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Power Purchase Agreement Programs
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Power Purchase Agreement Programs Power Purchase Agreement Programs
Overview
In mid-2010, we began offering our Energy Servers through our Bloom Electrons program, which we denote as our PPA Program, financed via investment entities (each, an "Investment Company") with our tax equity investors ("Equity Investors"). For additional information, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
PPA Entities' Activities Summary
The table below shows the details of the three Investment Company VIEs that were active during the nine months ended September 30, 2020 and their cumulative activities from inception to the periods indicated (dollars in thousands):
PPA IIIaPPA IVPPA V
Overview:
Maximum size of installation (in megawatts)102140
Installed size (in megawatts) 101937
Term of power purchase agreements (in years)151515
First system installedFeb-13Sep-14Jun-15
Last system installedJun-14Mar-16Dec-16
Income (loss) and tax benefits allocation to Equity Investor99%90%99%
Cash allocation to Equity Investor99%90%90%
Income (loss), tax and cash allocations to Equity Investor after the flip date5%No flipNo flip
Equity Investor 1
US BankExelon CorporationExelon Corporation
Put option date 2
1st anniversary of flip pointN/AN/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 September 30, 2020:
Distributions to Equity Investor$4,837 $8,582 $74,397 
Debt repayment—principal$9,882 $20,290 $13,289 
Activity as of December 31, 2019:
Distributions to Equity Investor$4,803 $6,692 $70,591 
Debt repayment—principal$6,631 $18,012 $9,453 
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.
The noncontrolling interests in PPA IIIa are redeemable as a result of the put option held by the Equity Investors as of September 30, 2020 and December 31, 2019. At September 30, 2020 and December 31, 2019, the carrying value of redeemable noncontrolling interests of $0.2 million and $0.4 million, respectively, exceeded the maximum redemption value.
PPA Entities’ 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. Following are the aggregate carrying values of our VIEs' assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, including each of the PPA Entities in the PPA IIIa transaction, the PPA IV transaction, and the PPA V transaction (in thousands):
 September 30,
2020		December 31, 2019
   
Assets
Current assets:
Cash and cash equivalents$1,221 $1,894 
Restricted cash1,095 2,244 
Accounts receivable4,158 4,194 
Customer financing receivable5,341 5,108 
Prepaid expenses and other current assets3,942 3,587 
Total current assets15,757 17,027 
Property and equipment, net257,907 275,481 
Customer financing receivable, non-current46,725 50,747 
Restricted cash15,327 15,045 
Other long-term assets248 607 
Total assets$335,964 $358,907 
Liabilities
Current liabilities:
Accrued expenses and other current liabilities$2,311 $1,391 
Deferred revenue and customer deposits662 662 
Current portion of debt13,999 12,155 
Total current liabilities16,972 14,208 
Derivative liabilities15,197 8,459 
Deferred revenue6,239 6,735 
Long-term portion of debt213,209 223,267 
Other long-term liabilities2,862 2,355 
Total liabilities$254,479 $255,024 
As of January 1, 2020, the flip date, we are the majority owner shareholder in PPA IIIa receiving 95% of all cash distributions and profits and losses. In addition, we consolidated each PPA Entity as VIEs in the PPA IV transaction and PPA V transaction, as we remain the minority shareholder in each of these transactions but have determined that we are the beneficial owner of these VIEs. These PPA Entities contain debt that is non-recourse to us and own Energy Server assets for which we do not have title. Although we will continue to offer customers the ability to purchase electricity without the purchase of our Energy Servers, we do not intend to be a minority investor in any new PPA Entities.
We believe that by presenting assets and liabilities separate from the PPA Entities, we provide a better view of the true operations of our core business. The table below provides detail into the assets and liabilities of Bloom Energy separate from the PPA Entities. The table provides Bloom Energy's stand-alone assets and liabilities, those of the PPA Entities combined, and our consolidated balances as of September 30, 2020 and December 31, 2019 (in thousands):
 September 30, 2020December 31, 2019
 Bloom EnergyPPA EntitiesConsolidatedBloom EnergyPPA EntitiesConsolidated
Assets
Current assets
$634,296 $15,757 $650,053 $455,680 $17,027 $472,707 
Long-term assets
504,099 320,207 824,306 508,004 341,880 849,884 
Total assets$1,138,395 $335,964 $1,474,359 $963,684 $358,907 $1,322,591 
Liabilities
Current liabilities
$256,886 $2,973 $259,859 $234,328 $2,053 $236,381 
Current portion of debt
115,658 13,999 129,657 325,428 12,155 337,583 
Long-term liabilities
577,175 24,298 601,473 599,709 17,549 617,258 
Long-term portion of debt
227,481 213,209 440,690 75,962 223,267 299,229 
Total liabilities$1,177,200 $254,479 $1,431,679 $1,235,427 $255,024 $1,490,451