Pattern Energy Reports Second Quarter Results

SAN FRANCISCO, CALIFORNIA, August 5, 2014 – Pattern Energy Group Inc. (NASDAQ:PEGI) (TSX:PEG) (Pattern Energy), an independent power company, today announced its financial results for the second quarter of 2014. 

Highlights
(Comparisons made between fiscal Q2 2014 and fiscal Q2 2013 results, unless otherwise noted)

  • Wind levels in Q2 across the fleet were at the long term expected average
  • Cash available for distribution of $16.1 million; together with Q1 results (half year) total 61% of the total annual target
  • Adjusted EBITDA of $58.8 million, up 28%
  • Proportional electricity sales of 770 GWh, up 55%
  • Revenue of $65.0 million, up 11%
  • Increased owned megawatts to 1,472 MW with the acquisitions of a 172 MW owned interest in the Panhandle 1 project and an additional 44 MW of owned interest in the El Arrayán project
  • Commenced commercial operations on both the Panhandle 1 and El Arrayán projects
  • Added new wind project to the ROFO pipeline representing 160 MW of owned interest
  • Declared a third quarter dividend of $0.328 per Class A common share, or $1.312 on an annualized basis, representing a 2% increase over the previous quarter's dividend
  • Completed a $586 million follow-on equity offering including both primary and secondary components

"It was a strong quarter in which we improved our performance and continued to execute on our growth strategy. Our cash available for distribution at midyear is tracking ahead of the 2014 target we committed to at the IPO," said Mike Garland, President and CEO of Pattern Energy. "The acquisition and startup of the Panhandle 1 and El Arrayán projects grew our portfolio and allowed us to increase our distribution for the second consecutive quarter in anticipation of increased CAFD. In addition, we added 160 MW of owned interest to the identified ROFO pipeline, and there will be more additions to come."

Download Earnings Release here »