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SPECIAL PURPOSE ENTITIES (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Equity Method Investments

The following table summarizes additional information about the Company’s equity method investments, SPV II, SPV III, SPV IV and Copec:

SPV II

SPV III

SPV IV

COPEC

Date formed

January 23, 2015

June 7, 2016

June 30, 2017

March 24, 2020

Initial ownership %

49

%

50

%

50

%

49

%

Stem’s interest

100% of Class A shares

100% of Class B shares

100% of Class B shares

100% of Class A shares

Initial distributions:

Class A

10% (Stem)

80% (Stem — 50%)

97.5

%

To be determined

Class B

90

%

20% (Stem — 100%)

2.5% (Stem)

N/A

As of December 31, 2022 and 2021, the Company’s investment in its unconsolidated SPEs, recorded within other noncurrent assets on the consolidated balance sheets, was as follows (in thousands):

			December 31,
			2022						2021
Investment in SPV II			$	—					$	—
Investment in SPV III			439						421
Investment in SPV IV			308						291
Copec			1,174						1,212
Other equity method investments			$	50					$	—
Total equity method investments			$	1,971					$	1,924

Accordingly, in addition to the equity method investment, the Company has the following financing obligations associated with energy storage systems legally sold to the unconsolidated SPEs (in thousands):

			December 31,
			2022						2021
Financing obligation, current portion			$	15,720					$	15,277
Financing obligation, noncurrent			$	63,867					$	73,204

Schedule of Variable Interest Entities

The following table summarizes the carrying values of the assets and liabilities of the DevCo JVs that are consolidated by the Company as of December 31, 2022 (in thousands):

			December 31, 2022
Assets
Cash and cash equivalents			$	6,686
Other current assets			38
Other noncurrent assets			3,208
Total assets			$	9,932
Liabilities
Accounts payable			356
Other current liabilities			97
Total liabilities			$	453

These balances were as follows as of December 31, 2022 and 2021 (in thousands):

			December 31,
			2022						2021
Energy storage systems, net			$	76,617					$	92,426
Deferred revenue, current			$	4,943					$	4,417
Deferred revenue, noncurrent			$	10,682					$	10,835
Other liabilities			$	3,763					$	3,586

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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-Topic 810
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