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SOLAR PHOTOVOLAIC JOINT VENTURE PROJECT | 3 Months Ended
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Mar. 31, 2025
Solar Photovolaic Joint Venture Project |
SOLAR PHOTOVOLAIC JOINT VENTURE PROJECT | NOTE 6 – SOLAR PHOTOVOLAIC JOINT VENTURE PROJECT On July 31, 2024, the Company entered into a Loan and Partnership Agreement with Horizons RES PE1 UG (haftungsbeschränkt) & Co. KG a German partnership (the “Partnership”), Solterra, and other lenders, under which the Company committed €1,560 thousand (approximately $1,716) out of a total €2,080 thousand (approximately $2,288) loan for solar energy projects. The loan bears interest of 7% annually and matures upon the earlier of the sale of the Partnership or five years from the agreement date. The Company’s loan is secured by a lien on Solterra’s interests in the Partnership, and all loans from Solterra are subordinated. The lenders are entitled to 50% of the Partnership’s profits, with the Company entitled to 25% through one of several profit rights alternatives to be elected within three months of the agreement date which was has not been elected to date. As of March 31, 2025, the Company has funded €1,057 thousand (approximately $1,142) which €352 (approximately $362) was invested in January 2025. The Partnership was evaluated under ASC 810-10, and the Company determined it is not the primary beneficiary due to lack of power to direct significant activities and limited exposure to variable returns; accordingly, the Partnership is not consolidated. The Company elected to account for the Loan and Partnership Agreement under the fair value option in accordance with ASC 825. The Company estimated the fair value of the Loan and Partnership Agreement using a third-party appraiser and various assumptions such as, probability of completion of the project based on key milestones, scenarios for the expected project’s cash realization value (including expected power of the project, selling price per megawatt, and loan repayment dates). The projected net cash flows were discounted using an interest rate appropriate for similar projects. The result was adjusted to the probability for the completion of the project as of the valuation date. The interest rate was determined at 8.48% as of March 31, 2025. The Company calculated the Loan Agreement at €1,159 thousands (approximately $1,252) as of March 31, 2025. Changes in fair value of an investment calculated at $79 were recorded in changes in fair value of investments measured under the fair value in the comprehensive loss.

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