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Pattern Energy Reports Second Quarter Results

By Pattern Energy Operations LP
August 10th, 2015
PR Newswire

- $28 million in cash available for distribution meets high end of Q2 estimate -

- Declares increased dividend of $0.363 per Class A common share for third quarter 2015 -

San Francisco, Aug. 10, 2015 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the second quarter of 2015.

pattern_logo.jpg

Highlights

(Comparisons made between fiscal Q2 2015 and fiscal Q2 2014 results, unless otherwise noted)

  • Cash available for distribution (CAFD) of $28.0 million, up 74%
  • Adjusted EBITDA of $66.8 million, up 14%
  • Proportional GWh sold of 1,202 GWh, up 56%
  • Revenue of $84.7 million, up 30%
  • Declared a third quarter dividend of $0.363 per Class A common share or $1.452 on an annualized basis, subsequent to the end of the period, representing a 3% increase over the previous quarter's dividend
  • Acquired remaining interests resulting in 100% ownership of the 283 MW Gulf Wind project, subsequent to the end of the period, and recapitalized the project by repaying the short maturity project debt with long term debt
  • Increased owned capacity to 2,282 MW through five acquisitions, Lost Creek, Post Rock, Amazon Wind Farm (Fowler Ridge), K2, as well as, Gulf Wind
  • Added 526 MW in owned capacity to the identified Right of First Offer (ROFO) list including the first five Japanese projects from Pattern Development's relationship with GPI; the identified ROFO list stands at 1,270 MW of owned capacity
  • Increased its CAFD per share compound annual growth rate (CAGR) target to 12-15% for the three-year period through 2017
  • Established a 5,000 MW owned capacity target for YE 2019, representing a 119% increase in its current owned capacity
  • Completed a $350 million capital raise consisting of a $225 million convertible note private placement and a $125 million common equity public offering, subsequent to the end of the period

"We have well exceeded our asset ownership, CAFD, CAFD per share and dividend targets outlined at the IPO. We have grown our portfolio of owned capacity by nearly 120 percent since the IPO, to 2,282 MW, our CAFD for Q2 was up 74 percent over last year and our dividend is up 16 percent since the IPO," said Mike Garland, President and CEO of Pattern Energy. "At the same time, we continue to grow our identified ROFO list with Pattern Development, which now stands at 1,270 MW including the first group of projects from GPI in Japan. Given this visibility into our growth, during the quarter we increased our cash available for distribution per share CAGR target to 12-15 percent through 2017."

Financial Results
Pattern Energy sold 1,201,940 MWh of electricity on a proportional basis in the second quarter of 2015 compared to 769,619 MWh sold in the same period in 2014. Pattern Energy sold 2,131,323 MWh of electricity on a proportional basis for the six months ended June 30, 2015 compared to 1,315,909 MWh sold in the same period in 2014. The increase during the quarterly period was primarily attributable to the commencement of commercial operations at Panhandle 1 and El Arrayán in June 2014 and Panhandle 2 in November 2014 and the acquisitions of Lost Creek and Post Rock in May 2015. Overall, production for the second quarter was impacted by low wind levels which resulted in a 10 percent variance in Pattern Energy's production during the second quarter compared to its long-term forecast after adjusting for certain production losses, which were unrelated to wind and were compensated by contractual counterparties.  

Net income was $5.7 million in the second quarter of 2015, which remained relatively unchanged compared to $7.2 million in the same period last year. Net loss was $16.4 million for the six months ended June 30, 2015 compared to $14.7 million for the same period in 2014.

Adjusted EBITDA was $66.8 million for the second quarter of 2015 compared to $58.8 million in the same period last year. The increase was primarily attributable to the commencement of commercial operations at South Kent, Grand, Panhandle 1, Panhandle 2 and El Arrayán at various times in 2014 and the acquisitions of Lost Creek and Post Rock in May 2015.

Adjusted EBITDA was $113.6 million for the six months ended June 30, 2015 compared to $96.0 million in the same period last year. The increase was primarily attributable to the commencement of commercial operations and acquisitions referenced above. The Company also recorded a $5.4 million increase in energy derivative settlements at Gulf Wind during the first half of 2015 compared to the same period last year. These increases were partially offset by lower electricity production due to low wind levels. Reconciliations of Adjusted EBITDA to net income or loss determined in accordance with GAAP for both the quarterly and six month periods are shown below.

