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Pattern Energy Reports Second Quarter 2016 Financial Results

By Pattern Energy Operations LP
August 5th, 2016
PR Newswire

- Increases dividend to $0.40 per Class A common share for Q3 2016 -

San Francisco, Aug. 5, 2016 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2016 second quarter.

pattern_logo.jpg

Highlights

(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."

Financial and Operating Results

Pattern Energy sold 1,715,286 MWh of electricity on a proportional basis in the second quarter of 2016 compared to 1,225,374 MWh sold in the same period last year. Pattern Energy sold 3,516,321 MWh of electricity on a proportional basis for the six-months ended June 30, 2016 (YTD 2016) compared to 2,161,408 MWh sold in the same period last year. The increase for the quarterly period was primarily attributable to volume increases of 444,745 MWh from controlling interests in consolidated MWh for projects which commenced commercial operations or were acquired since May 2015 and 45,167 MWh from unconsolidated investments primarily due to the acquisition of K2 in June 2015. As expected and planned for, El Niño conditions continued into the second quarter of 2016 which resulted in lower wind speeds and lower production than Pattern Energy's long-term average forecast.

Net cash provided by operating activities was $54.3 million for the second quarter of 2016 compared to $32.4 million for the same period last year. Net cash provided by operating activities was $69.0 million for YTD 2016 compared to $48.6 million for the same period last year. The change quarter over quarter is primarily due to higher revenues of $13.6 million (excluding unrealized loss on energy derivative and amortization of power purchase agreements) from projects which were acquired since May 2015 or which commenced commercial operations since the third quarter of 2015.  Also increasing cash flows from operations was the timing of payments associated with accruals and other long term liabilities. These increases were partially offset by increases of $5.4 million in project expenses and $1.8 million in operating expenses.

Cash available for distribution was $35.5 million for the second quarter of 2016 compared to $28.0 million for the same period in the prior year. Cash available for distribution was $76.5 million for YTD 2016 compared to $37.3 million for the same period in the prior year. The $7.5 million increase for the quarterly period was due to additional revenues of $13.6 million (excluding unrealized loss on energy derivative and amortization of power purchase agreements) primarily from projects which were acquired since May 2015 or which commenced commercial operation since the third quarter of 2015. Pattern Energy also received an increase of $4.2 million in cash distributions from its unconsolidated investments when compared to the same period last year due to a full period of operations at each of its unconsolidated investments in 2016. These increases were partially offset by increases in project expenses of $5.4 million and operating expenses of $1.8 million, primarily from projects which commenced commercial operations or were acquired during 2015, as well as, increased distributions to noncontrolling interests of $3.5 million.

Net loss was $15.6 million in the second quarter of 2016, compared to net income of $5.7 million for the same period in the prior year. Net loss was $44.7 million for YTD 2016 compared to $16.4 million in the same period last year. The change quarter over quarter of $21.3 million was primarily attributable to projects which were acquired since May 2015 or became commercially operable in late 2015. Also contributing to the change were increases in other expense items related to interest expense and net losses on undesignated derivatives.

Adjusted EBITDA was $78.6 million for the second quarter of 2016 compared to $66.8 million for the same period last year. Adjusted EBITDA was $156.7 million for YTD 2016 compared to $113.6 million for the same period last year. The increase for the quarterly period was primarily attributable to projects which commenced commercial operations or were acquired since May 2015.

2016 Financial Guidance

Pattern Energy reaffirms its targeted annual cash available for distribution for 2016 in a range of $125 million to $145 million, representing an increase of 46% at the midpoint of the range, compared to cash available for distribution in 2015. The forward-looking cash available for distribution is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure, without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at cash available for distribution. A description of the adjustments to determine cash available for distribution can be found within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Metrics, of Pattern Energy's 2016 Quarterly Report on Form 10-Q for the period ended June 30, 2016.

Quarterly Dividend

Pattern Energy declared an increased dividend for the third quarter 2016, payable on October 31, 2016, to holders of record on September 30, 2016 in the amount of $0.40 per Class A common share, which represents $1.60 on an annualized basis. This is a 2.6% increase from the second quarter 2016 dividend of $0.39.

