v3.26.1
Intangible Assets and Out-of-market Contracts
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets and Out-of-market Contracts
Note 7. Intangible Assets and Out-of-market Contracts
Intangible Assets and Out-of-market Contracts
Intangible Assets
Intangible assets as of June 30, 2026 consisted of the following:
(in thousands)
Gross carrying amount(1)
Accumulated amortization
Net intangible assets as of
June 30, 2026
PPA contracts$255,042 $(56,517)$198,525 
REC contracts28,023 (1,732)26,291 
Trademarks1,364 (673)691 
Channel partner relationships47,071 (30,321)16,750 
Other intangible assets5,340 (105)5,235 
Total intangible assets, net$336,840 $(89,348)$247,492 
(1)Gross carrying amount is adjusted for any write offs or impairment charges due to the termination of PPA contracts.

During the six months ended June 30, 2026, the Company impaired certain intangible assets following the settlement of a dispute related to a PPA contract. Refer to Note 6. Property, Plant and Equipment for further details.
Intangible assets as of December 31, 2025 consisted of the following:
(in thousands)
Gross carrying amount(1)
Accumulated amortizationNet intangible assets as of December 31, 2025
PPA contracts$255,627 $(47,610)$208,017 
REC contracts28,194 (1,650)26,544 
Trademarks1,364 (631)733 
Channel partner relationships47,071 (28,644)18,427 
Other intangible assets2,219 — 2,219 
Total intangible assets, net$334,475 $(78,535)$255,940 
(1)Gross carrying amount is adjusted for any write offs or impairment charges due to the termination of the PPA contracts.
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
June 30,		Six months ended
June 30,
(in thousands)2026202520262025
Total Favorable Amortization expense$5,657 $5,608 $11,563 $14,961 
Favorable Contract amortization as a reduction to revenue
4,867 6,064 9,738 13,034 
Out-of-market Contracts
The Company has PPA and REC contracts that were acquired in an unfavorable position (out-of-market contracts) recorded as liabilities. Out-of-market contract liabilities as of June 30, 2026 consisted of the following:
(in thousands)
Gross carrying amountAccumulated amortizationNet out-of-market contracts as of June 30, 2026
PPA contracts$(164,190)$30,964 $(133,226)
REC contracts(3,043)841 (2,202)
Total out-of-market contracts, net$(167,233)$31,805 $(135,428)
Out-of-market contract liabilities as of December 31, 2025 consisted of the following:
(in thousands)
Gross carrying amountAccumulated amortizationNet out-of-market contracts as of December 31, 2025
PPA contracts$(164,190)$26,985 $(137,205)
REC contracts(17,949)15,346 (2,603)
Total out-of-market contracts, net$(182,139)$42,331 $(139,808)
The following table presents the contract amortization recorded as an increase to revenue related to out-of-market contract liabilities for the periods indicated below:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2026202520262025
Out-of-market contract amortization(1)
$2,152 $2,997 $4,564 $6,818 
(1)For the six months ended June 30, 2026 and 2025, the out-of-market contract amortization includes out-of-market contract terminations of nil and $6.1 million, respectively.
The amounts recorded to out-of-market contracts are amortized to Contract amortization, net on the Consolidated Statements of Operations similar to favorable PPA and REC contracts.
The following table presents the total amortization expense related to the Company’s finite-lived intangible asset and liabilities, net, which includes contract amortization on PPA and REC contract intangible assets and out-of-market contracts, net and amortization expense on channel partner relationships and trademark intangible assets for the periods indicated:
Three months ended
June 30,		Six months ended
June 30,
(in thousands)2026202520262025
Amortization expense on channel partner relationships and trademark intangible assets, net$790 $(456)$1,825 $1,927 
Contract amortization on PPA and REC contracts, intangible assets and out-of-market contracts, net
2,715 3,067 5,174 146 
Total amortization expense related to intangible assets and liabilities, net
$3,505 $2,611 $6,999 $2,073 
Contract amortization on PPA and REC contract intangible assets and out-of-market contracts is recorded within Contract amortization, net on the Consolidated Statements of Operations. Amortization expense on channel partner relationships and trademark intangible assets is recorded within Depreciation, amortization and accretion on the Consolidated Statements of Operations. During the three and six months ended June 30, 2025, the Company derecognized two out-of-market contracts due to the termination of the related PPAs and recognized $6.1 million within Contract amortization, net on the Consolidated Statements of Operations.
Estimated future amortization expense, net for the above amortizable intangible assets and out-of-market contracts for each of the next five years and thereafter are as follows:
(in thousands)
Period ended June 30,Amortization Expense
2026-2027$11,787 
2027-202811,680 
2028-202911,680 
2029-203011,492 
2030-203110,418 
Thereafter55,007 
Total$112,064