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VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2024

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

10. VARIABLE INTEREST ENTITIES

As of December 31, 2023 and 2024, nil and two VIEs were deconsolidated, respectively, and the Company did not retain ownership interests or control in any non-consolidated VIEs, which were individually and in aggregate immaterial.

Liberty TE Holdings LLC, Bayou Galion TE Holding LLC, and Papago BESS TE Holdings LLC hold interests in the Liberty solar power system, Bayou Galion solar power system, and Papago BESS battery energy storage system, respectively. Each entity is consolidated as a VIE, with Class A membership interests issued to tax equity investors classified as redeemable non-controlling interests on the consolidated balance sheets.

As of December 31, 2023 and 2024, the carrying amounts of the major assets and liabilities of consolidated VIEs, excluding immaterial line items and intercompany balances elimination in consolidation, included in consolidated balance sheets were as follows:

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​		2023			2024
Cash	​	$	10,478	​	$	79,220
Project assets	​	​	109,144	​	​	150,919
Property, plant and equipment, net	​	​	—	​	​	314,319
Solar power and battery energy storage systems, net	​	​	—	​	​	718,585
Other assets	​	​	40,340	​	​	90,139
Total assets	​	$	159,962	​	$	1,353,182
​	​	​	​	​	​	​
Short-term borrowings	​	$	73,131	​	$	85,531
Long-term borrowings	​	​	16,956	​	​	495,477
Other liabilities	​	​	27,376	​	​	241,793
Total liabilities	​	$	117,463	​	$	822,801
​	​	​	​	​	​	​
Redeemable non-controlling interests	​	$	—	​	$	62,650

​

Net income attributable to consolidated VIEs was insignificant to the Company’s consolidated financial statements for the years ended December 31, 2022, 2023 and 2024.

Cash flow activity attributable to consolidated VIEs were insignificant to the consolidated financial statements for the years ended December 31, 2022 and 2023. Cash flow activity attributable to consolidated VIEs for the year ended December 31, 2024 was $159,926 used in operating activities, $634,608 used in investing activities, and $752,825 provided by financing activities, including $226,935 capital contributions from tax equity investors.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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- References

No definition available.

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