Construction Pipeline

In June 2016, Pattern Energy agreed to acquire 272 MW of owned capacity in the 324 MW Broadview project, and the associated independent 35-mile 345 kV Western Interconnect transmission line, from Pattern Development for $269 million. Pattern Energy will fund the cash purchase price for its interest in the project, including the associated transmission line, at the commencement of commercial operations of the project which is expected in the first half of 2017. Pattern Energy's commitment to own and operate the facility was a core component of securing high-quality institutional equity investors for the project financing.

Pattern Energy can meet the contemplated cash purchase consideration using part of its available liquidity and the long-term project holding company debt financing commitments arranged at the time of the purchase commitment which total up to $160 million with various maturities from five to ten years. Management believes that Pattern Energy does not need to raise equity in order to complete the Broadview acquisition; however, it retains the flexibility to use retained cash flow or raise equity, corporate debt, project holding company debt or other financing arrangements prior to the closing of the Broadview acquisition in lieu of using one or more of project holding company debt financing commitments.

Broadview has entered into two 20-year power purchase agreements with Southern California Edison, which has a BBB+/A2 credit rating, for sale of 100 percent of its output, up to a total of 297 MW, which has been factored into the project's economics.

The Broadview power facility, located 30 miles north of Clovis, New Mexico, will consist of 141 Siemens 2.3 MW wind turbines and has the capacity to generate 324 MW of energy, the power equivalent to the annual energy usage of approximately 180,000 California homes.

Acquisition Pipeline

Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development. The identified ROFO list stands at 1,032 MW of total owned capacity. This list of identified ROFO projects represents a portion of Pattern Development's 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO.

Since its IPO, Pattern Energy has purchased 1,104 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,136 MW. The table below sets forth the current list of identified ROFO projects:

Asset

 

Location

 

Owned MW

 

Status

Armow

 

Ontario

 

90

 

Operational

Kanagi Solar

 

Japan

 

6

 

Operational

Futtsu Solar

 

Japan

 

19

 

Operational

Meikle

 

British Columbia

 

180

 

In construction

Conejo Solar

 

Chile

 

84

 

In construction

Belle River

 

Ontario

 

43

 

Securing final permits

North Kent

 

Ontario

 

43

 

Securing final permits

Grady

 

New Mexico

 

176

 

Late stage development

Henvey Inlet

 

Ontario

 

150

 

Late stage development

Mont Sainte-Marguerite

 

Québec

 

147

 

Late stage development

Ohorayama

 

Japan

 

31

 

Late stage development

Tsugaru

 

Japan

 

63

 

Late stage development

Total

     

1,032

   

Cash Available for Distribution and Adjusted EBITDA Non-GAAP Reconciliations

The following tables reconcile non-GAAP net cash provided by operating activities to cash available for distribution and net loss to adjusted EBITDA, respectively, for the periods presented (in thousands):

 

Three months ended June 30,

 

Six months ended June 30,

 

2016

 

2015

 

2016

 

2015

Net cash provided by operating activities

$

54,270

   

$

32,361

   

$

68,991

   

$

48,600

 

Changes in operating assets and liabilities

(12,669)

   

2,521

   

6,298

   

(2,136)

 

Network upgrade reimbursement

   

618

   

   

1,236

 

Release of restricted cash to fund project and general and administrative costs

   

1,501

   

590

   

1,501

 

Operations and maintenance capital expenditures

(516)

   

(283)

   

(746)

   

(321)

 

Transaction costs for acquisitions

52

   

1,357

   

65

   

1,777

 

Distributions from unconsolidated investments

11,960

   

7,771

   

31,774

   

13,847

 

Other

   

(148)

   

   

(292)

 

Less:

             

Distributions to noncontrolling interests

(4,270)

   

(763)

   

(8,187)

   

(1,511)

 

Principal payments paid from operating cash flows

(13,319)

   

(16,948)

   

(22,262)

   

(25,383)

 

Cash available for distribution

$

35,508

   

$

27,987

   

$

76,523

   

$

37,318

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

2016

 

2015

 

2016

 

2015

Net income (loss)

$

(15,646)

   

$

5,657

   

$

(44,694)

   

$

(16,402)

 

Plus:

             

Interest expense, net of interest income

21,008

   

18,715

   

41,323

   

36,414

 

Tax provision

1,429

   

3,603

   

2,727

   

2,857

 

Depreciation, amortization and accretion

45,835

   

34,785

   

91,219

   

63,841

 

EBITDA

52,626

   

62,760

   

90,575

   

86,710

 

Unrealized loss on energy derivative (1)

