v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Lease Costs
The following table provides information related to our lease costs (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating Lease Cost - PPAs and Energy Storage PPA Lease Contracts$118,743 $76,947 $173,133 $89,494 
Operating Lease Cost - Land, Property, and Equipment6,429 5,286 12,730 10,623 
Total Operating Lease Cost125,172 82,233 185,863 100,117 
Variable Lease Cost (a)47,069 32,838 72,382 54,208 
Short-term Lease Cost811 528 1,686 1,120 
Total Lease Cost$173,052 $115,599 $259,931 $155,445 
(a)    Primarily relates to PPA lease contracts.
The following tables provide other additional information related to operating lease liabilities (dollars in thousands):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows$148,672 $60,813 
Right-of-use operating lease assets obtained in exchange for operating lease liabilities$1,393,894 (a)$2,071,145 (b)
June 30, 2026December 31, 2025
Weighted average remaining lease term17 years15 years
Weighted average discount rate (c)8.24 %5.48 %
(a)Primarily relates to two PPA operating lease agreements that were modified in 2026 along with three new energy storage operating lease agreements that commenced in 2026.
(b)Primarily relates to the various new energy storage operating lease agreements that commenced in 2025.
(c)Most of our lease agreements do not contain an implicit rate that is readily determinable. For these agreements we use our incremental borrowing rate to measure the present value of lease liabilities. We determine our incremental borrowing rate at lease commencement based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We use the implicit rate when it is readily determinable.
Schedule of Maturities of Operating Lease Labilities
The following table provides information related to the maturity of our operating lease liabilities (dollars in thousands):
June 30, 2026
YearPPAs and Energy Storage PPA Lease ContractsLand, Property and Equipment LeasesTotal
2026 (remaining six months of 2026)$277,635 $11,817 $289,452 
2027474,522 21,294 495,816 
2028514,782 18,602 533,384 
2029519,979 16,469 536,448 
2030525,281 12,247 537,528 
2031530,697 5,767 536,464 
Thereafter6,674,719 56,170 6,730,889 
Total lease commitments9,517,615 142,366 9,659,981 
Less imputed interest4,482,414 41,680 4,524,094 
Total lease liabilities$5,035,201 $100,686 $5,135,887