v3.25.2
VIE Arrangements - Schedule of Carrying Amounts and Classification of the VIEs' Assets and Liabilities Included in the Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Current assets:        
Cash $ 618,057 $ 574,956 $ 707,587 $ 678,821
Restricted cash 393,872 372,312    
Accounts receivable, net 186,525 170,706    
Inventories 491,150 402,083    
Prepaid expenses and other current assets 96,207 202,579    
Total current assets 1,785,811 1,722,636    
Solar energy systems, net 16,063,482 15,032,115    
Other assets 3,282,396 3,021,746    
Total assets [1] 21,230,135 19,897,884    
Current liabilities:        
Accounts payable 279,775 354,214    
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 40,719 41,464    
Accrued expenses and other liabilities 490,637 543,752    
Deferred revenue, current portion 145,215 129,442    
Non-recourse debt, current portion 278,531 231,665    
Total current liabilities 1,268,642 1,334,482    
Deferred revenue, net of current portion 1,280,557 1,208,905    
Non-recourse debt, net of current portion 12,945,532 11,806,181    
Other liabilities 167,611 119,846    
Total liabilities [1] 16,783,913 15,733,674    
Variable Interest Entities        
Current assets:        
Cash 307,111 420,756    
Restricted cash 52,629 57,892    
Accounts receivable, net 108,631 92,259    
Inventories 100,330 62,581    
Prepaid expenses and other current assets 7,674 7,616    
Total current assets 576,375 641,104    
Solar energy systems, net 13,175,135 12,062,819    
Other assets 708,236 586,293    
Total assets 14,459,746 13,290,216    
Current liabilities:        
Accounts payable 6,988 5,400    
Distributions payable to noncontrolling interests and redeemable noncontrolling interests 40,720 41,465    
Accrued expenses and other liabilities 47,553 42,997    
Deferred revenue, current portion 69,370 62,278    
Non-recourse debt, current portion 86,636 60,292    
Total current liabilities 251,267 212,432    
Deferred revenue, net of current portion 854,201 764,576    
Non-recourse debt, net of current portion 1,320,975 1,347,492    
Other liabilities 20,303 18,540    
Total liabilities $ 2,446,746 $ 2,343,040    
[1] The Company’s consolidated assets as of June 30, 2025 and December 31, 2024 include $14,459,746 and $13,290,216, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net as of June 30, 2025 and December 31, 2024 of $13,175,135 and $12,062,819, respectively; cash as of June 30, 2025 and December 31, 2024 of $307,111 and $420,756, respectively; restricted cash as of June 30, 2025 and December 31, 2024 of $52,629 and $57,892, respectively; accounts receivable, net as of June 30, 2025 and December 31, 2024 of $108,631 and $92,259, respectively; inventories as of June 30, 2025 and December 31, 2024 of $100,330 and $62,581, respectively; prepaid expenses and other current assets as of June 30, 2025 and December 31, 2024 of $7,674 and $7,616, respectively; and other assets as of June 30, 2025 and December 31, 2024 of $708,236 and $586,293, respectively. The Company’s consolidated liabilities as of June 30, 2025 and December 31, 2024 include $2,446,746 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2025 and December 31, 2024 of $6,988 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2025 and December 31, 2024 of $40,720 and $41,465, respectively; accrued expenses and other current liabilities as of June 30, 2025 and December 31, 2024 of $47,553 and $42,997, respectively; deferred revenue as of June 30, 2025 and December 31, 2024 of $923,571 and $826,854, respectively; non-recourse debt as of June 30, 2025 and December 31, 2024 of $1,407,611 and $1,407,784, respectively; and other liabilities as of June 30, 2025 and December 31, 2024 of $20,303 and $18,540, respectively.