June 30,		December 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	694	$	5,008
Restricted cash	650		550
Accounts receivable	1,800		2,072

Prepaid expenses and other current assets	679		1,927
Total current assets	3,823		9,557
Property, plant and equipment, net	126,159		133,285

Restricted cash	8,000		8,000
Other long-term assets	1,635		1,869
Total assets	$	139,617	$	152,711

Liabilities
Current liabilities:

Accrued expenses and other current liabilities	$	24	$	1,037
Deferred revenue and customer deposits	662		662
Non-recourse debt	10,814		13,307
Total current liabilities	11,500		15,006
Deferred revenue and customer deposits	4,420		4,748
Non-recourse debt	106,260		112,480

Total liabilities	$	122,180	$	132,234

We consolidated the PPA Entity as a VIE in the PPA V transaction, as we have determined that we are the primary beneficiary of this VIE. This PPA Entity contains debt that is non-recourse to us and owns Energy Server assets for which we do not have title.