Cash available for distribution was $28.0 million in the second quarter of 2015 compared to $16.1 million in the same period last year. The increase is primarily attributable to electricity sales from the commencement of operations and acquisitions referenced above, as well as, a $7.8 million cash distribution from unconsolidated investments and a $1.9 million increase from energy derivative settlements. These increases were partially offset by increases in project expenses of $11.3 million, operating expenses of $2.8 million and interest expense of $3.1 million primarily from the commencement of operations at Panhandle 1, El Arrayán and Panhandle 2 and the Lost Creek and Post Rock acquisitions.

Cash available for distribution was $37.3 million for the six months ended June 30, 2015 compared to $33.9 million in the same period last year. The increase is primarily due to additional electricity sales from the commencement of commercial operations and acquisitions referenced above, a $13.8 million cash distribution from unconsolidated investments, and a $5.4 million increase from energy derivative settlements. These increases were partially offset by increases in project expenses of $20.5 million, operating expenses of $5.7 million, interest expense of $6.4 million and principal payments from operating cash of $3.3 million each of which are primarily due to the commencement of operations and acquisitions referenced above. Reconciliations of cash available for distribution to net cash provided by operating activities for both the quarterly and six month periods determined in accordance with GAAP are shown below.

Quarterly Dividend
On July 21, 2015, Pattern Energy declared an increased dividend for the third quarter 2015, payable on October 30, 2015, to holders of record on September 30, 2015, in the amount of $0.3630 per Class A share, which represents $1.452 on an annualized basis. This is a 3 percent increase from the second quarter 2015 dividend of $0.3520.

Construction Pipeline
The table below outlines Pattern Energy's projects currently in construction, the capacity owned and each project's anticipated commencement date for commercial operation.

Asset

Location

Owned MW

Commercial Operation

Logan's Gap

Texas

164

Q3 2015

Amazon Wind Farm

(Fowler Ridge)

Indiana

116

Q4 2015

Total

 

280

 

Third-party Acquisitions
In July 2015, Pattern Energy purchased the remaining 170 MW in the 283 MW Gulf Wind facility from MetLife Capital, Limited Partnership and Pattern Development. With the purchases, Pattern Energy now owns 100% of the membership interests in the Gulf Wind facility. Pattern Energy also prepaid 100% of the outstanding balance of the Gulf Wind facility's term loan of approximately $154.1 million shortly after closing the two acquisitions.

In May 2015, Pattern Energy acquired an aggregate owned 270 MW interest in two operational wind power facilities from Wind Capital Group, LLC ("WCG") and its affiliates. Pattern Energy acquired an interest in the 201 MW Post Rock Wind facility in Kansas, which is fully contracted under a long-term agreement with Westar, which has a BBB+ credit rating. Pattern Energy also acquired an interest in the 150 MW Lost Creek Wind facility in Missouri, which is fully contracted under a long-term agreement with Associated Electric Cooperative Incorporated, which has an AA credit rating.

Acquisition Pipeline
Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development.

In the second quarter of 2015, Pattern Energy announced the addition of seven new projects to its list of identified ROFO projects from Pattern Development consisting of: the first five Japanese projects, representing 128 MW of wind and solar assets, from Pattern Development's relationship with GPI; 398 MW of the 497 MW New Mexico / California project; and 43 MW of the 100 MW North Kent Wind project.

With these new additions, the identified ROFO list stands at 1,270 MW of total owned capacity. Since its IPO, Pattern Energy has purchased 832 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,102 MW. The table below sets forth the current list of identified ROFO projects:

Asset

Location

Owned MW

Commercial Operation

Armow

Ontario

90

2015

(In construction)

Meikle

British Columbia

180

2016

(In construction)

Conejo Solar

Chile

84

2016

(In construction)

Belle River

Ontario

50

2017

(Securing final permits)

Henvey Inlet

Ontario

150

2017

(Late-stage development)

Mont Sainte-Marguerite

Québec

147

2017

(Late-stage development)

North Kent

Ontario

43

2017

(Late-stage development)

New Mexico/California

New Mexico

398

2016/2017

(Late-stage development)

Tsugaru

Japan

63

2018

(Late-stage development)

Ohorayama

Japan

31

2017

(Late-stage development)

Kanagi Solar

Japan

5

2016

(In construction)

Futtsu Solar

Japan

17

2016

(In construction)

Otsuki

Japan

12

Operational

Total

 

1,270

 

The 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. The
5,900 MW include Pattern Development's interests in both its majority stake in Tokyo-based GPI and its joint venture with CEMEX Energia in Mexico. GPI has up to 1,000 MW of near and longer term wind and solar projects in development. The joint venture between Pattern Development and CEMEX Energia has a goal of developing 1,000 MW of wind and solar generation in Mexico over the next five years where recent reforms set a mandate of 35% of generation to come from clean resources by 2024.

