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Long-term debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | Long-term debt consists of the following:
Borrowing type |  |  |  |  |  |  |  |  |  | Weighted average coupon |  | Maturity |  | Par value |  | June 30, |  | December 31,
|  |  |  |  |  |  |  |  |  |  | 2023 |  | 2022
Senior unsecured revolving credit facilities (a) |  |  |  |  |  |  |  |  |  | — |  |  | 2024-2028 |  | N/A |  | $ | 801,929 |  |  | $ | 351,786 |
Senior unsecured bank credit facilities and delayed draw term facility |  |  |  |  |  |  |  |  |  | — |  |  | 2023-2031 |  | N/A |  | 788,906 |  |  | 773,643 |
Commercial paper |  |  |  |  |  |  |  |  |  | — |  |  | 2024 |  | N/A |  | 498,613 |  |  | 407,000 |
U.S. dollar borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes (Green Equity Units) |  |  |  |  |  |  |  |  |  | 1.18 | % |  | 2026 |  | $ | 1,150,000 |  |  | 1,143,856 |  |  | 1,142,814 |
Senior unsecured notes (b) |  |  |  |  |  |  |  |  |  | 3.38 | % |  | 2023-2047 |  | $ | 1,490,000 |  |  | 1,481,682 |  |  | 1,496,101 |
Senior unsecured utility notes |  |  |  |  |  |  |  |  |  | 6.34 | % |  | 2023-2035 |  | $ | 142,000 |  |  | 153,435 |  |  | 154,271 |
Senior secured utility bonds |  |  |  |  |  |  |  |  |  | 4.71 | % |  | 2026-2044 |  | $ | 556,203 |  |  | 552,479 |  |  | 554,822 |
Canadian dollar borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes |  |  |  |  |  |  |  |  |  | 3.68 | % |  | 2027-2050 |  | C$ | 1,200,000 |  |  | 903,360 |  |  | 882,899 |
Senior secured project notes |  |  |  |  |  |  |  |  |  | 10.21 | % |  | 2027 |  | C$ | 18,512 |  |  | 13,982 |  |  | 15,024 |
Chilean Unidad de Fomento borrowings |  |  |  |  |  |  |  |
Senior unsecured utility bonds |  |  |  |  |  |  |  |  |  | 3.98 | % |  | 2028-2040 |  | CLF | 1,579 |  |  | 81,532 |  |  | 77,206 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,419,774 |  |  | $ | 5,855,566 |
Subordinated borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated unsecured notes |  |  |  |  |  |  |  | 5.25 | % |  | 2082 |  | C$ | 400,000 |  |  | 298,033 |  |  | $ | 291,238 |
Subordinated unsecured notes |  |  |  |  |  |  |  | 5.56 | % |  | 2078-2082 |  | $ | 1,387,500 |  |  | 1,365,340 |  |  | 1,365,213 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,663,373 |  |  | $ | 1,656,451 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,083,147 |  |  | $ | 7,512,017 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (513,803) |  |  | (423,274) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,569,344 |  |  | $ | 7,088,743 |
Short-term obl igations of $760,386 that are expected to be refinanced using the long-term credit facilities are presented as long-term debt. Long-term debt issued at a subsidiary level (project notes or utility bonds) relating to a specific operating facility is generally collateralized by the respective facility with no other recourse to the Company. Long-term debt issued at a subsidiary level whether or not collateralized generally has certain financial covenants, which must be maintained on a quarterly basis. Non-compliance with the covenants could restrict cash distributions/dividends to the Company from the specific facilities. 7.Long-term debt (continued) The following table sets out the bank credit facilities available to AQN and its operating groups:
|  |  |  |  |  |  | June 30, |  | December 31,
|  |  |  |  |  |  | 2023 |  | 2022
Revolving and term credit facilities |  |  |  |  |  |  | $ | 4,564,000 |  |  | $ | 4,513,300 |
Funds drawn on facilities/commercial paper issued |  |  |  |  |  |  | (2,089,600) |  |  | (1,532,493) |
Letters of credit issued |  |  |  |  |  |  | (407,900) |  |  | (465,200) |
Liquidity available under the facilities |  |  |  |  |  |  | $ | 2,066,500 |  |  | $ | 2,515,607 |
Undrawn portion of uncommitted letter of credit facilities |  |  |  |  |  |  | (307,600) |  |  | (226,900) |
Cash on hand |  |  |  |  |  |  | 100,258 |  |  | 57,623 |
Total liquidity and capital reserves |  |  |  |  |  |  | $ | 1,859,158 |  |  | $ | 2,346,330 |
Recent financing activities: (a)Senior unsecured revolving credit facilities Corporate On June 1, 2023, the Company terminated its former $50,000 uncommitted bi-lateral credit facility. (b)U.S. dollar senior unsecured notes Subsequent to quarter-end, on July 31, 2023 the Company repaid a $75,000 senior unsecured note on its maturity.
Schedule of Interest Expense | Interest expense for the three and six months ended June 30, 2023 and 2022 consists of the following:
| Three months ended June 30 |  | Six months ended June 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Long-term debt | $ | 65,046 |  |  | $ | 65,746 |  |  | $ | 128,814 |  |  | $ | 127,832 |
Commercial paper, credit facility draws and related fees | 27,714 |  |  | 5,466 |  |  | 52,139 |  |  | 9,051 |
Accretion of fair value adjustments | (824) |  |  | (4,471) |  |  | (4,223) |  |  | (9,014) |
Capitalized interest and AFUDC capitalized on regulated property | (4,420) |  |  | (906) |  |  | (8,304) |  |  | (2,136) |
Other | 2,147 |  |  | (1,262) |  |  | 3,155 |  |  | (3,217) |
| $ | 89,663 |  |  | $ | 64,573 |  |  | $ | 171,581 |  |  | $ | 122,516 |

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