v3.26.1
Non-Recourse Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Non-Recourse Debt Non-Recourse Debt
The following table provides a summary of the Company’s non-recourse debt as of March 31, 2026 and December 31, 2025:

(Amounts in thousands)DueMarch 31, 2026December 31, 2025
SVB Credit Agreement, SP1 Facility (1)
October 30, 2026$173,702 $177,515 
Second SVB Credit Agreement, SP2 Facility (1)
May 14, 202768,808 70,670 
KeyBank Credit Agreement, SP3 Facility (1)
November 13, 202748,097 49,223 
Second KeyBank Credit Agreement (1)
April 28, 2030160,955 160,955 
Barings GPSF Credit Agreement, SET Facility
April 17, 2042127,827 128,140 
Banco Santander Credit Agreement, SP5 Facility
November 22, 2027107,954 109,017 
Less: Unamortized fair value adjustment (1)
(15,143)(16,471)
Less: Unamortized deferred financing costs(3,937)(2,281)
Total non-recourse debt
668,263 676,768 
Less: Non-recourse debt, current(207,923)(213,826)
Non-recourse debt, non-current$460,340 $462,942 

(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, 2026 and 2025 were $1.6 million and $1.6 million , respectively.

The SP1 Facility includes debt service reserve letter of credits with related amounts outstanding of $17.1 million as of March 31, 2026 and December 31, 2025. The SP2 and SP3 Facilities also include debt service reserve letter of credits with related amounts outstanding of $6.0 million, and $4.1 million, respectively, as of March 31, 2026 and December 31, 2025.

All amounts outstanding under the SP1 Facility are included in non-recourse debt, current in the unaudited condensed consolidated balance sheet as of March 31, 2026. The effective interest rate on the SP1 Facility was 6.60% and 7.01% as of March 31, 2026 and December 31, 2025, respectively.

On March 27, 2026, the Company entered into an amendment (the “SP1 Facility Amendment”) which modifies the term of the SP1 Facility with Silicon Valley Bank (the “SP1 Facility”) and extended the maturity date to October 30, 2026 (the “Amended SP1 Maturity Date”), unless a signed term sheet for a long-term financing is obtained, in which case the Amended SP1 Maturity Date will be January 30, 2027. Under the terms of the SP1 Facility Amendment, the applicable margin is 2.75% per annum from the effective date of the SP1 Facility Amendment to October 30, 2026, and 3.25% per annum thereafter. The SP1 Facility Amendment includes a cross-default provision with the Second Key Bank Credit Agreement.

The Company’s credit agreements related to each of its non-recourse debts require the Company to be in compliance with various covenants, and the Company was in compliance with those required covenants as of March 31, 2026. The SP1, SP2, and SP3 Facilities requires the Company to enter into and maintain Interest Rate Hedging Agreements on a pro rata basis to the extent necessary to provide interest rate protection of at least 75% but in no event greater than 100% of the aggregate principal amounts outstanding.

Certain of the Company’s credit agreements require the Company, on a quarterly basis, to consider loan to value ratios when determining current and future debt principal payments, which are subject to change. As of March 31, 2026, the principal maturities of the Company’s debt were as follows:
As of March 31,
(Amounts in thousands)2026
2026$199,981 
2027215,049 
202820,846 
202922,213 
2030155,498 
Thereafter
73,756 
Total$687,343