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Long-term investments (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Long Term Investments And Notes Receivable [Abstract]

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

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				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)

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,
	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.

Schedule of Equity Method Investments

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.

Schedule of Variable Interest Entities

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

- 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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