XML 53 R34.htm IDEA: XBRL DOCUMENT
v3.20.2

Long-term investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2020
Disclosure Long Term Investments And Notes Receivable [Abstract] |
Long-term Investments | Long-term investments consist of the following:
| June 30, 2020 |  | December 31, 2019
Long-term investments carried at fair value |  |  |
Atlantica (a) | $ | 1,307,814 |  |  | $ | 1,178,581 |
Atlantica Yield Energy Solutions Canada Inc. | 83,060 |  |  | 88,494 |
San Antonio Water System (b) | 26,650 |  |  | 27,072 |
| $ | 1,417,524 |  |  | $ | 1,294,147 |
Other long-term investments |  |  |
Equity-method investees (c) | $ | 119,798 |  |  | $ | 83,497 |
Development loans receivable from equity-method investees | 103,134 |  |  | 36,204 |
Other | 4,939 |  |  | 2,267 |
Total other long-term investments | $ | 227,871 |  |  | $ | 121,968 |
Income from Long-term Investments | Income (loss) from long-term investments from the three and six months ended June 30 is as follows:
| Three months ended June 30 |  | Six months ended June 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Fair value gain (loss) on investments carried at fair value |  |  |  |  |  |  |
Atlantica | $ | 305,606 |  |  | $ | 136,809 |  |  | $ | 120,212 |  |  | $ | 130,991 |
Atlantica Yield Energy Solutions Canada Inc. | 2,897 |  |  | (15,415 | ) |  | (1,245 | ) |  | (15,415 | )
San Antonio Water System | 1,339 |  |  | — |  |  | 117 |  |  | — |
| $ | 309,842 |  |  | $ | 121,394 |  |  | $ | 119,084 |  |  | $ | 115,576 |
Dividend and interest income from investments carried at fair value |  |  |  |  |  |  |
Atlantica | $ | 18,426 |  |  | $ | 17,527 |  |  | $ | 36,852 |  |  | $ | 32,904 |
Atlantica Yield Energy Solutions Canada Inc. | 4,813 |  |  | 17,629 |  |  | 8,717 |  |  | 17,629 |
San Antonio Water System | 1,065 |  |  | — |  |  | 2,113 |  |  | — |
| $ | 24,304 |  |  | $ | 35,156 |  |  | $ | 47,682 |  |  | $ | 50,533 |
Other long-term investments |  |  |  |  |  |  |  |  |
Equity method loss | (1,326 | ) |  | (2,620 | ) |  | (2,124 | ) |  | (4,726 | )
Interest and other income | 1,989 |  |  | 6,732 |  |  | 7,506 |  |  | 18,751 |
| $ | 334,809 |  |  | $ | 160,662 |  |  | $ | 172,148 |  |  | $ | 180,134 |
(a) | Investment in Atlantica
AAGES (AY Holdings) B.V. (“AY Holdings”), an entity controlled and consolidated by APUC, has a share ownership in Atlantica Yield plc ("Atlantica") of approximately 44.2% (December 31, 2019 - 44.2%). APUC has the flexibility, subject to certain conditions, to increase its ownership of Atlantica up to 48.5%. The shares were purchased at a cost of $1,036,414. The Company accounts for its investment in Atlantica at fair value, with changes in fair value reflected in the unaudited interim consolidated statements of operations.
6. | Long-term investments (continued)
(b) | San Antonio Water System
On December 30, 2019, the Company and a third-party each contributed C$1,500 to the capital of a new joint venture, created for the purpose of investing in infrastructure opportunities. The Company sold its investment in Abengoa Water USA, LLC to the joint venture and has elected the fair value option under ASC 825, Financial Instruments to account for its investment in the joint venture, with changes in fair value reflected in the unaudited interim consolidated statements of operations. Subsequent to quarter end, on July 2, 2020, APUC acquired the third-party developer's 50% interest in the joint venture for C$1,581.