9,327

   

6,002

   

14,152

   

3,030

 

(Gain) loss on undesignated derivatives, net

5,879

   

(4,178)

   

19,510

   

(778)

 

Net loss on transactions

72

   

1,305

   

39

   

2,589

 

Adjustments from unconsolidated investments (2)

(9,422)

   

   

(11,134)

   

 

Plus, proportionate share from unconsolidated investments:

             

Interest expense, net of interest income

7,925

   

5,181

   

15,144

   

10,619

 

Depreciation, amortization and accretion

6,671

   

4,991

   

12,964

   

9,500

 

(Gain) loss on undesignated derivatives, net

5,555

   

(9,240)

   

15,471

   

1,894

 

Adjusted EBITDA

$

78,633

   

$

66,821

   

$

156,721

   

$

113,564

 
   

(1)

Amount is included in electricity sales on the consolidated statements of operations.

   

(2)

Amount consists of gains on distributions from unconsolidated investments and suspended equity losses of $7.5 million and $1.9 million for the three months ended June 30, 2016, respectively and $9.2 million and $1.9 million for the six months ended June 30, 2016, respectively.

 

Conference Call and Webcast

Pattern Energy will host a conference call and webcast to discuss these results at 10:30 a.m. Eastern Time on Friday, August 5, 2016. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 51243882. The replay recording will be available until 11:59 p.m. Eastern Time, August 19, 2016.

A live webcast of the conference call will be also available on the events page in the investor section of Pattern Energy's website at www.patternenergy.com. An archived webcast will be available for one year.

About Pattern Energy

Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 17 wind power facilities, including one it has agreed to acquire, with a total owned interest of 2,554 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability to consummate the agreement to acquire Broadview, the ability to achieve the 2016 cash available for distribution target, the ability to fund the contemplated cash purchase consideration for Broadview using available liquidity and long-term project holding company debt financing commitments, the ability to not need to raise equity in order to complete the Broadview acquisition, and the number of homes Broadview has the capacity to generate energy.  These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.

 

Contacts:

     

Media Relations

Matt Dallas

917-363-1333

matt.dallas(at)patternenergy.com

 

Investor Relations

Ross Marshall

416-526-1563

ross.marshall(at)loderockadvisors.com

 

 

 

Pattern Energy Group Inc.
Consolidated Balance Sheets
(In thousands of U.S. Dollars, except share data)
(Unaudited)

       
 

June 30,
2016

 

December 31,
2015

Assets

     

Current assets:

     

Cash and cash equivalents

$

87,641

   

$

94,808

 

Restricted cash

12,228

   

14,609

 

Funds deposited by counterparty

49,480

   

 

Trade receivables

49,329

   

45,292

 

Related party receivable

689

   

734

 

Reimbursable interconnection costs

   

38

 

Derivative assets, current

18,381

   

24,338

 

Prepaid expenses

11,128

   

14,498

 

Other current assets

10,102

   

6,891

 

Deferred financing costs, current, net of accumulated amortization of $6,310 and $5,192 as of June 30, 2016 and December 31, 2015, respectively

2,158

   

2,121

 

Total current assets

241,136

   

203,329

 

Restricted cash

16,372

   

36,875

 

Property, plant and equipment, net of accumulated depreciation of $498,867 and $409,161 as of June 30, 2016 and December 31, 2015, respectively

3,225,658

   

3,294,620

 

Unconsolidated investments

92,792

   

116,473

 

Derivative assets

31,704

   

44,014

 

Deferred financing costs

3,572

   

4,572

 

Net deferred tax assets

10,888

   

6,804

 

Finite-lived intangible assets, net of accumulated amortization of $7,734 and $4,357 as of June 30, 2016 and December 31, 2015, respectively

94,256

   

97,722

 

Other assets

23,930

   

25,183

 

Total assets

$

3,740,308

   

$

3,829,592

 
       

Liabilities and equity

     

Current liabilities:

     

Accounts payable and other accrued liabilities

$

29,923

   

$

42,776

 

Accrued construction costs

4,494

   

23,565

 

Counterparty deposit liability

49,480

   

 

Related party payable

833

   

1,646

 

Accrued interest

8,916

   

9,035

 

Dividends payable

29,711

   

28,022

 

Derivative liabilities, current

15,711

   

14,343

 

Revolving credit facility

335,000

   

355,000

 

