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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | Long-term debt consists of the following:
Borrowing type |  | Weighted average coupon |  | Maturity |  | Par value |  | December 31, 2023 |  | December 31, 2022
Senior unsecured revolving credit facilities (a) |  | — |  |  | 2024-2028 |  | N/A |  | $ | 1,624,186 |  |  | $ | 351,786 |
Senior unsecured bank credit facilities and delayed draw term facility (b) |  | — |  |  | 2024-2031 |  | N/A |  | 786,962 |  |  | 773,643 |
Commercial paper |  | — |  |  | 2024 |  | N/A |  | 481,720 |  |  | 407,000 |
U.S. dollar borrowings |  |  |  |  |  |  |  |  |  |
Senior unsecured notes (Green Equity Units) |  | 1.18 | % |  | 2026 |  | $ | 1,150,000 |  |  | 1,144,897 |  |  | 1,142,814 |
Senior unsecured notes (c) |  | 3.36 | % |  | 2024-2047 |  | $ | 1,415,000 |  |  | 1,406,278 |  |  | 1,496,101 |
Senior unsecured utility notes |  | 6.30 | % |  | 2025-2035 |  | $ | 137,000 |  |  | 147,589 |  |  | 154,271 |
Senior secured utility bonds (d) |  | 4.71 | % |  | 2026-2044 |  | $ | 556,199 |  |  | 551,166 |  |  | 554,822 |
Canadian dollar borrowings |  |  |  |  |  |  |  |  |  |
Senior unsecured notes (e) |  | 3.68 | % |  | 2027-2050 |  | C$ | 1,200,000 |  |  | 904,604 |  |  | 882,899 |
Senior secured project notes |  | 10.21 | % |  | 2027 |  | C$ | 16,848 |  |  | 12,738 |  |  | 15,024 |
Chilean Unidad de Fomento borrowings |  |  |  |  |  |  |  |
Senior unsecured utility bonds |  | 3.90 | % |  | 2028-2040 |  | CLF | 1,521 |  |  | 70,967 |  |  | 77,206 |
|  |  |  |  |  |  |  | $ | 7,131,107 |  |  | $ | 5,855,566 |
Subordinated borrowings |  |  |  |  |  |  |  |  |  |
Subordinated unsecured notes (f) |  | 5.25 | % |  | 2082 |  | C$ | 400,000 |  |  | 298,382 |  |  | 291,238 |
Subordinated unsecured notes (f) |  | 5.21 | % |  | 2079-2082 |  | $ | 1,100,000 |  |  | 1,086,541 |  |  | 1,365,213 |
|  |  |  |  |  |  |  | $ | 8,516,030 |  |  | $ | 7,512,017 |
Less: current portion |  |  |  |  |  |  |  | (621,856) |  |  | (423,274) |
|  |  |  |  |  |  |  | $ | 7,894,174 |  |  | $ | 7,088,743 |
Short-term obligations of $766,886 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. 9.Long-term debt (continued) The following table sets out the bank credit facilities available to AQN and its operating groups as of December 31, 2023:
|  |  |  |  |  |  | December 31, 2023 |  |  | December 31, 2022
Revolving and term credit facilities |  |  |  |  |  |  | $ | 4,562,000 |  |  |  | $ | 4,513,300 |
Funds drawn on facilities/commercial paper issued |  |  |  |  |  |  | (2,892,900) |  |  |  | (1,532,500) |
Letters of credit issued |  |  |  |  |  |  | (469,100) |  |  |  | (465,200) |
Liquidity available under the facilities |  |  |  |  |  |  | 1,200,000 |  |  |  | 2,515,600 |
Undrawn portion of uncommitted letter of credit facilities |  |  |  |  |  |  | (254,100) |  |  |  | (226,900) |
Cash on hand |  |  |  |  |  |  | 56,142 |  |  |  | 57,623 |
Total liquidity and capital reserves |  |  |  |  |  |  | $ | 1,002,042 |  |  |  | $ | 2,346,323 |
Recent financing activities: (a)Senior unsecured revolving credit facilities Corporate On March 31, 2023, the Company's senior unsecured revolving credit facility was amended and restated to increase the borrowing capacity from $500,000 to $1,000,000 with a new maturity date of March 31, 2028. On March 31, 2023, the Company entered into a new $75,000 uncommitted bi-lateral credit facility. On June 1, 2023, the Company terminated its former $50,000 uncommitted bi-lateral credit facility. Regulated Services Group On October 27, 2023, the Company extended the maturity date of the senior unsecured revolving credit facility of $500,000 from February 28, 2024 to October 25, 2024. (b)Senior unsecured bank credit facilities and delayed draw term facilities On April 25, 2023, the Regulated Services Group elected to terminate the undrawn amount of $489,600 of its $1,100,000 senior unsecured syndicated delayed draw term facility (the “Regulated Services Delayed Draw Term Facility”), which was intended to be used to partially fund the