Pattern Energy Reports Third Quarter 2016 Financial Results

 
- Increases dividend to $0.408 per Class A common share for Q4 2016 -
 
SAN FRANCISCO, California, November 7, 2016 - Pattern Energy Group Inc. (the “Company” or “Pattern Energy”) (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2016 third quarter.
 
Highlights
(Comparisons made between fiscal Q3 2016 and fiscal Q3 2015 results, unless otherwise noted)
 
• Proportional GWh sold of 1,472 GWh, up 17%
• Net cash provided by operating activities of $36.4 million
• Cash available for distribution (CAFD) of $20.2 million, on track to meet full year guidance(1)
• Net loss of $11.1 million, an improvement of 69%
• Adjusted EBITDA of $62.3 million, up 6%
• Revenue of $91.9 million, up 2%
• Declared a fourth quarter dividend of $0.408 per Class A common share or $1.632 on an annualized basis, subsequent to the end of the period, representing a 2.0% increase over the previous quarter’s dividend
• Added 90 MW in owned capacity with the acquisition of the Armow Wind project (Armow), located in Ontario, from Pattern Energy Group LP (Pattern Development), subsequent to the end of the period, which brings the total portfolio owned capacity to 2,644 MW, including the Broadview Wind projects (Broadview) which Pattern Energy has agreed to acquire
• Reported construction progress is on schedule at Broadview, in which Pattern Energy has agreed to acquire a 272 MW owned capacity, and that the commencement of commercial operations is expected in early 2017
• Completed a follow-on equity offering of 11.3 million common shares for total net proceed s of $258.6 million  
 

Read more >>  Pattern Energy Q3 Earnings Press Release