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Investments Accounted for by the Equity Method and Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Variable Interest Entities

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.

Schedule of Maximum Loss Exposure in Equity Method Investments

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.

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Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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