Kentucky Power Transaction. On October 27, 2023, the Company extended the maturity of the Regulated Services Delayed Draw Term Facility of $610,400 from November 29, 2023 to October 25, 2024. (c)Senior unsecured notes On March 13, 2023, the Company repaid a $15,000 senior unsecured note on its maturity. On July 31, 2023, the Company repaid a $75,000 senior unsecured note on its maturity. Subsequent to year-end, on January 12, 2024, Lib erty Utilities Co., completed an offering of $500,000 aggregate principal amount of 5.577% senior notes due January 31, 2029 (the “2029 Notes”); and $350,000 aggregate principal amount of 5.869% senior notes due January 31, 2034 (the “2034 Notes” and together with the 2029 Notes, the “Senior Notes”). The Senior Notes are unsecured and unsubordinated obligations of Lib erty Utilities Co. and rank equally with all of Lib erty Utilities Co.’s existing and future unsecured and unsubordinated indebtedness and senior in right of payment to any existing and future Lib erty Utilities Co.’s subordinated indebtedness. The 2029 Notes were priced at an issue price of 99.996% of their face value and the 2034 Notes were priced at an issue price of 99.995% of their face value. Liberty Utilities Co. used the net proceeds from the sale of the Senior Notes to repay indebtedness. 9.Long-term debt (continued) (d)Senior unsecured utility bonds Subsequent to the year-end, on January 30, 2024, Empire District Bondco, LLC, a wholly owned subsidiary of The Empire District Electric Company, completed an offering of approximately $180,500 of aggregate principal amount of 4.943% Securitized Utility Tariff Bonds with a maturity date of January 1, 2035 and $125,000 aggregate principal amount of 5.091% Securitized Utility Tariff Bonds with a maturity date of January 1, 2039, to recover previously incurred qualified extraordinary costs associated with the Midwest Extreme Weather Event and energy transition costs related to the retirement of the Asbury generating plant described in note 7. (e)Senior unsecured utility notes On November 1, 2023, the Company repaid a $5,000 senior unsecured utility note on its maturity. (f)Subordinated unsecured notes On November 6, 2023, the Company redeemed all $287,500 of its 6.875% fixed-to-floating subordinated notes - series 2018 - at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest. As of December 31, 2023, the Company has accrue d $74,493 in interest expense (2022 - $70,274). Interest expense for the year ended December 31 consists of the following:
| 2023 |  | 2022
Long-term debt | $ | 251,539 |  |  | $ | 258,084 |
Commercial paper, credit facility draws and related fees | 134,678 |  |  | 46,466 |
Accretion of fair value adjustments | (23,834) |  |  | (16,547) |
Capitalized interest and AFUDC capitalized on regulated property | (14,679) |  |  | (10,802) |
Other | 5,952 |  |  | 1,373 |
| $ | 353,656 |  |  | $ | 278,574 |
Principal payments due in the next five years and thereafter are as follows:
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total |  |  |  |  |  |
$ | 621,856 |  | $ | 140,241 |  | $ | 1,193,531 |  | $ | 1,280,846 |  | $ | 819,122 |  | $ | 4,481,961 |  | $ | 8,537,557 |  |  |  |  |  |  |
Schedule of Interest Expense | Interest expense for the year ended December 31 consists of the following:
| 2023 |  | 2022
Long-term debt | $ | 251,539 |  |  | $ | 258,084 |
Commercial paper, credit facility draws and related fees | 134,678 |  |  | 46,466 |
Accretion of fair value adjustments | (23,834) |  |  | (16,547) |
Capitalized interest and AFUDC capitalized on regulated property | (14,679) |  |  | (10,802) |
Other | 5,952 |  |  | 1,373 |
| $ | 353,656 |  |  | $ | 278,574 |
Schedule of Maturities of Long-term Debt | Principal payments due in the next five years and thereafter are as follows:
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total |  |  |  |  |  |
$ | 621,856 |  | $ | 140,241 |  | $ | 1,193,531 |  | $ | 1,280,846 |  | $ | 819,122 |  | $ | 4,481,961 |  | $ | 8,537,557 |  |  |  |  |  |  |

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