Portfolio Financings (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below shows the details of the one Investment Company VIEs that was active during the year ended December 31, 2023 and its cumulative activities from inception to the years indicated (dollars in thousands):


	PPA V
Overview:
Maximum size of installation (in megawatts)	40
Installed size (in megawatts)	37
Term of power purchase agreements (in years)	15
First system installed	Jun-15
Last system installed	Dec-16
Initial income (loss) and tax benefits allocation to Equity Investor	99%
Initial cash allocation to Equity Investor	90%
Income (loss), tax and cash allocations to Equity Investor after the flip date	No flip
Equity Investors1	Constellation2 and Intel
Company cash contributions	$	27,932
Equity Investor cash contributions	227,344
Debt financing	131,237
Activity as of December 31, 2023:
Distributions to Equity Investor	227,344
Debt repayment—principal	267,226
Activity as of December 31, 2022:
Distributions to Equity Investor	30,786
Debt repayment—principal	139,795
Activity as of December 31, 2021:
Distributions to Equity Investor	26,601
Debt repayment—principal	132,587

1 Investor names represent ultimate parents of subsidiary financing the project. Bloom purchased the equity interest in PPA V from Equity Investors in fiscal 2022 and 2023. Refer to the sections entitled PPA V Interest Buyout and PPA V Repowering of the Energy Servers for further details.
2 Formerly known as Exelon Corporation.

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 consolidated balance sheets, after eliminations of intercompany transactions and balances, including PPA V in the PPA V transaction as of December 31, 2022 (in thousands):


	December 31,
	2022
Assets
Current assets:
Cash and cash equivalents	$	5,008
Restricted cash	550
Accounts receivable	2,072
Prepaid expenses and other current assets	1,927
Total current assets	9,557
Property and equipment, net	133,285
Restricted cash	8,000
Other long-term assets	1,869
Total assets	$	152,711
Liabilities
Current liabilities:
Accrued expenses and other current liabilities	$	1,037
Deferred revenue and customer deposits	662
Non-recourse debt	13,307
Total current liabilities	15,006
Deferred revenue and customer deposits	4,748
Non-recourse debt	112,480
Total liabilities	$	132,234

- 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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