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BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings | The current and non-current balances of non-recourse borrowings are as follows:
|  | As of
US$ MILLIONS |  | Dec. 31, 2023 |  | Dec. 31, 2022
Current |  | $ | 1,021 |  |  | $ | 328 |
Non-current |  | 11,007 |  |  | 4,249 |
Total |  | $ | 12,028 |  |  | $ | 4,577 |
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Total
2024 |  | $ | 1,203 |
2025 |  | 917 |
2026 |  | 2,556 |
2027 |  | 1,697 |
2028 |  | 1,085 |
Thereafter |  | 5,346 |
Total principal repayments |  | 12,804 |
Deferred financing costs and other |  | (776) |
Total - Dec. 31, 2023 |  | $ | 12,028 |
Total - Dec. 31, 2022 |  | $ | 4,577 |
The weighted average interest rates of non-recourse borrowings are as follows:
|  | As of December 31,
|  | 2023 |  | 2022
Weighted average interest rates |  | 5 | % |  | 8 | %
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2023 |  | Local Currency |  | Dec. 31, 2022 |  | Local Currency
U.S. dollars |  | $ | 8,517 |  |  | USD |  | $ | 8,517 |  |  | $ | 1,049 |  |  | USD |  | $ | 1,049 |
British pounds |  | 2,744 |  |  | GBP |  | 2,155 |  |  | 2,003 |  |  | GBP |  | 1,658 |
Brazilian real |  | 1,543 |  |  | BRL |  | 7,467 |  |  | 1,543 |  |  | BRL |  | 8,047 |
Disclosure of reconciliation of liabilities arising from financing activities | Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS |  | Dec. 31, 2023 |  | Cash Flows |  | Acquisitions |  | Foreign Exchange Movement |  | Dec. 31, 2022
Non-recourse borrowings |  | $ | 12,028 |  |  | $ | 177 |  |  | $ | 7,041 |  |  | $ | 233 |  |  | $ | 4,577 |
US$ MILLIONS |  | Dec. 31, 2022 |  | Cash Flows |  | Acquisitions |  | Foreign Exchange Movement |  | Dec. 31, 2021
Non-recourse borrowings |  | $ | 4,577 |  |  | $ | 1,083 |  |  | $ | — |  |  | $ | (62) |  |  | $ | 3,556 |

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- Definition The disclosure of detailed information about borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_7&doctype=Standard -URIDate 2023-03-23 + Details
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