Adjusted EBITDA and Cash Available for Distribution Non-GAAP Reconciliations
The following tables reconcile non-GAAP net income or loss to Adjusted EBITDA and net cash provided by operating activities to cash available for distribution, respectively, for the periods presented (in thousands):

 

Three months ended June 30,

 

Six months ended June 30,

 

2015

 

2014

 

2015

 

2014

Net income (loss)

$ 5,657

 

$ 7,167

 

$ (16,402)

 

$ (14,732)

Plus:

             

Interest expense, net of interest income

18,715

 

15,525

 

36,414

 

29,943

Tax provision

3,603

 

4,065

 

2,857

 

2,033

Depreciation, amortization and accretion

34,785

 

21,284

 

63,841

 

42,461

EBITDA

$ 62,760

 

$ 48,041

 

$ 86,710

 

$ 59,705

Unrealized loss on energy derivative

6,002

 

6,549

 

3,030

 

14,282

Interest rate derivative settlements

960

 

1,035

 

1,919

 

2,052

Unrealized (gain) loss on derivatives, net

(5,138)

 

2,942

 

(2,697)

 

6,665

Net loss (gain) on transactions

1,305

 

(14,537)

 

2,589

 

(14,537)

Plus, proportionate share from equity accounted investments:

             

      Interest expense, net of interest income

5,181

 

4,944

 

10,619

 

5,197

     Tax provision

-

 

102

 

-

 

102

     Depreciation, amortization and accretion

4,991

 

4,537

 

9,500

 

4,724

     Unrealized (gain) loss on interest rate and currency derivatives, net

(9,240)

 

5,236

 

1,894

 

17,831

     Realized loss on interest rate and currency derivatives

-

 

-

 

-

 

22

Adjusted EBITDA

$ 66,821

 

$ 58,849

 

$ 113,564

 

$ 96,043

 

     

 Three months ended June 30, 

 

 Six months ended June 30, 

     

2015

 

2014

 

2015

 

2014

Net cash provided by operating activities

$     32,361

 

$   44,417

 

$    48,600

 

$    60,822

Changes in operating assets and liabilities

2,521

 

(12,336)

 

(2,136)

 

(5,685)

Other

   

(148)

 

-

 

(292)

 

-

Network upgrade reimbursement 

 

618

 

618

 

1,236

 

1,236

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

1,501

 

7

 

1,501

 

61

Operations and maintenance capital expenditures

(283)

 

(40)

 

(321)

 

(94)

Transaction costs for acquisitions

 

1,357

 

1,128

 

1,777

 

1,128

Distributions from unconsolidated investment

7,771

 

-

 

13,847

 

-

Less:

                 

Distributions to noncontrolling interests 

(763)

 

(1,470)

 

(1,511)

 

(1,470)

Principal payments paid from operating cash flows 

(16,948)

 

(16,266)

 

(25,383)

 

(22,096)

Cash available for distribution

 

$     27,987

 

$   16,058

 

$    37,318

 

$   33,902

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 Monday, August 10, 2015. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (800) 524-8950 or (416) 260-0113 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
(888) 203-1112 or (647) 436-0148 and enter access code 5827702. The replay recording will be available until 11:59 p.m. Eastern Time, August 24, 2015.

A live webcast of the conference call will be also available on the events page in the investor section of Pattern'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 16 wind power projects with a total owned interest of 2,282 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects 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 the statements; the ability to achieve the YE 2019 owned capacity target, the ability to achieve its CAFD per share CAGR growth target, the anticipated commercial operations dates of the construction projects and projects on the identified ROFO list, and the ability of the joint venture between Pattern Development and CEMEX Energia to achieve its five-year development goal. 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

Sarah Webster

415-283-4076

sarah.webster(at)patternenergy.com

 

 

Pattern Energy Group Inc.

