Pattern Energy Reports First Quarter 2017 Financial Results
- Increases dividend to $0.418 per Class A common share for Q2 2017 -
SAN FRANCISCO, California, May 9 - Pattern Energy Group Inc. (the “Company” or “Pattern Energy”) (NASDAQ & TSX: PEGI) today announced its financial results for the 2017 first quarter.
(Comparisons made between fiscal Q1 2017 and fiscal Q1 2016 results, unless otherwise noted)
• Proportional gigawatt hours ("GWh") sold of 2,038 GWh, up 13%
• Net cash provided by operating activities of $43.8 million, up 197%
• Cash available for distribution ("CAFD") of $45.1 million, up 10% and on track to meet full year guidance(1)
• Net income of $2.5 million
• Adjusted EBITDA of $98.2 million, up 26%
• Revenue of $100.8 million, up 15%
• Declared a second quarter dividend of $0.418 per Class A common share or $1.672 on an annualized basis, subsequent to the end of the period, representing a 1.0% increase over the previous quarter’s dividend.
• Acquired a 272 megawatt ("MW") interest in the Broadview Wind ("Broadview") power facilities and the associated independent 345 kV Western Interconnect ("Western Interconnect") transmission line from Pattern Development 1.0(1) for a 9.3x multiple of the five-year average CAFD(2) starting in 2018, subsequent to the end of the quarter
• Commenced commercial operations at Broadview in late March and as such, all 18 facilities in the Company's portfolio are fully operational with a total owned capacity of 2,644 MW • Published a white paper outlining the business model, investment thesis and phases of renewable energy development, subsequent to the end of the quarter
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