Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Supplemental Cash Flow Information

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that aggregate to the beginning and ending balances shown in the Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024:


(in thousands)	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	66,637	$	120,057
Restricted cash, current	18,592		38,403
Restricted cash	2,114		3,128
Total cash and cash equivalents and restricted cash	$	87,343	$	161,588

The following table presents the Company’s non-cash investing and financing activities as well as the cash paid for interest:


	Year ended December 31,
(in thousands)	2025		2024		2023
Non-cash investing activities
Capital expenditures incurred but not paid	$	11,456	$	16,707	$	38,009
Non-cash involuntary conversion	9,129		—

Non-cash financing activities
Deferred shareholder servicing fees payable
Redemptions payable	585		788		361
Distribution payable to shareholders	—		—		7,606
ITC sales proceeds attributable to noncontrolling interest	45,378		—		—
Non-cash contributions from noncontrolling interests, net	—		87,865		—
Change in distributions payable to noncontrolling interest	$	(1,666)	$	997	$	2,293

Cash paid for
Interest paid, net of amounts capitalized	$	47,900	$	45,223	$	23,608


(in thousands)	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	50,679	$	66,637
Restricted cash, current	8,205		18,592
Restricted cash	1,900		2,114
Total cash and cash equivalents and restricted cash	$	60,784	$	87,343

The following table presents the Company’s non-cash investing and financing activities as well as the cash paid for interest:


	Three months ended March 31,
(in thousands)	2026		2025
Non-cash investing activities
Capital expenditures incurred but not paid	$	8,643	$	57,665

Non-cash financing activities

Redemptions payable	204		1,172



Change in distributions payable to noncontrolling interest	$	(12)	$	(1,260)
Cash paid for
Interest paid, net of amounts capitalized	$	9,447	$	12,857

Schedule of Property, Plant and Equipment, Net Useful Lives

Depreciation is computed on a straight-line basis over the estimated remaining useful lives of individual assets or classes of assets noted in the table below or, when the asset is on property subject to a lease or other site control contract, the remaining lease or other contractual periods and renewals that are deemed to be reasonably certain at the date the assets are purchased, if less than the estimated remaining useful life. Expenditures for major additions and improvements are capitalized, while repairs and maintenance, including planned major maintenance, are charged to expense as incurred.


Asset Class						Useful Lives (Years)
Solar energy systems						35
Wind energy systems						30
Battery storage systems						10-20

Property, plant and equipment, net consists of the following:


(in thousands)	December 31, 2025		December 31, 2024
Land	$	22,778	$	23,283
Plant and equipment	1,621,970		1,873,801
Construction in progress	802,310		437,335
Asset retirement cost	27,595		32,640
Finance right-of-use asset	65		65
Other	2,010		561
Total property, plant and equipment	$	2,476,728	$	2,367,685
Accumulated depreciation	(147,693)		(135,199)
Property, plant and equipment, net	$	2,329,035	$	2,232,486

Property, plant and equipment, net consists of the following:


(in thousands)	March 31, 2026		December 31, 2025
Land	$	22,778	$	22,778
Plant and equipment	1,620,577		1,621,970
Construction in progress	848,237		802,310
Asset retirement cost	27,483		27,595
Finance right-of-use asset	65		65
Other	2,231		2,010
Total property, plant and equipment	$	2,521,371	$	2,476,728
Accumulated depreciation	(162,443)		(147,693)
Property, plant and equipment, net	$	2,358,928	$	2,329,035