v3.26.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following is a summary of assets and liabilities transferred in connection with the acquisition as of August 17, 2026:
(In millions)Rosamond South II
Property, plant and equipment (a)
$206 
Derivative assets12 
Other current and non-current assets6 
Total assets acquired224 
Long-term debt (b)
159 
Other current liabilities50 
Other non-current liabilities2 
Total liabilities assumed211 
Other comprehensive income11 
Net assets acquired$2 
(a) Includes Construction in progress of $203 million.
(b) Includes a $21 million construction loan and a $143 million tax equity bridge loan, offset by $5 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.
The following table presents the preliminary fair value estimates of the assets acquired and liabilities assumed by Cardinal Purchaser LLC as of the acquisition date:
(In millions)
Cardinal Portfolio (a)
Cash$1 
Restricted cash15 
Property, plant and equipment314 
Intangible assets for power purchase agreements128 
Right-of-use assets 61 
Derivative assets6 
Other current and non-current assets24 
Total assets acquired549 
Long-term debt (b)
180 
Long-term lease liabilities 38 
Other current liabilities3 
Other non-current liabilities84 
Total liabilities assumed305 
Noncontrolling interest (c)
2 
Net assets acquired$242 
(a) Excludes the equity method investment held by Cardinal JV Purchaser LLC.
(b) See Note 7, Long-term Debt, for additional information regarding the assumed facility-level debt.
(c) Represents a tax equity fund, Shoreham Energy Holdings, LLC, which the Company consolidates as primary beneficiary. The Class A membership interests in Shoreham Energy Holdings, LLC are held by a tax equity investor.
Schedule of Unaudited Proforma Financial Information
The following unaudited pro forma financial information presents the consolidated results of operations of the Company as if the business combination had occurred on January 1, 2025:
Three months ended September 30,Nine months ended September 30,
(In millions)2026202520262025
Operating revenues$523 $448 $1,369 $1,170 
Net income (loss)125 60 81 (33)