As of March 31, 2026 and December 31, 2025, we had 49 and 47 equity method investments, respectively. The majority of these investees are limited liability companies taxed as partnerships wherein we participate in cash distributions and tax attributes according to pre-negotiated profit-sharing arrangements. The limited liability company agreements do not define a fixed percentage of our ownership of these entities, and our claims on the net assets of each investment changes over time as preferred investors achieve their pre-negotiated preferred returns. We describe our accounting for non-controlling equity investments in Note 2.

The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments, for reasons including but not limited to the investees reporting to us being on a cost basis rather than a fair value basis or due to our allocations under HLBV differing from our purchase price of the investment. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Certain of our equity method investments have the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the energy hedges. Certain of the projects in which we have equity method investments also have interest rate swaps which are designated as cash flow hedges, and we recognize the portion of the gain or loss allocated to us related to those instruments through other comprehensive income. As of March 31, 2026 and December 31, 2025, we have accumulated other comprehensive income net of tax effect of $25 million and $24 million respectively, related to the interest rate swaps designated as cash flow hedges by our investees.


	Palmetto HASI Holdings LLC		Other Investments (1)		Total
	(in millions)
Balance Sheet
As of December 31, 2025
Current assets	$	262	$	918	$	1,180
Total assets	4,185		20,346		24,531
Current liabilities	56		891		947
Total liabilities	1,336		9,549		10,885
Members’ equity	2,849		10,797		13,646
As of December 31, 2024
Current assets	113		926		1,039
Total assets	1,367		20,289		21,656
Current liabilities	5		1,535		1,540
Total liabilities	393		8,971		9,364
Members’ equity	974		11,318		12,292
Income Statement
For the year ended December 31, 2025
Revenue	89		1,380		1,469
Income (loss) from continuing operations	(59)		(393)		(452)
Net income (loss)	(59)		(393)		(452)
For the year ended December 31, 2024
Revenue	15		1,186		1,201
Income (loss) from continuing operations	1		(326)		(325)
Net income (loss)	1		(326)		(325)