Current portion of long-term debt, net of financing costs of $3,638 and $3,671 as of June 30, 2016 and December 31, 2015, respectively

45,721

   

44,144

 

Other current liabilities

2,557

   

2,156

 

Total current liabilities

522,346

   

520,687

 

Long-term debt, net of financing costs of $21,036 and $22,632 as of June 30, 2016 and December 31, 2015, respectively

1,163,229

   

1,174,380

 

Convertible senior notes, net of financing costs of $4,449 and $5,014 as of June 30, 2016 and December 31, 2015, respectively

200,103

   

197,362

 

Derivative liabilities

69,842

   

28,659

 

Net deferred tax liabilities

22,860

   

22,183

 

Finite-lived intangible liability, net of accumulated amortization of $3,902 and $2,168 as of June 30, 2016 and December 31, 2015, respectively

56,398

   

58,132

 

Other long-term liabilities

60,004

   

52,427

 

Total liabilities

2,094,782

   

2,053,830

 

Commitments and contingencies

     

Equity:

     

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 74,930,002 and 74,644,141 shares outstanding as of June 30, 2016 and December 31, 2015, respectively

750

   

747

 

Additional paid-in capital

927,812

   

982,814

 

Accumulated loss

(104,052)

   

(77,159)

 

Accumulated other comprehensive loss

(94,037)

   

(73,325)

 

Treasury stock, at cost; 67,344 and 65,301 shares of Class A common stock as of June 30, 2016 and December 31, 2015, respectively

(1,617)

   

(1,577)

 

Total equity before noncontrolling interest

728,856

   

831,500

 

Noncontrolling interest

916,670

   

944,262

 

Total equity

1,645,526

   

1,775,762

 

Total liabilities and equity

$

3,740,308

   

$

3,829,592

 

 

Pattern Energy Group Inc.
Consolidated Statements of Operations
(In thousands of U.S. dollars, except per share data)
(Unaudited)

 
 

Three months ended June 30,

 

Six months ended June 30,

 

2016

 

2015

 

2016

 

2015

Revenue:

             

Electricity sales

$

91,370

   

$

82,871

   

$

177,033

   

$

146,996

 

Related party revenue

1,332

   

872

   

2,547

   

1,675

 

Other revenue

736

   

928

   

1,497

   

866

 

Total revenue

93,438

   

84,671

   

181,077

   

149,537

 

Cost of revenue:

             

Project expense

33,359

   

27,981

   

65,605

   

53,227

 

Depreciation and accretion

43,678

   

34,342

   

87,089

   

63,398

 

Total cost of revenue

77,037

   

62,323

   

152,694

   

116,625

 

Gross profit

16,401

   

22,348

   

28,383

   

32,912

 

Operating expenses:

             

General and administrative

10,362

   

8,870

   

19,931

   

15,091

 

Related party general and administrative

1,931

   

1,621

   

3,828

   

3,429

 

Total operating expenses

12,293

   

10,491

   

23,759

   

18,520

 

Operating income

4,108

   

11,857

   

4,624

   

14,392

 

Other income (expense):

             

Interest expense

(21,275)

   

(18,943)

   

(42,336)

   

(36,861)

 

Gain (loss) on undesignated derivatives, net

(5,879)

   

4,178

   

(19,510)

   

778

 

Earnings in unconsolidated investments, net

7,240

   

13,801

   

11,070

   

10,719

 

Related party income

1,097

   

756

   

2,104

   

1,424

 

Net loss on transactions

(72)

   

(1,305)

   

(39)

   

(2,589)

 

Other income (expense), net

564

   

(1,084)

   

2,120

   

(1,408)

 

Total other expense

(18,325)

   

(2,597)

   

(46,591)

   

(27,937)

 

Net income (loss) before income tax

(14,217)

   

9,260

   

(41,967)

   

(13,545)

 

Tax provision

1,429

   

3,603

   

2,727

   

2,857

 

Net income (loss)

(15,646)

   

5,657

   

(44,694)

   

(16,402)

 

Net loss attributable to noncontrolling interest

(12,423)

   

(8,660)

   

(17,801)

   

(10,820)

 

Net income (loss) attributable to Pattern Energy

$

(3,223)

   

$

14,317

   

$

(26,893)

   

$

(5,582)

 
               

Weighted average number of shares:

             

Class A common stock - Basic

74,443,901

   

68,943,707

   

