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v3.25.1

ENERGY ASSETS, NET | 3 Months Ended
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Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
ENERGY ASSETS, NET | ENERGY ASSETS, NET Energy assets, net consisted of the following:
| March 31, 2025 |  | December 31, 2024
Energy assets (1) | $ | 2,402,348 |  |  | $ | 2,338,680 |
Less - accumulated depreciation and amortization | (447,068) |  |  | (423,369) |
Energy assets, net | $ | 1,955,280 |  |  | $ | 1,915,311 |
(1) Includes financing lease assets (see Note 7), capitalized interest and asset retirement obligations (“ARO”) assets (see tables below). Excludes energy assets held for sale. See section below and Note 19 for additional information.
Depreciation and Amortization Expense The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant and ITC amortization:
| Three Months Ended March 31, |  |
Location | 2025 |  | 2024 |  |  |  |
Cost of revenues (2) | $ | 22,842 |  |  | $ | 17,124 |  |  |  |  |
(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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
Capitalized interest | $ | 8,110 |  |  | $ | 14,872 |  |  |  |  |
The following tables set forth information related to our ARO assets and ARO liabilities:
| Location | March 31, 2025 |  | December 31, 2024
ARO assets, net | Energy assets, net | $ | 5,073 |  |  | $ | 4,414 |
ARO liabilities, non-current | Other liabilities | $ | 6,980 |  |  | $ | 6,136 |
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Depreciation expense of ARO assets | $ | 75 |  |  | $ | 44 |  |  |  |  |
Accretion expense of ARO liabilities | $ | 108 |  |  | $ | 66 |  |  |  |  |

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