Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

v3.22.2
Equity Method Investments
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
We have non-controlling unconsolidated equity investments in renewable energy and energy efficiency projects as well as in a joint venture that owns land with long-term triple net lease agreements to several solar projects. We recognized income (loss) from our equity method investments of approximately $(20) million and $28 million during the three and six months ended June 30, 2022, respectively, compared to $22 million and $77 million during the three and six months ended June 30, 2021, respectively. In the three months ended June 30, 2022, the loss from our equity method investments was due to the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. We describe our accounting for non-controlling equity investments in Note 2.
The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate.
Empower Clean Energies Infrastructure LLC Lighthouse Renewable HoldCo LLC Lighthouse Renewable HoldCo 2 LLC Jupiter Equity Holdings LLC Phase V Class A LLC Vivint Solar Asset 3 Holdco Parent LLC
Other Investments (1)
Total
(in millions)
Balance Sheet
As of March 31, 2022
Current assets $ 17  $ 51  $ 21  $ 237  $ 29  $ 13  $ 438  $ 806 
Total assets 84  843  442  3,316  210  394  7,913  13,202 
Current liabilities 33  78  31  178  41  10  422  793 
Total liabilities 97  307  133  742  46  378  4,451  6,154 
Members' equity (13) 536  309  2,574  164  16  3,462  7,048 
As of December 31, 2021
Current assets 16  102  48  304  17  13  431  931 
Total assets 77  750  472  3,416  198  384  7,553  12,850 
Current liabilities 30  105  49  170  37  12  477  880 
Total liabilities 87  211  130  668  43  379  4,223  5,741 
Members' equity (10) 539  342  2,748  155  5  3,330  7,109 
Income Statement
For the three months ended March 31, 2022
Revenue 10  (28) (23) (90) 1  8  118  (4)
Income (loss) from continuing operations (3) (40) (33) (143) (2) (1) (16) (238)
Net income (loss) (3) (40) (33) (143) (2) (1) (16) (238)
For the three months ended March 31, 2021
Revenue 6  (62) —  (72) —  3  96  (29)
Income (loss) from continuing operations (5) (71) —  (165) —  7  (1) (235)
Net income (loss) (5) (71) —  (165) —  7  (1) (235)
(1)     Represents aggregated financial statement information for investments not separately presented.