74,440,950

   

67,426,286

 

Class A common stock - Diluted

74,443,901

   

69,147,260

   

74,440,950

   

67,426,286

 

Earnings (loss) per share

             

Class A common stock:

             

Basic earnings (loss) per share

$

(0.04)

   

$

0.21

   

$

(0.36)

   

$

(0.08)

 

Diluted earnings (loss) per share

$

(0.04)

   

$

0.21

   

$

(0.36)

   

$

(0.08)

 

Dividends declared per Class A common share

$

0.39

   

$

0.35

   

$

0.77

   

$

0.71

 

 

Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited)

       
 

Six months ended June 30,

 

2016

 

2015

Operating activities

     

Net loss

$

(44,694)

   

$

(16,402)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

     

Depreciation and accretion

87,089

   

63,841

 

Amortization of financing costs

3,498

   

3,636

 

Amortization of debt discount/premium, net

2,074

   

 

Amortization of power purchase agreements, net

1,507

   

 

Loss on derivatives, net

32,209

   

333

 

Stock-based compensation

2,777

   

1,989

 

Deferred taxes

2,487

   

2,616

 

Earnings in unconsolidated investments

(11,070)

   

(10,719)

 

Distributions from unconsolidated investments

377

   

 

Other reconciling items

(965)

   

1,170

 

Changes in operating assets and liabilities:

     

Funds deposited by counterparty

(49,480)

   

 

Trade receivables

(3,753)

   

(4,924)

 

Prepaid expenses

3,400

   

3,107

 

Other current assets

(2,998)

   

334

 

Other assets (non-current)

1,839

   

(99)

 

Accounts payable and other accrued liabilities

(9,631)

   

615

 

Counterparty deposit liability

49,480

   

 

Related party receivable/payable

(735)

   

(7)

 

Accrued interest

(178)

   

689

 

Other current liabilities

381

   

1,151

 

Long-term liabilities

6,363

   

1,270

 

Increase in restricted cash

(986)

   

 

Net cash provided by operating activities

68,991

   

48,600

 

Investing activities

     

Cash paid for acquisitions, net of cash acquired

   

(404,377)

 

Decrease in restricted cash

20,561

   

25,277

 

Increase in restricted cash

(64)

   

(6,966)

 

Capital expenditures

(25,953)

   

(216,499)

 

Distributions from unconsolidated investments

31,774

   

13,847

 

Reimbursable interconnection receivable

38

   

1,246

 

Other assets (non-current)

   

(6,074)

 

Other investing activities

(163)

   

 

Net cash provided by (used in) investing activities

26,193

   

(593,546)

 

Financing activities

     

Proceeds from public offering, net of issuance costs

$

   

$

196,591

 

Repurchase of shares for employee tax withholding

(40)

   

(310)

 

Dividends paid

(56,097)

   

(39,170)

 

Payment for deferred equity issuance costs

(677)

   

(2,204)

 

Capital distributions - noncontrolling interest

(8,187)

   

(1,511)

 

Decrease in restricted cash

25,714

   

18,532

 

Increase in restricted cash

(22,342)

   

(21,718)

 

Refund of deposit for letters of credit

   

3,425

 

Payment for deferred financing costs

(134)

   

(5,614)

 

Proceeds from revolving credit facility

20,000

   

250,000

 

Repayment of revolving credit facility

(40,000)

   

(50,000)

 

Proceeds from construction loans

   

206,184

 

Repayment of long-term debt

(22,262)

   

(25,383)

 

Other financing activities

(343)

   

 

Net cash provided by (used in) financing activities

(104,368)

   

528,822

 

Effect of exchange rate changes on cash and cash equivalents

2,017

   

(2,596)

 

Net change in cash and cash equivalents

(7,167)

   

(18,720)

 

Cash and cash equivalents at beginning of period

94,808

   

101,656

 

Cash and cash equivalents at end of period

$

87,641

   

$

82,936

 

Supplemental disclosures

     

Cash payments for income taxes

$

155

   

$

186

 

Cash payments for interest expense, net of capitalized interest

36,535

   

24,447

 

Acquired property, plant and equipment from acquisitions

   

579,712

 

Schedule of non-cash activities

     

Change in property, plant and equipment

1,302

   

21,094

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pattern-energy-reports-second-quarter-2016-financial-results-300309736.html

SOURCE: Pattern Energy Group Inc.

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