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Assets held for sale (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following table presents the carrying values of the major classes of assets held for sale and liabilities associated with assets held for sale included in AQN’s consolidated balance sheets:
(thousands of U.S. dollars) | December 31, |  | December 31,
| 2024 |  | 2023
ASSETS HELD FOR SALE |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 56,673 |  |  | $ | 31,091 |
Trade and other receivables, net | 85,386 |  |  | 122,754 |
Supplies and consumables inventory | 4,201 |  |  | 4,726 |
Prepaid expenses | 8,622 |  |  | 16,140 |
Derivatives instruments | 4,310 |  |  | 5,336 |
Other assets | 7,321 |  |  | 7,261 |
| 166,513 |  |  | 187,308 |
Non-current assets |  |  |
Property, plant and equipment, net | 3,219,776 |  |  | 3,390,677 |
Intangible assets, net | 15,644 |  |  | 21,474 |
Long-term investments |  |  |
Long-term investment carried at fair value | — |  |  | 88,676 |
Other long-term investments | 277,634 |  |  | 474,211 |
Derivative instruments | 3,611 |  |  | 3,122 |
Deferred income taxes | — |  |  | 6,907 |
Other assets | 12,458 |  |  | 14,590 |
| 3,529,123 |  |  | 3,999,657 |
Total assets held for sale | 3,695,636 |  |  | 4,186,965 |
LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE |  |  |
Current liabilities |  |  |
Accounts payable | $ | 23,048 |  |  | $ | 30,005 |
Accrued liabilities | 106,733 |  |  | 74,181 |
Other long-term liabilities | 756 |  |  | 1,068 |
Derivative instruments | 22,424 |  |  | 14,206 |
| 152,961 |  |  | 119,460 |
Non-current liabilities |  |  |
Long-term debt (a) | 1,348,727 |  |  | 1,015,875 |
Deferred income taxes | — |  |  | 12,638 |
Derivative instruments | 98,513 |  |  | 69,990 |
Pension and other post-employment benefits obligation | 228 |  |  | 157 |
Other long-term liabilities | 126,866 |  |  | 155,655 |
| 1,574,334 |  |  | 1,254,315 |
Total liabilities associated with assets held for sale | $ | 1,727,295 |  |  | $ | 1,373,775 |
The following table presents the results of the discontinued operations, which are included in loss from discontinued operations, net of tax in AQN’s consolidated statements of operations:
(thousands of U.S. dollars) |  | Years ended December 31 |
|  |  | 2024 | 2023 |
Revenue |  |  |  |  |
Non-regulated energy sales |  |  | $ | 276,083 |  | $ | 261,992 |  |
Other revenue |  |  | 63,647 |  | 32,099 |  |
|  |  | 339,730 |  | 294,091 |  |
Operating expenses |  |  | 192,942 |  | 146,902 |  |
Non-regulated energy purchased |  |  | 5,419 |  | 18,969 |  |
Depreciation and amortization |  |  | 80,992 |  | 112,917 |  |
Asset impairment charge |  |  | — |  | 22,011 |  |
Loss (gain) on foreign exchange |  |  | 12,485 |  | (5,300) |  |
|  |  | $ | 291,838 |  | 295,499 |  |
Operating income (loss) from discontinued operations |  |  | 47,892 |  | (1,408) |  |
Interest expense |  |  | (55,369) |  | (45,216) |  |
Income (loss) from long-term investments |  |  | (89,913) |  | 371 |  |
Loss on derivative financial instruments |  |  | (130,665) |  | — |  |
Loss on classification as held for sale |  |  | (1,357,343) |  | — |  |
Other net losses |  |  | (49,164) |  | (11,183) |  |
Pension and other post-employment non-service costs |  |  | (61) |  | (54) |  |
Loss before income taxes |  |  | (1,634,623) |  | (57,490) |  |
Income tax recovery |  |  | 128,347 |  | 49,245 |  |
Loss from discontinued operations |  |  | (1,506,276) |  | (8,245) |  |
Add: Net loss attributable to non-controlling interest |  |  | $ | 60,456 |  | $ | 51,362 |  |
Net income (loss) from discontinued operations attributable to AQN |  |  | $ | (1,445,820) |  | $ | 43,117 |  |
The following table summarizes AQN’s cash flows from discontinued operations.
|  |  | Years ended December 31
|  |  |  |  | 2024 |  | 2023
Cash flows provided by (used in) |  |  |  |  |  |
Operating activities (1) |  |  |  |  | $ | 121,295 |  |  | $ | 128,464 |
Investing activities |  |  |  |  | (196,028) |  |  | (225,108) |
(1) For the year end ed December 31, 2024, operating activities include net changes in non-cash operating items of $13,912 (2023 - $(779)). Long-term debt classified as held for sale consists of the following:
Borrowing type |  |  |  |  |  |  |  |  |  | Weighted average coupon |  | Maturity |  | Par value |  | December 31, |  | December 31,
|  |  |  |  |  |  |  |  |  |  | 2024 |  | 2023
Senior unsecured revolving credit facilities |  |  |  |  |  |  |  |  |  | — |  |  | 2027 |  | N/A |  | $ | 180,712 |  |  | $ | 262,609 |
U.S. dollar borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior secured project notes |  |  |  |  |  |  |  |  |  | 5.75 | % |  | 2025 |  | $ | 475,032 |  |  | 475,148 |  |  | — |
Canadian dollar borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes (i)(ii) |  |  |  |  |  |  |  |  |  | 3.75 | % |  | 2027-2031 |  | C$ | 1,000,000 |  |  | 692,832 |  |  | 753,266 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,348,692 |  |  | $ | 1,015,875 |

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