Project assets as of January 31, 2021 and October 31, 2020 consisted of the following (in thousands):

	January 31,			October 31,			Estimated
	2021			2020			Useful Life
Project Assets - Operating	$	103,452		$	99,351		5-20 years
Project Assets - Construction in progress		93,998			91,276		7-20 years
		197,450			190,627
Accumulated depreciation		(32,857	)		(28,818	)
Project Assets, net	$	164,593		$	161,809

Project assets as of January 31, 2021 and October 31, 2020 included eight, completed, commissioned installations generating power with respect to which the Company has a power purchase agreement (“PPA”) with the end-user of power and site host or utility with an aggregate value of $70.6 million and $70.5 million as of January 31, 2021 and October 31, 2020, respectively. Certain of these assets are the subject of sale-leaseback arrangements with PNC Energy Capital, LLC (“PNC”) and Crestmark Equipment Finance (“Crestmark”). Project asset depreciation was approximately $4.0 million and $3.0 million for the three months ended January 31, 2021 and 2020, respectively.

Project assets as of January 31, 2021 and October 31, 2020 also include installations with carrying values of $94.0 million and $91.3 million, respectively, which are being developed and constructed by the Company in connection with projects for which we have entered into PPAs or projects for which we expect to secure PPAs or otherwise recover the asset value and which have not yet been placed in service. Of these totals, as of January 31, 2021 and October 31, 2020, approximately $4.9 million and $4.8 million, respectively, relates to projects for which we expect to secure long-term contracts and/or otherwise recover the asset value and which have not yet been placed in service.

Project construction costs incurred for long-term project assets are reported as investing activities in the Consolidated Statements of Cash Flows. The proceeds received from the sale and subsequent leaseback of project assets are classified as “Cash flows from financing activities” within the Consolidated Statements of Cash Flows and are classified as a financing obligation within “Current portion of long-term debt” and “Long-term debt and other liabilities” on the Consolidated Balance Sheets (refer to Note 16. “Debt” for more information).