| Schedule of long-term debt |
The following table provides a summary of the Company’s non-recourse debt as of March 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Due | | March 31, 2025 | | December 31, 2024 | SVB Credit Agreement, SP1 Facility (1) | | April 30, 2026 | | $ | 192,425 | | | $ | 196,240 | | Second SVB Credit Agreement, SP2 Facility (1) | | May 14, 2027 | | 76,122 | | | 78,018 | | KeyBank Credit Agreement, SP3 Facility (1) | | November 13, 2027 | | 52,695 | | | 53,830 | | Second KeyBank Credit Agreement (1) | | April 28, 2030 | | 162,691 | | | 162,691 | | | | | | | | | Barings GPSF Credit Agreement, SET Facility | | April 17, 2042 | | 130,000 | | | 130,000 | | Banco Santander Credit Agreement, SP5 Facility | | November 22, 2027 | | 109,842 | | | 109,842 | | Less: Unamortized fair value adjustment (1) | | | | (20,576) | | | (21,948) | | | Less: Unamortized deferred financing costs | | | | (3,077) | | | (3,342) | | Total non-recourse debt | | | | 700,122 | | | 705,331 | | | Less: Non-recourse debt, current | | | | (28,347) | | | (28,310) | | | Non-recourse debt, non-current | | | | $ | 671,775 | | | $ | 677,021 | |
(1) Fair value adjustment is being amortized to interest expense over the life of the related debt instruments using the effective interest method. Amortization expense for the fair value adjustment and deferred financing costs for the three months ended March 31, 2025 and 2024 were $1.6 million and $1.5 million, respectively.
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| Schedule of Maturities of Long-Term Debt |
As of March 31, 2025, the principal maturities of the Company’s debt were as follows:
| | | | | | | | | | | As of March 31, | | (Amounts in thousands) | | 2025 | | Remainder of 2025 | | 28,347 | | | 2026 | | 186,158 | | | 2027 | | 216,579 | | | 2028 | | — | | | 2029 | | — | | Thereafter | | 292,691 | | | Total | | $ | 723,775 | |
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