(c) | Equity-method investees
The Company has non-controlling interests in various partnerships and joint ventures with a total carrying value of $119,798 (December 31, 2019 - $83,497) including investments in variable interest entities ("VIEs") of $97,220 (December 31, 2019 - $59,091). Summarized combined information for APUC's investments in significant partnerships and joint ventures is as follows:
| June 30, 2020 |  | December 31, 2019
Total assets | $ | 1,686,942 |  |  | $ | 833,791 |
Total liabilities | 1,496,166 |  |  | 697,751 |
Net assets | 190,776 |  |  | 136,040 |
APUC's ownership interest in the entities | 98,645 |  |  | 63,624 |
Difference between investment carrying amount and underlying equity in net assets(a) | 21,153 |  |  | 18,487 |
APUC's investment carrying amount for the entities | $ | 119,798 |  |  | $ | 82,111 |
(a) The difference between the investment carrying amount and the underlying equity in net assets relates primarily to interest capitalized while the projects are under construction, the fair value of guarantees provided by the Company in regards to the investments, development fees and transaction costs. The Company has committed loan and credit support facilities with some of its equity investees. During construction, the Company is obligated to provide cash advances and credit support in amounts necessary for the continued development and construction of the equity investees' projects. As of June 30, 2020, the Company had issued letters of credit and guarantees of obligations: under a security of performance for a development opportunity; wind turbine or solar panel supply agreements; engineering, procurement, and construction agreements; purchase and sale agreements; interconnection agreements; energy purchase agreements; renewable energy credit agreements; equity capital contribution agreements; landowner agreements; and construction loan agreement. The fair value of the support provided recorded as at June 30, 2020 amounts to $10,898 (December 31, 2019 - $9,493). The Company is not considered the primary beneficiary of these entities as the partners have joint control and all decisions must be unanimous. Therefore, the Company accounts for its interest in these VIEs using the equity method.
6. | Long-term investments (continued)
(c) | Equity-method investees
Summarized combined information for APUC's VIEs is as follows:
| June 30, 2020 |  | December 31, 2019
APUC's maximum exposure in regards to VIEs |  |  |
Carrying amount | $ | 97,220 |  |  | $ | 59,091 |
Development loans receivable | 102,418 |  |  | 35,000 |
Commitments on behalf of VIEs | 1,101,377 |  |  | 1,364,871 |
| $ | 1,301,015 |  |  | $ | 1,458,962 |
The commitments are presented on a gross basis assuming no recoverable value in the assets of the VIEs. The majority of the amounts committed on behalf of VIEs in the above relate to wind turbine or solar panel supply agreements as well as engineering, procurement, and construction agreements.
Investments in Partnerships and Joint Ventures | Summarized combined information for APUC's investments in significant partnerships and joint ventures is as follows:
| June 30, 2020 |  | December 31, 2019
Total assets | $ | 1,686,942 |  |  | $ | 833,791 |
Total liabilities | 1,496,166 |  |  | 697,751 |
Net assets | 190,776 |  |  | 136,040 |
APUC's ownership interest in the entities | 98,645 |  |  | 63,624 |
Difference between investment carrying amount and underlying equity in net assets(a) | 21,153 |  |  | 18,487 |
APUC's investment carrying amount for the entities | $ | 119,798 |  |  | $ | 82,111 |
(a) The difference between the investment carrying amount and the underlying equity in net assets relates primarily to interest capitalized while the projects are under construction, the fair value of guarantees provided by the Company in regards to the investments, development fees and transaction costs.
Schedule of Variable Interest Entities | Summarized combined information for APUC's VIEs is as follows:
| June 30, 2020 |  | December 31, 2019
APUC's maximum exposure in regards to VIEs |  |  |
Carrying amount | $ | 97,220 |  |  | $ | 59,091 |
Development loans receivable | 102,418 |  |  | 35,000 |
Commitments on behalf of VIEs | 1,101,377 |  |  | 1,364,871 |
| $ | 1,301,015 |  |  | $ | 1,458,962 |

X
- Definition Disclosure - Long-Term Investments and Notes Receivable [Abstract] + References No definition available. + Details
Name: | aqunf_DisclosureLongTermInvestmentsAndNotesReceivableAbstract
Namespace Prefix: | aqunf_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Investments in Partnerships and Joint Ventures [Table Text Block] + References No definition available. + Details
Name: | aqunf_InvestmentsinPartnershipsandJointVenturesTableTextBlock
Namespace Prefix: | aqunf_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Long Term Investments. + References No definition available. + Details
Name: | aqunf_LongTermInvestmentsandNotesReceivableTableTextBlock
Namespace Prefix: | aqunf_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=118582676&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118582676&loc=d3e5728-111685 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration