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Energy Assets, Net | 9 Months Ended
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Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
ENERGY ASSETS, NET | ENERGY ASSETS, NET Energy assets, net consisted of the following:
| September 30, 2023 |  | December 31, 2022
Energy assets (1) | $ | 2,012,528 |  |  | $ | 1,493,913 |
Less - accumulated depreciation and amortization | (355,943) |  |  | (312,388) |
Energy assets, net | $ | 1,656,585 |  |  | $ | 1,181,525 |
(1) Includes financing lease assets (see Note 7), capitalized interest and asset retirement obligations (“ARO”) assets (see tables below). Also includes the energy asset project acquired in August 2023. See section below for additional information.
August 2023 Purchase and Sale Agreement On August 4, 2023, we entered into a purchase and sale agreement to acquire an energy asset project and to acquire 100% of the stock of Bright Canyon Energy Corporation (“BCE”) in a two-phased transaction. Phase 1, the purchase of the energy asset project, closed on August 4, 2023 and did not constitute a business in accordance with ASC 805-50, Business Combinations. The adjusted purchase price for phase 1, net of cash acquired of $11,206, was $76,758, of which $5,000 was paid in cash, $46,694 was financed by the seller, and we assumed a construction loan on the energy asset project for $36,270. In September 2023, we paid $12,500 in principal on the sellers note. As of September 30, 2023, the balance of the seller’s note was $34,194. See Note 8 for additional information about these loans. We also assumed a land lease for the energy asset project. See Note 7. for additional information on the lease. In the second phase, we plan to acquire BCE, including its interest in a consolidated joint venture and its interests in project subsidiaries developing or with rights to develop solar, battery, and microgrid assets for a purchase price of $39,100. The completion of the second phase is subject to a number of conditions and third-party consents and is targeted to close late in 2023 or early 2024. Depreciation and Amortization Expense 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 | 2023 |  | 2022 |  | 2023 |  | 2022
Cost of revenues (2) | $ | 15,122 |  |  | $ | 12,933 |  |  | $ | 42,847 |  |  | $ | 36,911 |
(2) Includes depreciation and amortization on financing lease assets (see Note 7). |  |  |  |
Capitalized Interest 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Capitalized interest | $ | 12,824 |  |  | $ | 3,877 |  |  | $ | 28,842 |  |  | $ | 7,785 |
The following tables sets forth information related to our ARO assets and ARO liabilities:
| Location | September 30, 2023 |  | December 31, 2022
ARO assets, net | Energy assets, net | $ | 3,499 |  |  | $ | 2,359 |
ARO liabilities, non-current | Other liabilities | $ | 4,541 |  |  | $ | 3,052 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Depreciation expense of ARO assets | $ | 53 |  |  | $ | 37 |  |  | $ | 161 |  |  | $ | 110 |
Accretion expense of ARO liabilities | $ | 64 |  |  | $ | 36 |  |  | $ | 194 |  |  | $ | 108 |

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