XML 38 R28.htm IDEA: XBRL DOCUMENT v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

Note 19—Related Party Transactions

TotalEnergies S.E.

In the three months ended June 30, 2025 and 2026, no revenue from TotalEnergies was recognized. In the six months ended June 30, 2025 and 2026, no revenue from TotalEnergies was recognized. Outstanding receivables due from TotalEnergies were immaterial as of December 31, 2025 and June 30, 2026.

In the three and six months ended June 30, 2025, the Company paid TotalEnergies $0.2 million and $0.4 million, respectively, for expenses incurred in the ordinary course of business. In the three and six months ended June 30, 2026, the Company paid TotalEnergies $0.3 million and $0.5 million, respectively, for expenses incurred in the ordinary course of business. Outstanding payables due to TotalEnergies were immaterial as of December 31, 2025 and June 30, 2026

SAFE S.p.A.

Cash receipts from SAFE S.p.A. were immaterial in the three and six months ended June 30, 2025. Cash receipts from SAFE S.p.A. were immaterial in the three and six months ended June 30, 2026. Outstanding receivables due from SAFE S.p.A. were immaterial as of December 31, 2025 and June 30, 2026, respectively.  

In the three and six months ended June 30, 2025, the Company paid SAFE S.p.A. $0.4 million and $0.8 million, respectively, for parts and equipment in the ordinary course of business. In the three and six months ended June 30, 2026, the Company paid SAFE S.p.A. $1.9 million and $2.8 million, respectively, for parts and equipment in the ordinary course of business. As of December 31, 2025 and June 30, 2026, the Company had payables due to SAFE S.p.A. of $0.5 million and $0.3 million, respectively.

TotalEnergies Joint Venture(s) and bpJV

Pursuant to the contractual agreements of the TotalEnergies joint venture(s) and bpJV, the Company manages day-to-day operations of RNG projects in the joint ventures in exchange for an O&M fee and management fee. In the three and six months ended June 30, 2025, the Company recognized total management fee and O&M revenue of $0.9 million and $1.7 million, respectively. In the three and six months ended June 30, 2026, the Company recognized total management fee and O&M revenue of $1.1 million and $2.1 million, respectively. As of December 31, 2025 and June 30, 2026, the Company had management and O&M fee receivables due from the joint ventures with TotalEnergies and bp of $1.7 million and $3.6 million, respectively.

In the three and six months ended June 30, 2025, the Company paid $0.1 million on behalf of the joint ventures for expenses incurred in the ordinary course of business, respectively. In the three and six months ended June 30, 2026, the Company paid $0.6 million and $0.7 million on behalf of the joint ventures for expenses incurred in the ordinary course

of business, respectively. As of December 31, 2025 and June 30, 2026, outstanding receivables due from the joint ventures with TotalEnergies and bp were $0.3 million and $0.9 million, respectively, representing outstanding unreimbursed expenses that the Company paid on behalf of the joint ventures.

In the three and six months ended June 30, 2025, the Company received $1.0 million and $1.6 million, respectively, from the joint ventures with TotalEnergies and bp for management and O&M fees and reimbursement of expenses incurred in the ordinary course of business. In the three and six months ended June 30, 2026, the Company received $0.5 million and $0.6 million, respectively, from the joint ventures with TotalEnergies and bp for management and O&M fees and reimbursement of expenses incurred in the ordinary course of business. In the three and six months ended June 30, 2025, the Company paid $0.9 million and $1.9 million, respectively, to the joint ventures with TotalEnergies and bp, relating to environmental credits pursuant to the contractual agreements of the TotalEnergies joint venture and bpJV. In the three and six months ended June 30, 2026, the Company paid $0.9 million and $1.8 million, respectively, to the joint ventures with TotalEnergies and bp, relating to environmental credits pursuant to the contractual agreements of the TotalEnergies joint venture and bpJV. As of December 31, 2025 and June 30, 2026, the Company had payables due to the joint ventures with TotalEnergies and bp of $0.4 million and $0.7 million, respectively, relating to sharing of environmental credits pursuant to the contractual agreements of the TotalEnergies joint venture(s) and bpJV.

On June 30, 2025, the Company entered into a Guaranty Agreement in favor of the buyer of ITC credits sold by the bpJV on June 30, 2025. Pursuant to the Guaranty Agreement, the maximum potential future exposure to the Company is $38.3 million in the event of a tax credit loss incurred by the buyer. The Guaranty Agreement is expected to end in January 2030. The Company received a fee of $0.7 million in the three and six months ended June 30, 2025 from the bpJV in connection with Guaranty Agreement.

​

Rimere

In the three and six months ended June 30, 2025, the Company provided $0.9 million and $2.4 million, respectively, to Rimere in connection with its loan commitments.

In the three and six months ended June 30, 2025, the Company recognized management fee revenue from Rimere of $0.2 million and $0.3 million, respectively.

In December 2025, the loan commitments were terminated in connection with the transfer of ownership of the Company’s equity method investment. As such there were no related party transactions with Rimere in the six months ended June 30, 2026. There were no balances with Rimere on December 31, 2025 or June 30, 2026.

​

Board Member Consulting Agreement

​

During the three and six months ended June 30, 2026, the Company paid $0.2 million, of consulting fees to a non-employee Board Member. As of June 30, 2026, there were no outstanding amounts payable for the consulting services.

.

​