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

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

The following table reflects the Company’s equity investments in unconsolidated affiliates as of December 31, 2024:


Name	Economic Interest	Investment Balance (a)
		(In millions)
Avenal	50%	$	9
Desert Sunlight	25%	217
Elkhorn Ridge	66.7%	7
GenConn (b)	50%	75
San Juan Mesa	75%	1
		$	309

(a) The Company’s maximum exposure to loss is limited to its investment balances.

(b) GenConn is a VIE.

The following tables present summarized financial information for the Company’s equity method investments:


	Year Ended December 31,
	2024		2023		2022
Income Statement Data:	(In millions)




Desert Sunlight
Operating revenues	$	206	$	202	$	203
Operating income	146		144		137
Net income	113		108		114












Other (a)
Operating revenues	95		94		102
Operating income	25		23		34
Net income	16		13		22
			As of December 31,
			2024		2023
Balance Sheet Data:			(In millions)





Desert Sunlight
Current assets			$	81	$	80
Non-current assets			1,086		1,131
Current liabilities			63		61
Non-current liabilities			726		776

















Other (b)
Current assets			63		58
Non-current assets			391		429
Current liabilities			27		28
Non-current liabilities			225		243

(a) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa.

(b) Includes Avenal, Elkhorn Ridge, GenConn and San Juan Mesa as of December 31, 2024 and 2023. Includes Rosie Central BESS only as of December 31, 2023 since the equity investment was redeemed on June 13, 2024, as further described above.

Schedule of Variable Interest Entities

Summarized financial information for the Company’s consolidated VIEs consisted of the following as of December 31, 2024:


(In millions)	Buckthorn Holdings, LLC		Cedar Creek TE Holdco LLC		Cedro Hill TE Holdco LLC		Daggett Renewable Holdco LLC (a)		DGPV Funds (b)		Lighthouse Renewable Holdco LLC (c)		Lighthouse Renewable Holdco 2 LLC (d)
Other current and non-current assets	$	3	$	40	$	62	$	152	$	26	$	67	$	143
Property, plant and equipment	178		313		213		946		217		393		1,296
Intangible assets	—		—		—		—		—		—		2
Total assets	181		353		275		1,098		243		460		1,441
Total liabilities	13		118		31		447		26		136		569
Noncontrolling interest	5		113		145		796		3		240		668
Net assets less noncontrolling interest	$	163	$	122	$	99	$	(145)	$	214	$	84	$	204

(a) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.

(b) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC and Renew Solar CS4 Fund LLC, which are all tax equity funds.

(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.

(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.


(In millions)	Oahu Solar LLC		Rattlesnake TE Holdco LLC		Rosie TargetCo LLC		VP-Arica TargetCo LLC (a)		Wildorado TE Holdco LLC		Other (b)
Other current and non-current assets	$	37	$	13	$	62	$	66	$	26	$	62
Property, plant and equipment	149		165		527		988		178		488
Intangible assets	—		—		—		2		—		13
Total assets	186		178		589		1,056		204		563
Total liabilities	22		17		218		40		18		315
Noncontrolling interest	20		74		256		308		81		150
Net assets less noncontrolling interest	$	144	$	87	$	115	$	708	$	105	$	98

(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.

(b) Other is comprised of Dan’s Mountain TargetCo LLC, which consolidates Dan’s Mountain Tax Credit Holdco LLC, Elbow Creek TE Holdco LLC, Langford TE Partnership LLC, Pinnacle Repowering TE Holdco LLC and the Spring Canyon facilities.

- Definition

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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