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Revenue and Accounts Receivable
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue and Accounts Receivable Revenue and Accounts Receivable
Disaggregation of Total Operating Revenues, net
The following table presents the detail of total operating revenues, net as recorded in the unaudited condensed consolidated statements of operations:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Power sales under PPAs$20,722 $16,641 $33,347 $25,627 
Power sales under NMCAs15,493 13,297 25,470 20,133 
Power sales on wholesale markets541 568 836 924 
Total revenue from power sales36,756 30,506 59,653 46,684 
Solar renewable energy credit revenue10,113 13,526 20,049 23,593 
Rental income3,110 986 5,215 1,612 
Performance based incentives1,968 464 6,775 2,562 
Revenue recognized on contract liabilities513 1,031 1,427 1,440 
Total operating revenues, net$52,460 $46,513 $93,119 $75,891 
Transaction price allocated to the remaining performance obligation
In accordance with optional exemptions available under Topic 606, the Company does not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Company have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.
Contracts with fixed consideration consist primarily of performance obligations to supply fixed quantities of solar renewable energy credits ("SRECs"). Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Most of the Company's solar renewable energy credit revenue is related to contracts with variable consideration.
The Company expects to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:
2024$8,452 
202518,496 
202615,220 
20279,327 
20281,029 
Thereafter23 
Total$52,547 
Accounts receivable
The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets:
 
As of June 30, 2024
As of December 31, 2023
Power sales under PPAs$10,519 $3,582 
Power sales under NMCAs14,229 8,094 
Power sales on wholesale markets214 249 
Total power sales24,962 11,925 
Solar renewable energy credits5,814 3,379 
Rental income89 450 
Performance based incentives957 1,346 
Total$31,822 $17,100 
Payments for all accounts receivable in the above table are typically received within 30 days from invoicing. As of both June 30, 2024, and December 31, 2023, the Company determined that the allowance for credit losses was $0.9 million.
Contract liabilities
The Company recognizes contract liabilities related to long-term agreements to sell SRECs that are prepaid by customers before SRECs are delivered. The Company will recognize revenue associated with the contract liabilities as SRECs are delivered to customers through 2037. As of June 30, 2024, the Company had current and non-current contract liabilities of $2.5 million and $6.1 million, respectively. As of December 31, 2023, the Company had current and non-current contract liabilities of $2.9 million and $5.6 million, respectively. The Company does not have any other significant contract asset or liability balances related to revenues.
Rental income
Rental income is primarily derived from the master lease agreement with Vitol (as described in Note 5, "Acquisitions"), as well as long-term PPAs accounted for as operating leases under ASC 842. The Company's leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options based on consideration of all relevant factors that create an economic incentive for the Company as lessor. Certain leases include variable lease payments associated with production of solar facilities, which are recognized as rental income in period the energy is delivered. Maturities of fixed rental payments as of June 30, 2024, are as follows:
2024$3,985 
20256,118 
20262,892 
2027513 
2028514 
Thereafter5,255 
Total19,277 
Banked Net Metering Credits
Operating revenues do not include net metering credits that were awarded to the Company by utilities but not yet sold to customers and were banked by the Company. Revenues from sales of banked net metering credits are recognized once they are allocated and used by customers.
Revenue and Accounts Receivable Revenue and Accounts Receivable
Disaggregation of Total Operating Revenues, net
The following table presents the detail of total operating revenues, net as recorded in the unaudited condensed consolidated statements of operations:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Power sales under PPAs$20,722 $16,641 $33,347 $25,627 
Power sales under NMCAs15,493 13,297 25,470 20,133 
Power sales on wholesale markets541 568 836 924 
Total revenue from power sales36,756 30,506 59,653 46,684 
Solar renewable energy credit revenue10,113 13,526 20,049 23,593 
Rental income3,110 986 5,215 1,612 
Performance based incentives1,968 464 6,775 2,562 
Revenue recognized on contract liabilities513 1,031 1,427 1,440 
Total operating revenues, net$52,460 $46,513 $93,119 $75,891 
Transaction price allocated to the remaining performance obligation
In accordance with optional exemptions available under Topic 606, the Company does not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Company have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation.
Contracts with fixed consideration consist primarily of performance obligations to supply fixed quantities of solar renewable energy credits ("SRECs"). Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Most of the Company's solar renewable energy credit revenue is related to contracts with variable consideration.
The Company expects to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:
2024$8,452 
202518,496 
202615,220 
20279,327 
20281,029 
Thereafter23 
Total$52,547 
Accounts receivable
The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets:
 
As of June 30, 2024
As of December 31, 2023
Power sales under PPAs$10,519 $3,582 
Power sales under NMCAs14,229 8,094 
Power sales on wholesale markets214 249 
Total power sales24,962 11,925 
Solar renewable energy credits5,814 3,379 
Rental income89 450 
Performance based incentives957 1,346 
Total$31,822 $17,100 
Payments for all accounts receivable in the above table are typically received within 30 days from invoicing. As of both June 30, 2024, and December 31, 2023, the Company determined that the allowance for credit losses was $0.9 million.
Contract liabilities
The Company recognizes contract liabilities related to long-term agreements to sell SRECs that are prepaid by customers before SRECs are delivered. The Company will recognize revenue associated with the contract liabilities as SRECs are delivered to customers through 2037. As of June 30, 2024, the Company had current and non-current contract liabilities of $2.5 million and $6.1 million, respectively. As of December 31, 2023, the Company had current and non-current contract liabilities of $2.9 million and $5.6 million, respectively. The Company does not have any other significant contract asset or liability balances related to revenues.
Rental income
Rental income is primarily derived from the master lease agreement with Vitol (as described in Note 5, "Acquisitions"), as well as long-term PPAs accounted for as operating leases under ASC 842. The Company's leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options based on consideration of all relevant factors that create an economic incentive for the Company as lessor. Certain leases include variable lease payments associated with production of solar facilities, which are recognized as rental income in period the energy is delivered. Maturities of fixed rental payments as of June 30, 2024, are as follows:
2024$3,985 
20256,118 
20262,892 
2027513 
2028514 
Thereafter5,255 
Total19,277 
Banked Net Metering Credits
Operating revenues do not include net metering credits that were awarded to the Company by utilities but not yet sold to customers and were banked by the Company. Revenues from sales of banked net metering credits are recognized once they are allocated and used by customers.