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Non-controlling interests and redeemable non-controlling interests | 12 Months Ended
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Dec. 31, 2023
Noncontrolling Interest [Abstract] |
Non-controlling interests and redeemable non-controlling interests | Non-controlling interests and redeemable non-controlling interests Net effect attributable to non-controlling interests for the years ended December 31 consists of the following:
|  |  |  |  | 2023 |  | 2022
HLBV and other adjustments attributable to: |  |  |  |  |  |  |
Non-controlling interests - tax equity partnership units |  |  |  |  | $ | 114,141 |  |  | $ | 108,695 |
Non-controlling interests - redeemable tax equity partnership units |  |  |  |  | 1,324 |  |  | 6,298 |
Other net earnings attributable to: |  |  |  |  |  |  |
Non-controlling interests |  |  |  |  | (27,564) |  |  | (3,670) |
|  |  |  |  | $ | 87,901 |  |  | $ | 111,323 |
Redeemable non-controlling interest, held by related party |  |  |  |  | (25,922) |  |  | (15,157) |
Net effect of non-controlling interests |  |  |  |  | $ | 61,979 |  |  | $ | 96,166 |
The non-controlling tax equity investors (“tax equity partnership units”) in the Company's U.S. wind power and solar power-generating facilities are entitled to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements. The share of earnings (loss) attributable to the non-controlling interest holders in these subsidiaries is calculated using the HLBV method of accounting as described in note 1(s). 17.Non-controlling interests and redeemable non-controlling interests (continued) Non-controlling interests
| Non-controlling interests - tax equity partnership units (a) |  | Other non-controlling interests (b) |  | Non-controlling interests held by related parties (c)
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Opening balance | $ | 1,225,608 |  |  | $ | 1,377,117 |  |  | $ | 333,362 |  |  | $ | 64,807 |  |  | $ | 57,822 |  |  | $ | 81,158 |
Net earnings (loss) attributable to NCI | (114,141) |  |  | (108,695) |  |  | 27,564 |  |  | 3,670 |  |  | — |  |  | — |
Contributions received, net | 107,933 |  |  | 6,182 |  |  | — |  |  | 267,515 |  |  | — |  |  | — |
Dividends and distributions declared | (22,743) |  |  | (36,736) |  |  | (14,497) |  |  | (3,350) |  |  | (17,082) |  |  | (20,978) |
Repurchase of non-controlling interest | — |  |  | (12,249) |  |  | — |  |  | — |  |  | — |  |  | — |
OCI | 63 |  |  | (11) |  |  | 909 |  |  | 720 |  |  | 45 |  |  | (2,358) |
Closing balance | $ | 1,196,720 |  |  | $ | 1,225,608 |  |  | $ | 347,338 |  |  | $ | 333,362 |  |  | $ | 40,785 |  |  | $ | 57,822 |
(a) Non-controlling interests - tax equity partnership units The Company obtained control of the Deerfield II Wind Facility during the year (note 3). Post-acquisition, third-party tax equity investors funded $98,955 in exchange for Class A partnership units in the entity. In addition, the Company received $9,084 (2022 - $6,182) of production based cash contributions during the year relating to other projects. (b) Other non-controlling interests On December 29, 2022, the Company s old a 49% non-controlling interest in three operating wind facilities in the United States totalling 551 MW of installed capacity: the Odell Wind Facility in Minnesota, the Deerfield Wind Facility in Michigan and the Sugar Creek Wind Facility in Illinois. The consideration of $277,500 was recorded as an increase to non-controlling interest, except for a portion of $5,000, which is subject to refund if some conditions are met and as such was recorded as redeemable non-controlling interest. (c) Non-controlling interest held by related parties In November 2021, Liberty Development JV Inc. invest ed $39,376 i n Algonquin (AY Holdco) B.V., a consolidated subsidiary of the Company. In May 2019, AYES Canada acquired an interest in a consolidated subsidiary of the Company for $96,752 (C$130,103) (note 8(b)). The investment by AYES Canada and Liberty Development JV Inc. are presented as a non-controlling interest held by related parties. 17.Non-controlling interests and redeemable non-controlling interests (continued) Redeemable non-controlling interests Non-controlling interests in subsidiaries that are redeemable upon the occurrence of uncertain events not solely within AQN’s control are classified as temporary equity on the consolidated balance sheets. If the redemption is probable or currently redeemable, the Company records the instruments at their redemption value. Redemption is not considered probable as of December 31, 2023. Liberty Global Energy Solutions (note 8(c)), an equity investee of the Company, has a secured credit facility in the amount of $306,500 with a previous maturity date of January 26, 2024. Subsequent to year-end, on January 8, 2024, the secured credit facility was renewed with a maturity date of September 30, 2024. It is collateralized through a pledge of Atlantica ordinary shares held by AY Holdings. A collateral shortfall would occur if the net obligation (as defined in the credit agreement) would equal or exceed 50% of the market value of such Atlantica shares, in which case the lenders would have the right to sell Atlantica shares to eliminate the collateral shortfall. The Liberty Global Energy Solutions secured credit facility is repayable on demand if Atlantica ceases to be a public company or if certain other events are announced or completed that could restrict AY Holdings’ ability to sell or transfer its Atlantica ordinary shares. Liberty Global Energy Solutions has a preference share ownership in AY Holdings which AQN reflects as redeemable non-controlling interest held by related party. As a result of the subsequent event described in note 8(c), the redeemable non-controlling interest held by related party will be reclassified to long-term debt in 2024. Changes in redeemable non-controlling interests are as follows:
| Redeemable non-controlling interests held by related party |  | Redeemable non-controlling interests
| 2023 |  | 2022 |  | 2023 |  | 2022
Opening balance | $ | 307,856 |  |  | $ | 306,537 |  |  | $ | 11,520 |  |  | $ | 12,989 |
Net earnings (loss) attributable to NCI | 25,922 |  |  | 15,157 |  |  | (1,324) |  |  | (6,298) |
Contributions, net of costs | — |  |  | — |  |  | — |  |  | 5,000 |
Dividends and distributions declared | (25,428) |  |  | (13,838) |  |  | (183) |  |  | (171) |
Closing balance | $ | 308,350 |  |  | $ | 307,856 |  |  | $ | 10,013 |  |  | $ | 11,520 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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