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Long-term investments | 6 Months Ended
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Jun. 30, 2024
Disclosure Long Term Investments And Notes Receivable [Abstract] |
Long-term investments | Long-term investments Long-term investments consist of the following:
| June 30, |  | December 31,
| 2024 |  | 2023
Long-term investments carried at fair value |  |  |
Atlantica (a) | $ | 1,074,736 |  |  | $ | 1,052,703 |
Atlantica Yield Energy Solutions Canada Inc. | 51,530 |  |  | 61,064 |
Other | 1,905 |  |  | 1,962 |
| $ | 1,128,171 |  |  | $ | 1,115,729 |
Other long-term investments |  |  |
Equity-method investees (b) | $ | 352,983 |  |  | $ | 456,393 |
Development loans receivable from equity-method investees (b) | 31,444 |  |  | 158,110 |
Other | 27,558 |  |  | 27,417 |
| $ | 411,985 |  |  | $ | 641,920 |
6.Long-term investments (continued) Income (loss) from long-term investments for the three and six months ended June 30 is as follows:
| Three months ended |  | Six months ended
| June 30 |  | June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Fair value gain (loss) on investments carried at fair value |  |  |  |  |  |
Atlantica | $ | 169,902 |  |  | $ | (299,653) |  |  | $ | 22,034 |  |  | $ | (120,449) |
Atlantica Yield Energy Solutions Canada Inc. | 2,966 |  |  | (11,763) |  |  | (7,596) |  |  | (11,567) |
Other | 36 |  |  | 6 |  |  | 134 |  |  | (10) |
| $ | 172,904 |  |  | $ | (311,410) |  |  | $ | 14,572 |  |  | $ | (132,026) |
Dividend and interest income from investments carried at fair value |  |  |  |  |  |
Atlantica | $ | 21,788 |  |  | $ | 21,788 |  |  | $ | 43,577 |  |  | $ | 43,577 |
Atlantica Yield Energy Solutions Canada Inc. | 4,984 |  |  | 4,821 |  |  | 8,875 |  |  | 10,678 |
Other | 9 |  |  | 7 |  |  | 26 |  |  | 17 |
| $ | 26,781 |  |  | $ | 26,616 |  |  | $ | 52,478 |  |  | $ | 54,272 |
Other long-term investments |  |  |  |  |  |  |
Equity method loss (c) | (9,108) |  |  | (2,434) |  |  | (33,375) |  |  | (153) |
Interest and other income | 2,034 |  |  | 682 |  |  | 4,483 |  |  | 2,322 |
| $ | (7,074) |  |  | $ | (1,752) |  |  | $ | (28,892) |  |  | $ | 2,169 |
Income (loss) from long-term investments | $ | 192,611 |  |  | $ | (286,546) |  |  | $ | 38,158 |  |  | $ | (75,585) |
(a)Investment in Atlantica On May 27, 2024, the Company entered into a support agreement (the “Support Agreement”) with a private limited company ("Bidco") controlled by Energy Capital Partners, and Atlantica Sustainable Infrastructure plc ("Atlantica"). Pursuant to the Support Agreement, the Company and its subsidiary Liberty (AY Holdings) B.V. (“AY Holdings”), which holds approximately 42.2% of the outstanding shares of Atlantica, agreed, subject to the terms of the Support Agreement, to cause such shares to be voted in favour of the proposed acquisition by Bidco of 100% of the ordinary shares of Atlantica for $22.00 per share in cash. (b)Equity-method investees and development loans receivable from equity investees The Renewable Energy Group has non-controlling interests in operating renewable energy facilities and projects under construction. The Regulated Services Group has non-controlling interests in a power transmission line project under construction and other non-regulated operating entities owned by its utilities. In total, the Company has non-controlling interests in various corporations, partnerships and joint ventures with a total carrying value of $352,983 (December 31, 2023 - $456,393), including investments in variable interest entities ("VIEs") of $90,471 (December 31, 2023 - $179,728). During the six months ended June 30, 2024, the Company made capital contributions of $9,074 to the Texas Coastal Wind Facilities (Stella, Cranell, East Raymond and West Raymond) and $2,216 to projects under construction. 6.Long-term investments (continued) (b)Equity-method investees and development loans receivable from equity investees (continued) Summarized combined information for AQN's investments in partnerships and joint ventures is as follows:
| June 30, |  | December 31,
| 2024 |  | 2023
Total assets | $ | 2,590,705 |  |  | $ | 3,235,474 |
Total liabilities | 1,395,474 |  |  | 1,962,115 |
Net assets | $ | 1,195,231 |  |  | $ | 1,273,359 |
AQN's ownership interest in the entities | 310,885 |  |  | 388,993 |
Difference between investment carrying amount and underlying equity in net assets(a) | 42,098 |  |  | 67,400 |
AQN's investment carrying amount for the entities | $ | 352,983 |  |  | $ | 456,393 |
(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. Summarized combined information for AQN's equity method investees (presented at 100%) is as follows:
| Six months ended
| June 30
| 2024 |  | 2023
Revenue | $ | 67,675 |  |  | $ | 49,467 |
Net gain (loss) | (38,136) |  |  | 1,836 |
Other comprehensive income (loss) (a) | 27,731 |  |  | (2,807) |
Net loss attributable to AQN | $ | (33,375) |  |  | $ | (153) |
Other comprehensive income (loss) attributable to AQN (a) | $ | 12,182 |  |  | $ | (2,076) |
(a) Other comprehensive income (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. Development projects are considered VIEs due to the level of equity at risk and the disproportionate voting and economic interests of the shareholders. The Company has committed loan and credit support facilities with some of its equity investees. During construction, the Company has agreed to provide cash advances and credit support for the continued development and construction of the equity investees' projects. A s of June 30, 2024, the Company had issued letters of credit and guarantees of performance obligations under: a security of performance for a development opportunity; wind turbine and solar panel supply agreements; interconnection agreements; engineering, procurement and construction agreements; energy purchase agreements; and construction loan agreements. The fair value of the support provided to all equity investees as of June 30, 2024 amounts to $7,681 (December 31, 2023 - $12,666). 6.Long-term investments (continued) (b)Equity-method investees and development loans receivable from equity investees (continued) Summarized combined information for AQN's VIEs is as follows:
| June 30, |  | December 31,
| 2024 |  | 2023
AQN's maximum exposure in regards to VIEs |  |  |
Carrying amount | $ | 90,471 |  |  | $ | 179,728 |
Development loans receivable | 31,444 |  |  | 158,110 |
Indirect guarantees of debt on behalf of VIEs | 405,119 |  |  | 740,866 |
Other indirect guarantees and commitments on behalf of VIEs | 141,860 |  |  | 303,641 |
| $ | 668,894 |  |  | $ | 1,382,345 |
The commi tments are presented on a gross basis assuming no recoverable value in the assets of the VIEs. In addition, as of June 30, 2024, the Company had issued $132,022 in letters of credit and guarantees of performance obligations under energy purchase agreements and decommissioning obligations on behalf of operating equity-method investees that are not considered VIEs. (c)Equity-method gain (loss) For the three and six months ended June 30, 2024, the Company recorded an unrealized loss of $24,212 and $34,246, respectively, within Income (loss) from long-term investments for certain energy derivatives held by Texas Coastal Wind Facilities (2023 - $nil). Additionally, for the three and six months ended June 30, 2024, the Company recognized a loss due to a prior period adjustment of $nil and $8,481, respectively, related to a Hypothetical Liquidation at Book Value ("HLBV") calculation by its equity-method investment, within Income (loss) from long-term investments.

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