XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

Investments Accounted for by the Equity Method and Variable Interest Entities | 6 Months Ended
--- | ---
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments Accounted for by the Equity Method and Variable Interest Entities | Investments Accounted for by the Equity Method and Variable Interest Entities Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind and solar facilities, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2021 Form 10-K. Summarized financial information for the Company’s consolidated VIEs consisted of the following as of June 30, 2022:
(In millions) | Alta TE Holdco |  | Buckthorn Renewables, LLC |  | DGPV Funds(a) |  | Kawailoa Partnership |  | Langford TE Partnership LLC |  | Lighthouse Renewable Holdco LLC (b) |  | Lighthouse Renewable Holdco 2 LLC (c)
Other current and non-current assets | $ | 61 |  |  | $ | 5 |  |  | $ | 92 |  |  | $ | 40 |  |  | $ | 15 |  |  | $ | 97 |  |  | $ | 56 |
Property, plant and equipment | 318 |  |  | 198 |  |  | 585 |  |  | 132 |  |  | 129 |  |  | 723 |  |  | 368 |
Intangible assets | 206 |  |  | — |  |  | 14 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Total assets | 585 |  |  | 203 |  |  | 691 |  |  | 172 |  |  | 146 |  |  | 820 |  |  | 424 |
Current and non-current liabilities | 39 |  |  | 11 |  |  | 76 |  |  | 93 |  |  | 54 |  |  | 307 |  |  | 133 |
Total liabilities | 39 |  |  | 11 |  |  | 76 |  |  | 93 |  |  | 54 |  |  | 307 |  |  | 133 |
Noncontrolling interest | 31 |  |  | 37 |  |  | 10 |  |  | 51 |  |  | 62 |  |  | 423 |  |  | 234 |
Net assets less noncontrolling interests | $ | 515 |  |  | $ | 155 |  |  | $ | 605 |  |  | $ | 28 |  |  | $ | 30 |  |  | $ | 90 |  |  | $ | 57 |
(a) DGPV Funds is comprised of DGPV Fund 2 LLC, Clearway & EFS Distributed Solar LLC, DGPV Fund 4 LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC. (b) Lighthouse Renewable Holdco LLC consolidates Mesquite Star Tax Equity Holdco LLC, Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are also consolidated VIEs. (c) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, which is also a consolidated VIE.
(In millions) | Oahu Solar Partnership |  | Pinnacle Repowering Partnership LLC |  | Rattlesnake TE Holdco LLC |  | Rosie TargetCo LLC |  | Wildorado TE Holdco |  | Other (a)
Other current and non-current assets | $ | 50 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 35 |  |  | $ | 22 |  |  | $ | 18 |
Property, plant and equipment | 168 |  |  | 105 |  |  | 189 |  |  | 243 |  |  | 217 |  |  | 162 |
Intangible assets | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total assets | 218 |  |  | 133 |  |  | 203 |  |  | 278 |  |  | 239 |  |  | 181 |
Current and non-current liabilities | 105 |  |  | 4 |  |  | 16 |  |  | 100 |  |  | 18 |  |  | 69 |
Total liabilities | 105 |  |  | 4 |  |  | 16 |  |  | 100 |  |  | 18 |  |  | 69 |
Noncontrolling interest | 30 |  |  | 50 |  |  | 93 |  |  | 136 |  |  | 117 |  |  | 77 |
Net assets less noncontrolling interests | $ | 83 |  |  | $ | 79 |  |  | $ | 94 |  |  | $ | 42 |  |  | $ | 104 |  |  | $ | 35 |
(a) Other is comprised of Crosswind Transmission, LLC, Hardin Hilltop Wind LLC, Elbow Creek TE Holdco and Spring Canyon TE Holdco projects. The discussion below describes material changes to VIEs during the six months ended June 30, 2022. Lighthouse Renewable Holdco LLC — As described in Note 3, Acquisitions and Dispositions, on March 25, 2022, Lighthouse Renewable Holdco LLC acquired the Class B interests in a partnership, Mililani BL Borrower Holdco LLC, which consolidates, as the direct owner of the primary beneficiary, a tax equity fund, Mililani TE Holdco LLC, that holds the Mililani I solar project. The tax equity investor’s interest is shown as noncontrolling interest and the HLBV method is utilized to allocate the income or losses of Mililani TE Holdco LLC. The third-party investor in Lighthouse Renewable Holdco LLC also acquired and contributed an interest in Mililani BL Borrower Holdco LLC to Lighthouse Renewable Holdco LLC. The Company recorded the related noncontrolling interest at historical carrying amount, with the offset to contributed capital. Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2021 Form 10-K. The Company’s maximum exposure to loss as of June 30, 2022 is limited to its equity investment in the unconsolidated entities, as further summarized in the table below:
Name | Economic Interest | Investment Balance
|  | (In millions)
Avenal | 50% | $ | 5 |
Desert Sunlight | 25% | 239 |
Elkhorn Ridge | 67% | 26 |
GenConn (a) | 50% | 85 |
San Juan Mesa | 75% | 20 |
|  | $ | 375 |
(a) GenConn is a variable interest entity.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration