NOTE

— INTANGIBLE ASSETS AND GOODWILL

Intangible assets

amounting to

$85.4

million and

$52.8

million consist mainly of the Company’s PPAs acquired in business combinations and Viridity’s storage activities, net of accumulated amortization of

$50.0

million and

$42.8

million as of

December 31, 2017

and

2016,

respectively. Intangible assets relating to our storage activities, as of December

31,

2017,

amounted to

$33.8

million, net of accumulated amortization of

$1.7

million. Amortization expense for the years ended

December 31, 2017,

2016,

and

2015

amounted to

$6.9

million,

$4.4

million, and

$3.3

million, respectively. Additions to intangible assets for the years ended

December 31, 2017,

2016

and

2015,

amounted to

$35.6

million,

$33.0

million and

$0.5

million, respectively. The additions to intangible assets in

2017

and

2016

primarily relate to the Viridity acquisition and the purchase of the Guadeloupe plant, respectively. There were

disposals of intangible assets in

2017,

2016

and

2015.

Estimated future amortization expense for the intangible assets as of

December 31, 2017

is as follows:

	(Dollars in thousands)
Year ending December 31:
2018	$	7,129
2019		7,056
2020		6,739
2021		6,739
2022		6,483
Thereafter		51,274

Total	$	85,420

Goodwill

Goodwill amounting to

$21.0

million and

$6.7

million as of

December 31, 2017

and

2016,

respectively, represents the excess of the fair value of considerations transferred in the

Guadeloupe

and Viridity 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.

During

2017

and

2016,

the Company recorded an increase to the carrying value of Goodwill in the amount of

$13.5

million and

$7.1

million as a result of the Viridity and Guadeloupe business combination transactions, respectively. Except for the additions mentioned above, there were

additions or adjustments to the carrying value of goodwill except for the impact of currency translation adjustments.