By Saad A. Sulehri
August 7th, 2019
Pattern Energy Group Inc. on Aug. 6 reported second-quarter 2019 adjusted EBITDA of $102 million, down from $108 million in the prior-year period.
The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter was $100.7 million.
Cash available for distribution was $53 million, compared to $59 million in the second quarter of 2018. Revenue remained flat year over year at $140 million. The company's operating income dropped to $2 million, from $26 million in the second quarter of 2018.
Pattern Energy sold 2,113,864 MWh of electricity on a proportional basis in the second quarter of 2019, compared with 2,262,811 MWh sold in the comparable quarter of 2018.
The independent renewable energy producer posted a second-quarter net loss attributable to the company of $7 million, or 7 cents per share, compared to net income attributable to the company of $33 million, or 34 cents per share, in the year-ago quarter.
Looking ahead, Pattern Energy reaffirmed its 2019 annual cash available for distribution guidance range of $160 million to $190 million. For 2020, the company expects annual cash available for distribution in the range of $185 million to $225 million.
In July, the company expanded its liquidity by securing a $250 million three-year bank loan to fund acquisitions, repay revolving credit facility and for general corporate purposes.
Additionally, Pattern Energy said it acquired a 35% stake in the 100-MW North Kent Wind Project for about $26 million and a 22% interest in the 100-MW Belle River Wind Project for approximately $18 million. Both projects are in Ontario. North Kent began commercial operations in February 2018 and Belle River enter operation in September 2017.
The facilities sell their entire output to Ontario's Independent Electricity System Operator long-term power contracts.
# # #