
	Fair Value Measurements at March 31, 2026
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents	$	95,719	$	—	$	—	$	95,719
Restricted cash	87,425		—		—		87,425
Inventories carried at market	—		12,601		—		12,601
Production tax credits	—		105,888		—		105,888
Derivative financial instruments - assets	—		10,279		—		10,279
Other assets	—		32		—		32
Total assets measured at fair value	$	183,144	$	128,800	$	—	$	311,944

Liabilities
Accounts payable (1)	$	—	$	16,070	$	—	$	16,070
Derivative financial instruments - liabilities	—		8,318		—		8,318
Total liabilities measured at fair value	$	—	$	24,388	$	—	$	24,388


	Fair Value Measurements at December 31, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents	$	182,319	$	—	$	—	$	182,319
Restricted cash	47,813		—		—		47,813
Inventories carried at market	—		24,736		—		24,736
Production tax credits	—		40,328		—		40,328
Derivative financial instruments - assets	—		6,927		—		6,927
Property and equipment, net of accumulated depreciation and amortization (2)	—		—		2,000		2,000
Total assets measured at fair value	$	230,132	$	71,991	$	2,000	$	304,123

Liabilities
Accounts payable (1)	$	—	$	28,598	$	—	$	28,598
Derivative financial instruments - liabilities	—		7,901		—		7,901
Other liabilities	—		1		—		1
Total liabilities measured at fair value	$	—	$	36,500	$	—	$	36,500

(1)Accounts payable is generally stated at historical amounts with the exception of $16.1 million and $28.6 million at March 31, 2026 and December 31, 2025, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.