Consolidated Balance Sheets

(In thousands of U.S. dollars, except share data)

(Unaudited)

         
   

June 30,

 

December 31,

   

2015

 

2014

Assets

       

Current assets:

       

  Cash and cash equivalents

 

$   82,936

 

$    101,656

  Restricted cash

 

26,283

 

7,945

  Trade receivables

 

48,363

 

35,759

  Related party receivable

 

820

 

671

  Reimbursable interconnection costs 

 

1,286

 

2,532

  Derivative assets, current

 

18,415

 

18,506

  Current net deferred tax assets

 

307

 

318

  Prepaid expenses and other current assets 

 

26,041

 

27,954

  Deferred financing costs, current, net of accumulated amortization of $4,340 and 
    $3,493 as of June 30, 2015 and December 31, 2014, respectively

 

1,903

 

1,747

Total current assets

 

206,354

 

197,088

         

Restricted cash

 

17,142

 

39,745

Turbine advances

 

60,893

 

79,637

Construction in progress

 

338,906

 

26,195

Property, plant and equipment, net of accumulated depreciation of $429,939

and $278,291 as of June 30, 2015 and December 31, 2014, respectively

       
 

2,812,203

 

2,350,856

Unconsolidated investments 

 

147,644

 

29,079

Derivative assets

 

50,354

 

49,369

Deferred financing costs

 

4,838

 

5,166

Net deferred tax assets

 

6,927

 

5,474

Finite-lived intangible assets, net of accumulated amortization of $1,077 and $154 as of
  June 30, 2015 and December 31, 2014, respectively

       
 

101,082

 

1,257

Other assets 

 

31,646

 

11,421

Total assets

 

$   3,777,989

 

$   2,795,287

         

Liabilities and equity

       

Current liabilities:

       

  Accounts payable and other accrued liabilities

 

$   29,273

 

$    24,793

  Accrued construction costs

 

42,115

 

20,132

  Related party payable

 

881

 

5,757

  Accrued interest

 

5,423

 

3,634

  Dividends payable

 

24,563

 

15,734

  Derivative liabilities, current

 

19,788

 

16,307

  Revolving credit facility

 

250,000

 

50,000

  Current portion of long-term debt, net of financing costs of $10,166 and

    $11,868 as of June 30, 2015 and December 31, 2014, respectively

       
 

332,226

 

109,693

  Current net deferred tax liabilities

 

149

 

149

  Current portion of contingent liabilities

 

11,468

 

4,000

Total current liabilities

 

715,886

 

250,199

         

Long-term debt, net of financing costs of $22,883 and $24,887 as of
  June 30, 2015 and December 31, 2014, respectively

       
 

1,369,135

 

1,304,165

Derivative liabilities

 

27,495

 

17,467

Asset retirement obligations 

 

38,940

 

29,272

Net deferred tax liabilities

 

23,872

 

20,418

Contingent liabilities

 

1,189

 

175

Finite-lived intangible liability, net of accumulated amortization of $434 and $0 as of
  June 30, 2015 and December 31, 2014, respectively

       
 

59,866

 

-

Other long-term liabilities

 

9,576

 

8,857

Total liabilities 

 

2,245,959

 

1,630,553

         

Temporary equity - noncontrolling interests

 

35,000

 

-

         

Equity:

       

  Class A common stock, $0.01 par value per share: 500,000,000 shares authorized;
   69,237,919 and 62,062,841 shares outstanding as of June 30, 2015 and December 31,
   2014, respectively

 

693

 

621

  Additional paid-in capital

 

874,015

 

723,938

  Accumulated loss

 

(50,208)

 

(44,626)

  Accumulated other comprehensive loss

 

(50,634)

 

(45,068)

  Treasury stock, at cost; 36,523 and 25,465 shares of Class A common stock as of
   June 30, 2015 and December 31, 2014, respectively

 

(1,027)

 

(717)

  Total equity before noncontrolling interest

 

772,839

 

634,148

  Noncontrolling interest

 

724,191

 

530,586

Total equity  

 

1,497,030

 

1,164,734

Total liabilities, temporary equity, and equity

 

$   3,777,989

 

$    2,795,287

 

 

 

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, 

   

2015

 

2014

 

2015

 

2014

Revenue:

               

  Electricity sales

 

$   82,945

 

$    66,053

 

$   137,929

 

$    119,924

  Energy derivative settlements 

 

5,928

 

3,983

 

12,097

 

6,718

  Unrealized loss on energy derivative

 

(6,002)

 

(6,549)

 

(3,030)

 

(14,282)

  Related party revenue

 

872

 

949

 

1,675

 

1,462

  Other revenue

 

928

 

503

 

866

 

734

Total revenue

 

84,671

 

64,939

 

149,537

 

114,556

                 

Cost of revenue:

               

  Project expense

 

27,981

 

16,700

 

53,227

 

32,774

  Depreciation and accretion

 

34,342

 

21,284

 

63,398

 

42,461

Total cost of revenue

 

62,323

 

37,984

 

116,625

 

75,235

                 

Gross profit

 

22,348

 

26,955

 

32,912

 

