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Subsequent Event
9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Event

Note 21—Subsequent Event

Acquisition of Solar System Facilities


On November 3, 2023the Company acquired from OCH Holding Company and Entrust Green Initiative Fund (“Sellers”), LLC, a 100% interest in ten special purpose entities that own and operate solar system facilities in Ohio and Michigan. The Company paid a total of  $7.5 million, including $1.0 million being held in escrow to be released to the Sellers upon satisfaction of the conditions set forth in the related purchase agreement.


On November 3, 2023, the Company also signed an agreement to purchase from the Sellers another special purpose entity that owns and operates a solar system facility in Indiana, for $1.3 million, subject to the satisfaction of certain closing conditions.


The acquisitions will be accounted for as asset acquisitions under ASC 805, Business Combinations. The Company will provide details of the assets acquired in the Company’s Annual Report on Form 10-K for the year ending December 31, 2023.


Lumo Finland Administration


In October 2023, the Company received notice from the Lumo Administrators of recovery claims against (i) Lumo Sweden pertaining to the distribution of the proceeds related to Lumo Sweden's swap instruments, and (ii) the Company based on a guarantee provided to a third party. The Company disputes these claims, has engaged counsel and intends to vigorously defend against the claims. At this time, there is insufficient basis to deem any loss probable or to assess the amount of any possible loss.