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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on February 15, 2023:
Assets
Accounts receivable$4,358 
Property, plant and equipment334,958 
Intangible assets850 
Operating lease asset32,053 
Other assets1,739 
Total assets acquired373,958 
Liabilities
Long-term debt(1)
8,100 
Intangible liabilities4,100 
Asset retirement obligation3,795 
Operating lease liability37,723 
Contract liability(2)
3,534 
Total liabilities assumed57,252 
Redeemable non-controlling interests8,100 
Non-controlling interests13,296 
Total fair value of consideration transferred, net of cash acquired$295,310 
The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on November 11, 2022 (in thousands):
Assets
Accounts receivable
$2,001
 Derivative assets2,462
Other assets
432
Property, plant and equipment
179,500
 Operating lease asset17,831
Intangible assets
29,479
Total assets acquired
231,705
Liabilities
Accounts payable
275
Accrued liabilities
746
Long-term debt
105,346
Intangible liabilities
771
 Operating lease liability20,961
Contract liability(1)
7,200
Asset retirement obligation
1,508
Total liabilities assumed
136,807
 Non-controlling interests
184
Total fair value of consideration transferred, net of cash acquired
$94,714
Schedule of Business Acquisitions, by Acquisition
The fair value of consideration transferred, net of cash acquired, as of February 15, 2023, is determined as follows:
Cash consideration paid to True Green on closing$212,850 
Cash consideration paid to settle debt and interest rate swaps on behalf of True Green76,046 
Cash consideration in escrow accounts(3)
3,898 
Purchase price payable(4)
7,069 
Total fair value of consideration transferred299,863 
Restricted cash acquired4,553 
Total fair value of consideration transferred, net of cash acquired$295,310 
(1) Acquired long-term debt relates to financing obligations recognized in failed sale leaseback transactions. Refer to Note 6, "Debt" for further information.
(2) Acquired contract liabilities relate to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through 2036.
(3) Represents the portion of the consideration transferred that is held in escrow accounts as security for general indemnification claims.
(4) Purchase price payable represents the portion of the total hold back amount that was earned by True Green as of February 15, 2023, based on the completion of construction milestones related to assets in development.
The fair value of consideration transferred, net of cash acquired, as of November 11, 2022, is determined as follows:

Cash consideration to the seller on closing
$82,235 
Fair value of purchase price payable(2)
19,017 
Working capital adjustment(469)
Total fair value of consideration transferred
100,783 
Cash acquired
1,220 
Restricted cash acquired
4,849 
Total fair value of consideration transferred, net of cash acquired
$94,714 
(1) Acquired contract liabilities related to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through December 31, 2028.
(2) Purchase price outstanding as of December 31, 2022 is payable in three installments in two, twelve and eighteen months following the acquisition date, subject to the accuracy of general representations and warranty provisions included in MIPAs. During the three months ended March 31, 2023, the Company paid DESRI $5.0 million of the outstanding purchase price payable net of $0.5 million working capital adjustment.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date:
Fair Value
(thousands)		Weighted Average Amortization Period
Favorable rate revenue contracts – PPA800 19 years
Favorable rate revenue contracts – REC50 16 years
Unfavorable rate revenue contracts – PPA(800)17 years
Unfavorable rate revenue contracts – REC(3,300)3 years
The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date:
Fair Value
(thousands)		Weighted Average Amortization Period
Favorable rate revenue contracts – PPA$29,479 8 years
Unfavorable rate revenue contracts – PPA(771)12 years
Schedule of Business Acquisition, Pro Forma Information The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies.
For the three months ended March 31, 2023 (unaudited)For the three months ended March 31, 2022 (unaudited)
Operating revenues$32,848 $29,472 
Net income6,429 62,568