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Table of Contents
<br />AMERESCO, INC.
<br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<br />(In thousands, except per share amounts)
<br />In August 2023, we acquired an energy asset project and assumed the related30-year land lease agreement with the United States Army ("Army"), which commenced in 2022
<br />and expires in 2052. We are providing backup power as a stand ready obligation as consideration towards our lease obligation. See Note 7 Energy Assets, Net for additional
<br />information.
<br />Sale -leasebacks and Financing Leases
<br />We entered into sale -leaseback arrangements for solar PV energy assets prior to January 1, 2019, which remain under the previous guidance.
<br />The following table presents a summary of amounts related to these sale -leasebacks included in our consolidated balance sheets:
<br />Deferred loss, short-term, net
<br />Deferred loss, long -tern, net
<br />Total deferred loss
<br />Deferred gain, short-term, net
<br />Deferred gain, long -tern, net
<br />Total deferred gain
<br />December 31,
<br />2023 2022
<br />115 115
<br />1,340 1,455
<br />$ 1,455 $ 1,570
<br />345 345
<br />4,085 4,430
<br />$ 4,430 $ 4,775
<br />Net gains from amortization expense in cost of revenues related to deferred gains and losses were 930, $383 and $230 for the years ended December 31, 2023, 2022, and
<br />2021,respectively.
<br />August 2018 Master Sale -leaseback
<br />We enter into amendments to our August 2018 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability, or
<br />modify other covenants.
<br />During the year ended December 31, 2023, we entered into amendments to this facility which extended the current maturity date to March 31, 2024.
<br />We sold and leased back six energy assets for $103,129 in cash proceeds under this facility during the year ended December 31, 2023. The agreements have low interest rates
<br />ranging from 0% to 1.17%, as a result of tax credits which were transferred to the counterparty. As of December 31, 2023, a majority of the total commitment of 950,000
<br />remained available under this lending commitment.
<br />December 2020 Master Sale -leaseback
<br />We enter into amendments to our December 2020 master lease and participation agreement from to time to time, which may extend the maturity date, increase the availability,
<br />or modify other covenants.
<br />During the year ended December 31, 2023, we sold and leased backthree energy assets for $9,201 in cash proceeds under this facility. As of December 31, 2023,no funding is
<br />available under this lending commitment.
<br />See Note 9 for additional information on these financing facilities.
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