- Increases dividend to $0.40 per Class A common share for Q3 2016 -
SAN FRANCISCO, California, August 5, 2016 - Pattern Energy Group Inc. (the "Company" or "Pattern Energy")
(NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2016 second quarter.
(Comparisons made between fiscal Q2 2016 and fiscal Q2 2015 results, unless otherwise noted)
• Proportional GWh sold of 1,715 GWh, up 40%
• Net cash provided by operating activities of $54.3 million, up 68%
• Cash available for distribution (CAFD) of $35.5 million, up 27% on track to meet full year guidance
• Net loss of $15.6 million compared to net income of $5.7 million
• Adjusted EBITDA of $78.6 million, up 18%
• Revenue of $93.4 million, up 10%
• Declared a third quarter dividend of $0.40 per Class A common share or $1.60 on an annualized basis,
subsequent to the end of the period, representing a 2.6% increase over the previous quarter's dividend
• Added 272 MW in owned capacity, which brings the total portfolio owned capacity to 2,554 MW, with the
agreement to acquire the Broadview Wind project (Broadview), located in New Mexico, from Pattern Energy
Group LP (Pattern Development)
"We remain on track to achieve our cash available for distribution target for 2016, reporting $35.5 million in the second quarter. Our prudent capital and cost management more than offset the expected lower wind levels," said Mike Garland, President and CEO of Pattern Energy. "We continue to grow our portfolio, which now stands at 2,554 MW – an increase of 12% this quarter, with the agreement to acquire 272 MW of owned capacity in Broadview from Pattern Development at a 9.6x average cash available for distribution multiple over five years. As the capital markets improve, our identified ROFO list of assets provides clear visibility to 40% growth on our existing portfolio and we expect to add new projects to the list in the coming year."
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