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Long-term investments (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Long Term Investments And Notes Receivable [Abstract]

Long-term investments consist of the following:


	June 30,		December 31,
	2023		2022
Long-term investments carried at fair value
Atlantica	$	1,147,691	$	1,268,140

Atlantica Yield Energy Solutions Canada Inc.	64,228		74,083
Other	1,799		1,984
	$	1,213,718	$	1,344,207

Other long-term investments
Equity-method investees (a)	$	388,516	$	381,802
Development loans receivable from equity-method investees (a)	91,044		52,923
Other	27,485		27,600
	$	507,045	$	462,325

Schedule of Income from Long-term Investments

Income (loss) from long-term investments for the three and six months ended June 30 is as follows:



	Three months ended June 30				Six months ended June 30
	2023		2022		2023		2022
Fair value gain (loss) on investments carried at fair value
Atlantica	$	(299,653)	$	(137,586)	$	(120,449)	$	(171,370)

Atlantica Yield Energy Solutions Canada Inc.	(11,763)		$	(5,815)	(11,567)		(12,395)


Other	6		$	(121)	(10)		(264)
	$	(311,410)	$	(143,522)	$	(132,026)	$	(184,029)
Dividend and interest income from investments carried at fair value
Atlantica	$	21,788	$	21,543	$	43,577	$	43,087
Atlantica Yield Energy Solutions Canada Inc.	4,821		5,397		10,678		12,691


Other	7		12		17		10
	$	26,616	$	26,952	$	54,272	$	55,788
Other long-term investments
Equity method loss	(2,434)		(2,918)		(153)		(7,449)
Interest and other income	9,532		6,108		20,223		11,621
	$	7,098	$	3,190	$	20,070	$	4,172
Loss from long-term investments	$	(277,696)	$	(113,380)	$	(57,684)	$	(124,069)

Summarized combined information for AQN's equity method investees (presented at 100%) is as follows:



	Six months ended June 30
	2023		2022
Revenue	$	49,467	$	20,455
Net income (loss)	$	1,836	$	(30,246)
Other comprehensive loss (a)	$	(2,807)	$	(125,811)
Net loss attributable to AQN	$	(153)	$	(7,449)
Other comprehensive loss attributable to AQN (a)	$	(2,076)	$	(67,352)

(a) Other comprehensive loss represents the Company’s proportion of the change in fair value, recorded in OCI at the investee level, on energy derivative financial instruments designated as a cash flow hedge.

Schedule of Investments in Partnerships and Joint Ventures

Summarized combined information for AQN's investments in partnerships and joint ventures is as follows:


	June 30,		December 31,
	2023		2022
Total assets	$	2,749,895	$	2,740,132
Total liabilities	1,522,656		1,507,079
Net assets	$	1,227,239	$	1,233,053
AQN's ownership interest in the entities	331,600		332,663
Difference between investment carrying amount and underlying equity in net assets(a)	56,916		49,139
AQN's investment carrying amount for the entities	$	388,516	$	381,802

(a) The difference between the investment carrying amount and the underlying equity in net assets relates primarily to development fees, interest capitalized while the projects are under construction, the fair value of guarantees provided by the Company in regards to the investments and transaction costs.

Schedule of Variable Interest Entities

Summarized combined information for AQN's VIEs is as follows:


	June 30,		December 31,
	2023		2022
AQN's maximum exposure in regards to VIEs
Carrying amount	$	121,176	$	122,752
Development loans receivable	91,044		52,923
Performance guarantees and other commitments on behalf of VIEs	674,874		658,224
	$	887,094	$	833,899

- 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.

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