Variable Interest Entities And Equity Method Investments

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities And Equity Method Investments

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS

Variable Interest Entities

The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:


	June 30,		December 31,
	2023 (1)		2022 (1)
Cash and cash equivalents	$	7,472	$	10,107
Restricted cash	—		799
Accounts receivable, net	—		590
Costs and estimated earnings in excess of billings	22,595		952
Prepaid expenses and other current assets	2,374		14,322
Total VIE current assets	32,441		26,770
Property and equipment, net	379		89
Energy assets, net	236,759		182,050
Operating lease assets	5,851		4,901
Restricted cash, non-current portion	73		73
Other assets	86		30
Total VIE assets	$	275,589	$	213,913
Current portions of long-term debt and financing lease liabilities	$	2,185	$	2,087
Accounts payable	19,493		8,055
Accrued expenses and other current liabilities	4,012		12,559
Current portions of operating lease liabilities	215		117
Total VIE current liabilities	25,905		22,818
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	120,989		19,177
Long-term operating lease liabilities, net of current portion	6,085		5,159
Other liabilities	736		3,575
Total VIE liabilities	$	153,715	$	50,729

(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.

See Note 14 for additional information on the call and put options related to our investment funds.

Non-controlling Interests

Non-controlling interests represents the equity owned by the other joint venture members of consolidated joint ventures. During the six months ended June 30, 2023, joint venture members contributed $922 to joint ventures. One JV member was refunded $20,521, net of adjustments, from debt proceeds received from the JV’s Non-recourse Construction Credit Facility, 6.54%, due July 2024. Our joint ventures generated $622 and $1,044, in earnings during the three and six months ended June 30, 2023, respectively.

Equity Method Investments

Unconsolidated joint ventures are accounted for under the equity method. For these unconsolidated joint ventures, our investment balances are included in other assets on the condensed consolidated balance sheets and our pro rata share of net income or loss is included in earnings from unconsolidated entities on the condensed consolidated statements of income.

The following table provides information about our equity method investments in joint ventures:


	As of
	June 30, 2023		December 31, 2022
Equity method investments	$	11,900	$	10,855