Project Assets

6 Months Ended

Apr. 30, 2025

Note 8. Project Assets

Project assets as of April 30, 2025 and October 31, 2024 consisted of the following (in thousands):


	April 30,		October 31,		Estimated
	2025		2024		Useful Life
Project Assets – Operating	$	306,289	$	308,503	4-20 years
Accumulated depreciation		(78,206)		(66,542)
Project Assets – Operating, net		228,083		241,961
Project Assets – Construction in progress		119		170	7-20 years
Project Assets, net	$	228,202	$	242,131

The estimated useful lives of these project assets are 20 years for balance of plant and site construction, and four to seven years for modules. Project assets as of April 30, 2025 and October 31, 2024 included twelve completed, commissioned installations generating power with respect to which the Company has a PPA with the end-user of power and site host with a net aggregate value of $228.1 million and $242.0 million as of April 30, 2025 and October 31, 2024, respectively. Certain of these assets are the subject of sale-leaseback arrangements with Crestmark Equipment Finance (“Crestmark”).

Project assets as of April 30, 2025 and October 31, 2024 also include installations with carrying values of $0.1 million and $0.2 million, respectively, which are being developed and constructed by the Company in connection with a project for which we have entered into a PPA.

Project construction costs incurred for long-term project assets are reported as investing activities in the Consolidated Statements of Cash Flows.