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Project Assets | 9 Months Ended
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Jul. 31, 2021
Project Assets |
Project Assets | Note 6. Project Assets Project assets as of July 31, 2021 and October 31, 2020 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | July 31, | ​ | October 31, | ​ | Estimated
​ |  | 2021 |  | 2020 |  | Useful Life
Project Assets - Operating | ​ | $ | 138,659 | ​ | $ | 99,351 | ​ | 5-20 years
Project Assets - Construction in progress | ​ | ​ | 99,646 | ​ | ​ | 91,276 | ​ | 7-20 years
​ | ​ | ​ | 238,305 | ​ | ​ | 190,627 | ​ | ​
Accumulated depreciation | ​ | ​ | (39,087) | ​ | ​ | (28,818) | ​ | ​
Project Assets, net | ​ | $ | 199,218 | ​ | $ | 161,809 | ​ | ​
​ Project assets as of July 31, 2021 and October 31, 2020 included nine and eight, respectively, completed, commissioned installations generating power with respect to which the Company has a power purchase agreement (“PPA”) with the end-user of power and site host or an approved utility tariff with an aggregate value of $99.6 million and $70.5 million as of July 31, 2021 and October 31, 2020, respectively. Certain of these assets are the subject of sale-leaseback arrangements with PNC Energy Capital, LLC (“PNC”) and Crestmark Equipment Finance (“Crestmark”). Project asset depreciation was approximately $3.0 million and $3.1 million for the three months ended July 31, 2021 and 2020, respectively, and $10.3 million and $8.6 million for the nine months ended July 31, 2021 and 2020, respectively. Project assets as of July 31, 2021 and October 31, 2020 also include installations with carrying values of $99.6 million and $91.3 million, respectively, which are being developed and constructed by the Company in connection with projects for which we have entered into PPAs and which have not yet been placed in service. As of July 31, 2021 and October 31, 2020, approximately $1.8 million and $4.8 million, respectively, has been capitalized for projects for which we expect to secure long-term contracts and/or otherwise recover the asset value and which have not yet been placed in service. Project construction costs incurred for long-term project assets are reported as investing activities in the Consolidated Statements of Cash Flows. The proceeds received from the sale and subsequent leaseback of project assets are classified as “Cash flows from financing activities” within the Consolidated Statements of Cash Flows and are classified as a financing obligation within “Current portion of long-term debt” and “Long-term debt and other liabilities” on the Consolidated Balance Sheets (refer to Note 16. “Debt” for more information).

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