v3.26.1
Property, Plant and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net 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 ClassUseful Lives (Years)
Solar energy systems35
Wind energy systems30
Battery storage systems
10-20
Property, plant and equipment, net consists of the following:
(in thousands)December 31, 2025December 31, 2024
Land$22,778 $23,283 
Plant and equipment1,621,970 1,873,801 
Construction in progress802,310 437,335 
Asset retirement cost27,595 32,640 
Finance right-of-use asset65 65 
Other2,010 561 
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, 2026December 31, 2025
Land$22,778 $22,778 
Plant and equipment1,620,577 1,621,970 
Construction in progress848,237 802,310 
Asset retirement cost27,483 27,595 
Finance right-of-use asset65 65 
Other2,231 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 
Schedule of Depreciation
The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the periods indicated below:
Year ended December 31,
(in thousands)202520242023
Depreciation expense$73,891 $71,125 $113,899 
The following table presents amortization expense for the intangible assets related to the favorable PPA and REC contracts recorded on the Consolidated Statements of Operations, including the Contract amortization, net that was recorded as a reduction to revenue in the Consolidated Statements of Operations for the periods indicated below:
For the years ended December 31,
(in thousands)202520242023
Total Favorable Amortization expense$29,991 $36,577 40,792 
Favorable Contract amortization as a reduction to revenue 26,099 28,445 31,571 
The following table presents Depreciation expense recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations for the periods indicated below:
Three months ended
March 31,
(in thousands)20262025
Depreciation expense$15,098 $18,496 
The following table presents amortization expense for the intangible assets related to the favorable PPA and REC contracts recorded on the Consolidated Statements of Operations, including the Contract amortization, net that was recorded as a reduction to revenue in the Consolidated Statements of Operations for the periods indicated below:
Three months ended
March 31,
(in thousands)20262025
Total Favorable Amortization expense$5,906 $9,353 
Favorable Contract amortization as a reduction to revenue 4,871 6,970