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SECURITY DEPOSITS | 9 Months Ended
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Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
SECURITY DEPOSITS | SECURITY DEPOSITS The Company’s security deposits consisted of the following (in thousands):
| September 30, 2024 |  | December 31, 2023
Luminant Power Purchase Agreement collateral | $ | — |  |  | $ | 12,554 |
Vistra Purchase and Sale Agreement collateral | — |  |  | 3,063 |
Oncor Facility Extension security deposit related to Black Pearl Facility | 6,269 |  |  | 6,269 |
Oncor Facility Extension security deposit related to Barber Lake Facility | 8,297 |  |  | — |
Other deposits | 735 |  |  | 1,969 |
Total security deposits | $ | 15,301 |  |  | $ | 23,855 |
Under the Luminant Power Agreement, the Company was required to provide Luminant with collateral of approximately $12.6 million (the “Independent Collateral Amount”). The Independent Collateral Amount will remain in place throughout the term of the Luminant Power Agreement. Details of the construction of the Interconnection Electrical Facilities, including collateral arrangements that are in addition to the Independent Collateral Amount, are set out in the Purchase and Sale Agreement dated June 28, 2021, with amendment and restatement on July 9, 2021 (as amended and restated, the “Vistra Purchase and Sale Agreement”) with Vistra. Under the Vistra Purchase and Sale Agreement, the Company provided approximately $3.1 million as collateral separate from the Independent Collateral Amount, which is also recorded in security deposits as of December 31, 2023. As of September 30, 2024, this collateral balance was moved to a money market account owned by the Company and is classified as restricted cash. As part of the transaction to acquire the Barber Lake Facility, the Company acquired a deposit with Oncor Electric Delivery Company LLC (“Oncor”) of $8.3 million which had previously been paid by the seller. As part of the transaction, the Company must remit the deposit to the seller upon receipt. As such the Company has recorded a corresponding liability in Accrued expenses and other liabilities on the condensed consolidated balance sheet as of September 30, 2024.

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