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Tax Equity Financings | 9 Months Ended
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Jul. 31, 2025
Tax Equity Financings |
Tax Equity Financings | Note 3. Tax Equity Financings ​ Derby Tax Equity Financing Transaction Since the 14.0 megawatt (“MW”) Derby Fuel Cell Project and the 2.8 MW SCEF Fuel Cell Project, both located in Derby, Connecticut (collectively, the “Derby Projects”), became operational during the first quarter of fiscal year 2024, we have begun to allocate profits and losses to noncontrolling interests under the hypothetical liquidation at book value ("HLBV") method. During the three and nine months ended July 31, 2025, priority return distributions were made to Franklin Park 2023 FCE Tax Equity Fund, LLC (“Franklin Park”) of $0.3 million and $1.0 million, respectively. During the three and nine months ended July 31, 2024, priority return distributions were made to Franklin Park of $0.3 million and $0.7 million, respectively. For the three and nine months ended July 31, 2025, the net income attributable to noncontrolling interests totaled $0.4 million and $1.2 million, respectively. For the three and nine months ended July 31, 2024, the net loss attributable to noncontrolling interests totaled $(1.8) million and $(28.6) million, respectively. Groton Tax Equity Financing Transaction ​ The Company closed on a tax equity financing transaction in August 2021 with East West Bank for the 7.4 MW fuel cell project (the “Groton Project”) located on the U.S. Navy Submarine Base in Groton, CT. East West Bank’s tax equity commitment totaled $15.0 million. ​ During the three months ended July 31, 2025, there were no priority return distributions, and during the nine months ended July 31, 2025, priority return distributions of $0.2 million were made to East West Bank. During each of the three and nine month periods ended July 31, 2024, the Company made priority return distributions to East West Bank of $0.1 million. For the three and nine months ended July 31, 2025, the net loss attributable to noncontrolling interests for Groton Station FuelCell Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the Groton Project) totaled $(0.01) million and $(3.5) million, respectively. For the three and nine months ended July 31, 2024, the net loss attributable to noncontrolling interests totaled $(0.2) million and $(3.5) million, respectively. ​ Yaphank Tax Equity Financing Transaction ​ The Company closed on a tax equity financing transaction in November 2021 with Renewable Energy Investors, LLC (“REI”), a subsidiary of Franklin Park Infrastructure, LLC, for the 7.4 MW fuel cell project (the “LIPA Yaphank Project”) located in Yaphank Long Island. REI’s tax equity commitment totaled $12.4 million. ​ During the three and nine months ended July 31, 2025, priority return distributions were made to REI of $0.2 million and $0.5 million, respectively. During the three and nine months ended July 31, 2024, priority return distributions were made to REI of $0.1 million and $0.4 million, respectively. For the three and nine months ended July 31, 2025, net loss attributable to noncontrolling interest for YTBFC Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the LIPA Yaphank Project) totaled $(0.6) million and $(1.7) million, respectively. For the three and nine months ended July 31, 2024, net loss attributable to noncontrolling interest totaled $(0.4) million and $(0.5) million, respectively.

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