NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2021

The following table provides additional information regarding Noncontrolling interests as presented in our Consolidated Statements of Financial Position:


December 31,	2021	2020
(millions of Canadian dollars)
Algonquin Gas Transmission, L.L.C	377	384
Maritimes & Northeast Pipeline, L.L.C	546	558

Renewable energy assets	1,503	1,646
Westcoast Energy Inc.1	116	408

	2,542	2,996

1Includes nil and 12 million cumulative redeemable preferred shares as at December 31, 2021 and 2020, respectively.

Westcoast Energy Inc. Preferred Shares Redemption

On March 20, 2019, Westcoast Energy Inc. (Westcoast) exercised its right to redeem all of its outstanding 5.5% Cumulative Redeemable First Preferred Shares, Series 7 (Series 7 Shares) and all of its outstanding 5.6% Cumulative Redeemable First Preferred Shares, Series 8 (Series 8 Shares) at a price of $25 per Series 7 Share and $25 per Series 8 Share, respectively, for a total payment of $300 million. In addition, payment of $4 million was made for all accrued and unpaid dividends. As a result, we recorded a $300 million decrease in Noncontrolling interests for the year ended December 31, 2019.

On January 15, 2021, Westcoast redeemed its Cumulative Five-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 10 with a par value of $115 million. The par value of $115 million was included in Accounts payable and other in the Consolidated Statements of Financial Position as at December 31, 2020.

On October 15, 2021, Westcoast redeemed its Cumulative Five-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 with a par value of $300 million. As a result, we recorded a decrease of $293 million, which represents the par value less related issuance costs, in Noncontrolling interests for the year ended December 31, 2021.