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Energy Assets, Net | 9 Months Ended
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Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Energy Assets, Net | ENERGY ASSETS, NET Energy assets, net consisted of the following:
| September 30, 2022 |  | December 31, 2021
Energy assets (1) | $ | 1,332,068 |  |  | $ | 1,120,712 |
Less - accumulated depreciation and amortization | (299,259) |  |  | (264,181) |
Energy assets, net | $ | 1,032,809 |  |  | $ | 856,531 |
(1) Includes financing lease assets (see Note 6), capitalized interest and Asset retirement obligations (“ARO”) assets (see tables below).
During the nine months ended September 30, 2022, we acquired a solar project for a cash payment of $3,553, which did not constitute a business in accordance with ASC 805-50, Business Combinations. The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant amortization:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Location | 2022 |  | 2021 |  | 2022 |  | 2021
Cost of revenues (2) | $ | 12,933 |  |  | $ | 11,313 |  |  | $ | 36,911 |  |  | $ | 31,449 |
(2) Includes depreciation and amortization on financing lease assets (see Note 6). |  |  |  |
The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Capitalized interest | $ | 3,877 |  |  | $ | 827 |  |  | $ | 7,785 |  |  | $ | 4,353 |
The following tables sets forth information related to our ARO assets and ARO liabilities:
| Location | September 30, 2022 |  | December 31, 2021
ARO assets, net | Energy assets, net | $ | 2,390 |  |  | $ | 1,939 |
ARO liabilities, current | Accrued expenses and other current liabilities | $ | — |  |  | $ | 6 |
ARO liabilities, non-current | Other liabilities | 3,007 |  |  | 2,342 |
Total ARO liabilities |  | $ | 3,007 |  |  | $ | 2,348 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Depreciation expense of ARO assets | $ | 37 |  |  | $ | 30 |  |  | $ | 110 |  |  | $ | 83 |
Accretion expense of ARO liabilities | $ | 36 |  |  | $ | 33 |  |  | $ | 108 |  |  | $ | 90 |

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