Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events from September 30, 2022, through November 14, 2022, which is the date the unaudited condensed consolidated financial statements were available to be issued. Other than the subsequent event disclosed below and the warrant redemption completed on October 17, 2022, as further discussed in Note 7, "Fair Value Measurements," there are no subsequent events requiring recording or disclosure in the condensed consolidated financial statements.

Acquisition of DESRI II Acquisition Holdings, L.L.C. & DESRI V Acquisition Holdings, L.L.C.

On November 11, 2022, the Company acquired all of the outstanding membership interests in DESRI II Acquisition Holdings, L.L.C. and DESRI V Acquisition Holdings, L.L.C. (the "DESRI II & V Acquisition") from DESRI II, L.L.C. and DESRI V, L.L.C., respectively, under definitive Membership Interest Purchase Agreements that were announced on September 27, 2022. As a result of the DESRI II & V Acquisition, the Company acquired approximately 88 MW of operating solar facilities for total consideration at closing of approximately $102.0 million, including $82.0 million paid at closing and funded by cash on hand, and $20.0 million, payable within twelve to eighteen months, subject to customary hold back conditions.

The initial accounting for the DESRI II & V Acquisition, including the estimated fair value of the assets acquired and liabilities assumed, is incomplete as a result of the proximity of the acquisition date to the date these financial statements were issued.