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Non-controlling interests and redeemable non-controlling interests | 12 Months Ended
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Dec. 31, 2024
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:
|  |  |  |  | 2024 |  | 2023
HLBV and other adjustments attributable to: |  |  |  |  |  |  |
Non-controlling interests - tax equity partnership units |  |  |  |  | $ | 79,261 |  |  | $ | 44,024 |
Non-controlling interests - redeemable tax equity partnership units |  |  |  |  | 1,324 |  |  | 1,324 |
Other net earnings attributable to: |  |  |  |  |  |  |
Non-controlling interests |  |  |  |  | (5,665) |  |  | (8,809) |
|  |  |  |  | $ | 74,920 |  |  | $ | 36,539 |
Redeemable non-controlling interest, held by related party |  |  |  |  | — |  |  | (25,922) |
Net effect of non-controlling interests |  |  |  |  | $ | 74,920 |  |  | $ | 10,617 |
The non-controlling tax equity investors ("tax equity partnership units") in the Company's U.S. wind 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(t). Non-controlling interests
| Non-controlling interests - tax equity partnership units |  | Other non-controlling interests |  | Non-controlling interests held by related parties (a)
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Opening balance | $ | 481,387 |  |  | $ | 525,680 |  |  | $ | 70,135 |  |  | $ | 65,104 |  |  | $ | 38,873 |  |  | $ | 38,873 |
Net earnings (loss) attributable to NCI | (79,261) |  |  | (44,024) |  |  | 5,665 |  |  | 8,809 |  |  | — |  |  | — |
Contributions received, net | 1,953 |  |  | — |  |  | — |  |  | 385 |  |  | — |  |  | — |
Dividends and distributions declared | (5,047) |  |  | (269) |  |  | (3,091) |  |  | (5,058) |  |  | — |  |  | — |
Repurchase of non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | (39,376) |  |  | — |
OCI | — |  |  | — |  |  | 4,624 |  |  | 895 |  |  | 503 |  |  | — |
Closing balance | $ | 399,032 |  |  | $ | 481,387 |  |  | $ | 77,333 |  |  | $ | 70,135 |  |  | $ | — |  |  | $ | 38,873 |
(a) Non-controlling interest held by related parties In November 2021, Liberty Development JV Inc. invested $39,376 in Algonquin (AY Holdco) B.V., a consolidated subsidiary of the Company and the investment was presented as a non-controlling interest held by related parties. In 2024, the non-controlling interest held by related parties was redeemed in full. 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, 2024. Liberty Development Energy Solutions B.V., an equity investee of the Company’s discontinued operations, had a Margin Loan in the amount of $306,500 with a previous maturity date of January 26, 2024. It was collateralized through a pledge of Atlantica ordinary shares held by AY Holdings. Liberty Development Energy Solutions B.V. had a preference share ownership in AY Holdings, which AQN reflected as redeemable non-controlling interest held by related party. On January 4, 2024, the Company purchased the outstanding interest in Liberty Development Energy Solutions B.V., resulting in the entity being consolidated by the Company. As a result, the redeemable non-controlling interest held by related party was reclassified to long-term debt in 2024 and subsequently repaid (note 9(b)). 16.Non-controlling interests and redeemable non-controlling interests (continued) Redeemable non-controlling interests (continued) Changes in redeemable non-controlling interests are as follows:
| Redeemable non-controlling interests held by related party |  | Redeemable non-controlling interests
| 2024 |  | 2023 |  | 2024 |  | 2023
Opening balance | $ | 308,350 |  |  | $ | 307,856 |  |  | $ | 5,013 |  |  | $ | 6,520 |
Net earnings (loss) attributable to NCI | — |  |  | 25,922 |  |  | (1,324) |  |  | (1,324) |
Repurchase of non-controlling interest (notes 3, note 9(b)) | (308,350) |  |  | — |  |  | (3,510) |  |  | — |
Dividends and distributions declared | — |  |  | (25,428) |  |  | (179) |  |  | (183) |
Closing balance | $ | — |  |  | $ | 308,350 |  |  | $ | — |  |  | $ | 5,013 |

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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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