Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments

v3.22.2.2
Equity Method Investments
 9 Months Ended
Sep. 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 $31 million and $59 million during the three and nine months ended September 30, 2022, respectively, compared to $(7) million and $70 million during the three and nine months ended September 30, 2021, respectively. Certain of our projects have incurred 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.
Lighthouse Renewable HoldCo LLC Lighthouse Renewable HoldCo 2 LLC Phase V Class A LLC Vivint Solar Asset 3 Holdco Parent LLC
Other Investments (1)
Total
(in millions)
Balance Sheet
As of June 30, 2022
Current assets $ 39  $ 20  $ 63  $ 21  $ 596  $ 739 
Total assets 828  425  276  397  10,663  12,589 
Current liabilities 65  29  40  10  600  744 
Total liabilities 315  134  50  378  4,905  5,782 
Members' equity 513  291  226  19  5,758  6,807 
As of December 31, 2021
Current assets 102  48  17  13  725  905 
Total assets 750  472  198  384  10,264  12,068 
Current liabilities 105  49  37  12  658  861 
Total liabilities 211  130  43  379  4,400  5,163 
Members' equity 539  342  155  5  5,864  6,905 
Income Statement
For the six months ended June 30, 2022
Revenue (30) (33) 4  20  130  91 
Income (loss) from continuing operations (53) (51) (1) —  (237) (342)
Net income (loss) (53) (51) (1) —  (237) (342)
For the six months ended June 30, 2021
Revenue (71) —  1  11  48  (11)
Income (loss) from continuing operations (88) —  —  4  (286) (370)
Net income (loss) (88) —  —  4  (286) (370)
(1)     Represents aggregated financial statement information for investments not separately presented.