Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions There was $0.1 million due to related parties, as discussed below, and no amounts due from related parties as of December 31, 2023. There were $0.1 million due to related parties, as discussed below, and no amounts due from related parties as of December 31, 2022. Additionally, in the normal course of business, the Company conducts transactions with affiliates, including: Blackstone Credit Facilities Under the APAF Term Loan, APAF III Term Loan, and APACF II Facility, subsidiaries of The Blackstone Group (“Blackstone”), a related party, serve as agents between the Company and a consortium of third-party lenders. See Note 8, "Debt" for further details. During the years ended December 31, 2023 and 2022, the Company paid $1.3 million and zero, respectively, of loan issuance costs to Blackstone. Commercial Collaboration Agreement with CBRE In connection with the Merger, the Company and CBRE entered into a commercial collaboration agreement (the “Commercial Collaboration Agreement”) effective upon the Merger, pursuant to which, among other things, CBRE will invite the Company to join CBRE’s strategic supplier program and CBRE will promote the Company as its preferred clean energy renewable provider/partner, CBRE and the Company will create a business opportunity referral program with CBRE’s brokers, CBRE will reasonably collaborate with the Company to develop and bring to market new products and/or bundles for Company’s customers, the Company will consider in good faith inviting CBRE to become a solar tax equity partner for the Company, on a non-exclusive basis, on market terms to be mutually agreed and CBRE will provide, at no cost to the Company, reasonable access to data-driven research and insights prepared by CBRE (subject to certain exceptions). The Commercial Collaboration Agreement continues for a period of seven years, with automatic one-year renewal period, unless earlier terminated by either party in accordance with the terms set forth therein. On December 9, 2022, the Company amended the Commercial Collaboration Agreement to update the business arrangement and associated fee approach, which provides that CBRE employees, including brokers, non-brokers and other employees who partnered with the Company to bring clean electrification solutions to CBRE’s client base, who met certain minimum criteria (“Qualified Referral”) and who documented such Qualified Referral via an executed Development Agreement, would receive a development fee of between $0.015/watt to $0.030/watt depending on the business segment and teams of such CBRE employees. For the year ended December 31, 2023 and 2022, the Company incurred and paid zero and $0.3 million, respectively, associated with the development of specific solar energy facilities and recorded them as part of property, plant, and equipment on the consolidated balance sheets. As of December 31, 2023 and 2022, there were no amounts due to CBRE associated with the Commercial Collaboration Agreement. Master Services Agreement with CBRE On June 13, 2022, the Company, through its wholly-owned subsidiary, entered into a Master Services Agreement ("MSA") with CBRE under which CBRE assists the Company in developing solar energy facilities. For the years ended December 31, 2023 and 2022, the Company incurred $0.5 million and $0.1 million, respectively, for development services provided under the MSA. As of December 31, 2023 and 2022, there was $0.1 million due to CBRE for development services provided under the MSA. Lease Agreements with Link Logistics During the year ended December 31, 2023, the Company obtained a right to use rooftops to develop and operate solar facilities under lease agreements with subsidiaries of Link Logistics Real Estate Management LLC (“Link Logistics”), a Blackstone portfolio company. As of December 31, 2023, the Company recognized operating lease assets and operating lease liabilities of $24.3 million in the consolidated balance sheet related to these leases, which have a weighted average remaining lease term of 30 years. During the year ended December 31, 2023, lease expense and payments made under these leases were not material.
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