Power Purchase Agreement Programs (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table shows Bloom Energy's stand-alone, the PPA Entities combined and these consolidated balances as of June 30, 2019, and December 31, 2018 (in thousands):



	June 30, 2019						December 31, 2018
	Bloom		PPA Entities		Consolidated		Bloom		PPA Entities		Consolidated

Assets
Current assets	$	558,458	$	33,826	$	592,284	$	646,350	$	26,231	$	672,581
Long-term assets	177,198		453,097		630,295		220,399		496,688		717,087
Total assets	$	735,656	$	486,923	$	1,222,579	$	866,749	$	522,919	$	1,389,668
Liabilities
Current liabilities	$	272,606	$	40,257	$	312,863	$	246,866	$	2,952	$	249,818
Current portion of debt	15,680		10,544		26,224		8,686		21,162		29,848
Long-term liabilities	233,880		18,837		252,717		293,739		14,120		307,859
Long-term portion of debt	390,157		251,826		641,983		388,073		323,360		711,433
Total liabilities	$	912,323	$	321,464	$	1,233,787	$	937,364	$	361,594	$	1,298,958

The aggregate carrying values of the PPA Entities’ assets and liabilities in the condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, were as follows (in thousands):



	June 30,		December 31,
	2019 ¹		2018

Assets
Current assets:
Cash and cash equivalents	$	18,043	$	5,295
Restricted cash	1,848		2,917
Accounts receivable	6,533		7,516
Customer financing receivable	5,817		5,594
Prepaid expenses and other current assets	1,585		4,909
Total current assets	33,826		26,231
Property and equipment, net	321,886		399,060
Customer financing receivable, non-current	64,146		67,082
Restricted cash	36,736		27,854
Other long-term assets	30,329		2,692
Total assets	$	486,923	$	522,919
Liabilities
Current liabilities:
Accounts payable	$	443	$	724
Accrued other current liabilities	39,028		1,442
Deferred revenue and customer deposits	786		786
Current portion of debt	10,544		21,162
Total current liabilities	50,801		24,114
Derivative liabilities, net of current portion	8,453		3,626
Deferred revenue, net of current portion	8,306		8,696
Long-term portion of debt	251,826		323,360
Other long-term liabilities	2,078		1,798
Total liabilities	$	321,464	$	361,594
¹ These amounts include PPA II financial statement balances. See discussion above.

The table below shows the details of the five continuing Investment Companies and their cumulative activities from inception to the periods indicated (dollars in thousands):



	PPA II			PPA IIIa		PPA IIIb		PPA IV		PPA V
Overview:
Maximum size of installation (in megawatts)	30			10		6		21		40
Installed size (in megawatts)	20		⁴	10		5		19		37
Term of power purchase agreements (years)	21			15		15		15		15
First system installed	Jun-12			Feb-13		Aug-13		Sep-14		Jun-15
Last system installed	Nov-13			Jun-14		Jun-15		Mar-16		Dec-16
Income (loss) and tax benefits allocation to Equity Investor	99%			99%		99%		90%		99%
Cash allocation to Equity Investor	99%			99%		99%		90%		90%
Income (loss), tax and cash allocations to Equity Investor after the flip date	5%			5%		5%		No flip		No flip
Equity Investor ¹	Credit Suisse			US Bank		US Bank		Exelon Corporation		Exelon Corporation
Put option date ²	March 31, 2020			1st anniversary of flip point		1st anniversary of flip point		N/A		N/A
Company cash contributions	$	22,442		$	32,223	$	22,658	$	11,669	$	27,932
Company non-cash contributions ³	$	—		$	8,655	$	2,082	$	—	$	—
Equity Investor cash contributions	$	139,993		$	36,967	$	20,152	$	84,782	$	227,344
Debt financing	$	144,813		$	44,968	$	28,676	$	99,000	$	131,237
Cumulative Activity as of June 30, 2019:
Distributions to Equity Investor	$	138,602		$	4,430	$	2,007	$	6,420	$	69,099
Debt repayment—principal	$	144,813		$	5,651	$	4,414	$	16,731	$	7,572
Cumulative Activity as of December 31, 2018:
Distributions to Equity Investor	$	116,942		$	4,063	$	1,807	$	4,568	$	66,745
Debt repayment—principal	$	65,114		$	4,431	$	3,953	$	15,543	$	5,780

¹ Investor name represents ultimate parent of subsidiary financing the project.
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.
⁴Installed base decreased from March 31, 2019 due to the repurchase of 10 megawatts of our Energy Servers during June 2019 under the PPA II Project. See disclosures above.

- 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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