Portfolio Financings

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Overview

We have developed three 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, 2020.

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. The 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,		December 31,
	2021		2020

Assets
Current assets:
Cash and cash equivalents	$	3,069	$	1,421
Restricted cash	1,256		4,698
Accounts receivable	4,262		4,420
Customer financing receivable	5,693		5,428
Prepaid expenses and other current assets	3,072		3,048
Total current assets	17,352		19,015
Property and equipment, net	234,436		252,020
Customer financing receivable, non-current	40,981		45,268
Restricted cash, non-current	15,224		15,320
Other long-term assets	—		37
Total assets	$	307,993	$	331,660

Liabilities
Current liabilities:

Accrued expenses and other current liabilities	$	15,430	$	19,510
Deferred revenue and customer deposits	662		662
Non-recourse debt	7,782		120,846
Total current liabilities	23,874		141,018
Deferred revenue and customer deposits, non-current	5,577		6,072
Non-recourse debt, non-current	439,779		102,045

Total liabilities	$	469,230	$	249,135

We consolidated each PPA Entity as VIEs in the PPA IV transaction and the PPA V transaction, as we remain the minority shareholder in each of these transactions but have determined that we are the primary beneficiary 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.