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Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 29, 2025:

(In millions)						Daggett 1
Cash						$	1
Property, plant and equipment (a)						223
Other current and non-current assets						8
Total assets acquired						232
Long-term debt (b)						220
Derivative liabilities						6
Other current and non-current liabilities						11
Total liabilities assumed						237
Other comprehensive loss						(6)
Net assets acquired						$	1

(a) Includes Construction in progress of $221 million.

(b) Includes a $92 million construction loan and a $131 million tax equity bridge loan, offset by $3 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of April 29, 2025:

(In millions)						Luna Valley
Restricted cash						$	8
Property, plant and equipment (a)						346
Right-of-use assets, net						16
Other current and non-current assets						22
Total assets acquired						392
Long-term debt (b)						348
Long-term lease liabilities						18
Derivative liabilities						8
Other current and non-current liabilities						33
Total liabilities assumed						407
Other comprehensive loss						(8)
Net liabilities assumed						$	(7)

(a) Includes Construction in progress of $338 million.

(b) Includes a $144 million construction loan, a $64 million cash equity bridge loan and a $144 million tax equity bridge loan, offset by $4 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 20, 2025:

(In millions)						Rosamond South I
Property, plant and equipment (a)						$	507
Right-of-use assets, net (b)						17
Other current and non-current assets						11
Total assets acquired						535
Long-term debt (c)						468
Long-term lease liabilities (b)						19
Derivative liabilities						4
Other current and non-current liabilities						51
Total liabilities assumed						542
Other comprehensive loss						(4)
Net liabilities assumed						$	(3)

(a) Includes Construction in progress of $495 million.

(b) Balances primarily relate to a land lease agreement with a wholly-owned subsidiary of CEG, which expires on September 30, 2058.

(c) Includes a $179 million construction loan, a $6 million cash equity bridge loan and a $284 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

(In millions)						Catalina
Cash						$	15
Intangible asset for power purchase agreement						175
Right-of-use assets						107
Other current and non-current assets						6
Total assets acquired						303
Long-term lease liabilities						173
Other current and non-current liabilities						2
Total liabilities assumed						175
Net assets acquired						$	128

The following is a summary of assets and liabilities transferred in connection with the acquisition as of June 10, 2025:

(In millions)						Pine Forest
Restricted cash						$	1
Property, plant and equipment (a)						560
Right-of-use assets, net						17
Derivative assets						6
Total assets acquired						584
Long-term debt (b)						515
Long-term lease liabilities						18
Derivative liabilities						1
Other current and non-current liabilities						54
Total liabilities assumed						588
Other comprehensive income						5
Net liabilities assumed						$	(9)

(a) Includes Construction in progress of $550 million.

(b) Includes a $103 million construction loan, a $102 million cash equity bridge loan, a $41 million tax equity bridge loan and a $275 million tax credit transfer bridge loan, offset by $6 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.

The acquisition was determined to be an asset acquisition and the purchase price, including transaction expenses, was allocated to the fair value of the assets acquired and liabilities assumed on the acquisition date as follows:

(In millions)						Tuolumne
Property, plant and equipment						$	37
Intangible asset for power purchase agreement						176
Right-of-use assets						5
Other current and non-current assets						1
Total assets acquired						219
Long-term lease liabilities						4
Other current and non-current liabilities						4
Total liabilities assumed						8
Net assets acquired						$	211

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- References

No definition available.

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- Definition

Tabular disclosure of asset acquired and liability assumed in business combination and recognized at acquisition date.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

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