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INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
 As of December 31, 2025 and 2024, intangible assets amounted to $274.5 million and $301.7 million, respectively, net of accumulated amortization of $209.0 million and $177.7 million, respectively. Intangible assets are mainly related to the Company’s PPAs acquired in business combination transactions, and to its energy storage activities.
The following table summarizes the information related to the Company's intangible assets as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
(Dollars in thousands)(Dollars in thousands)
Intangible assets:
Electricity segment$429,209 $(176,713)$425,115 $(150,108)
Energy Storage segment
54,310 (32,257)54,310 (27,573)
Total$483,519 $(208,970)$479,425 $(177,681)
Intangible liabilities:
Unfavorable contract liabilities
$(20,826)$3,346 $(5,000)$909 
Amortization expense for the years ended December 31, 2025, 2024 and 2023 amounted to $25.4 million, $27.8 million and $26.8 million, respectively. Amortization expenses are net of the amortization of the unfavorable contract liability primarily associated with the Blue Mountain PPA as further described below.
In June 2025, the Company completed the acquisition of the Blue Mountain power plant from Cyrq Energy which resulted in an increase of $16.8 million to Other long-term liabilities relating to the long-term electricity PPA, as further described under Note 2 to the consolidated financial statements. In January 2024, the Company completed the acquisition of a portfolio of geothermal and solar assets from EGPNA which resulted in an increase of $23.6 million to intangible assets relating to long-term electricity PPAs, as further described under Note 2 to the consolidated financial statements.
As of December 2025, 2024 and 2023, the Company assessed whether there were events or change in circumstances which may indicate that the intangible assets are not recoverable. The Company's assessment resulted in that there were no indications that the intangible assets are not recoverable in 2025, 2024 and 2023.
Estimated future amortization expense for the intangible assets and related other long-term liabilities, as of December 31, 2025 is as follows:
 
(Dollars in thousands)
Year ending December 31:
2026$24,578 
202722,365 
202822,092 
202922,068 
203020,758 
Thereafter 145,114 
Total $256,975 
 Goodwill
 Goodwill amounting to $168.2 million and $151.0 million as of December 31, 2025 and 2024, respectively, represents the excess of the fair value of consideration transferred in business combination transactions over the fair value of tangible and intangible assets acquired, net of the fair value of liabilities assumed and non-controlling interest (as applicable) in the acquisitions. For the years 2025, 2024 and 2023, the Company's qualitative impairment assessment of goodwill related to its reporting units resulted in no impairment.
 Changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2025 and 2024 were as follows:
20252024
(Dollars in thousands)
Goodwill as of January 1, $151,023 $90,544 
Goodwill acquired (1)
16,388 60,872 
Translation differences 833 (393)
Goodwill as of December 31, $168,244 $151,023 
(1) Goodwill acquired in 2025 and 2024 is related to the Blue Mountain and Enel Purchase transactions, respectively, as further described under Note 2 to the consolidated financial statements.