39,321

                 

Operating expenses:

               

  General and administrative

 

8,870

 

6,288

 

15,091

 

10,191

  Related party general and administrative

 

1,621

 

1,383

 

3,429

 

2,663

Total operating expenses

 

10,491

 

7,671

 

18,520

 

12,854

                 

Operating income

 

11,857

 

19,284

 

14,392

 

26,467

                 

Other expense:

               

  Interest expense

 

(18,943)

 

(15,807)

 

(36,861)

 

(30,428)

  Interest rate derivative settlements

 

(960)

 

(1,035)

 

(1,919)

 

(2,052)

  Unrealized gain (loss) on derivatives

 

5,138

 

(2,942)

 

2,697

 

(6,665)

  Equity in earnings (losses) in
  unconsolidated investments

 

13,801

 

(3,688)

 

10,719

 

(16,236)

  Related party income

 

756

 

444

 

1,424

 

1,072

  Net (loss) gain on transactions

 

(1,305)

 

14,537

 

(2,589)

 

14,537

  Other (expense) income, net

 

(1,084)

 

439

 

(1,408)

 

606

Total other expense

 

(2,597)

 

(8,052)

 

(27,937)

 

(39,166)

                 

Net income (loss) before income tax

 

9,260

 

11,232

 

(13,545)

 

(12,699)

  Tax provision

 

3,603

 

4,065

 

2,857

 

2,033

Net income (loss)

 

5,657

 

7,167

 

(16,402)

 

(14,732)

Net loss attributable to noncontrolling interest

 

(8,660)

 

(4,032)

 

(10,820)

 

(11,042)

Net income (loss) attributable to controlling interest

 

$    14,317

 

$    11,199

 

$     (5,582)

 

$    (3,690)

                 

Earnings per share information:

               

Net income (loss) attributable to controlling interest

 

$    14,317

 

$    11,199

 

$     (5,582)

 

$    (3,690)

Cash dividends declared on Class A common shares

 

(24,380)

 

(14,981)

 

(48,003)

 

(26,138)

Deemed dividends on Class B common shares

 

-

 

(7,457)

 

-

 

(7,457)

Net loss attributable to common stockholders

 

$   (10,063)

 

$   (11,239)

 

$    (53,585)

 

$   (37,285)

                 

Weighted average number of shares:

               

Class A common stock - Basic

 

68,943,707

 

41,174,697

 

67,426,286

 

38,331,595

Class A common stock - Diluted

 

69,147,260

 

41,510,219

 

67,426,286

 

53,886,595

Class B common stock - Basic and diluted

 

-

 

15,555,000

 

-

 

15,555,000

                 

Earnings (loss) per share

               

Class A common stock:

               

  Basic earnings (loss) per share

 

$     0.21

 

$     0.17

 

$     (0.08)

 

$     (0.01)

  Diluted earnings (loss) per share

 

$     0.21

 

$     0.16

 

$     (0.08)

 

$     (0.07)

                 

Class B common stock:

               

Basic and diluted earnings (loss) per share

 

$           -

 

$     0.28

 

$            -

 

$     (0.21)

                 

Dividends declared per Class A common share

 

$      0.35

 

$     0.32

 

$      0.71

 

$      0.63

                 

Deemed dividends per Class B common share

 

$            -

 

$     0.48

 

$            -

 

$      0.48

 

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows 

(In thousands of U.S. dollars)

(Unaudited)

         
   

 Six months ended June 30, 

   

2015

 

2014

Operating activities

       

Net loss

 

$    (16,402)

 

$   (14,732)

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

       

  Depreciation, amortization and accretion

 

63,841

 

42,461

  Loss on disposal of equipment

 

347

 

-

  Amortization of financing costs

 

3,636

 

2,848

  Unrealized loss on derivatives

 

333

 

20,947

  Stock-based compensation

 

1,989

 

2,175

  Net gain on transactions

 

-

 

(16,526)

  Deferred taxes

 

2,616

 

2,033

  Equity in (earnings) losses in unconsolidated investments

 

(10,719)

 

16,236

  Unrealized loss on exchange rate changes

 

823

 

-

  Changes in operating assets and liabilities:

       

   Trade receivables

 

(4,924)

 

(13,895)

   Prepaid expenses and other current assets

 

3,441

 

20,253

   Other assets (non-current)

 

(99)

 

(305)

   Accounts payable and other accrued liabilities

 

615

 

348

   Related party receivable/payable

 

(7)

 

(1,053)

   Income taxes payable/receivable

 

-

 

128

   Accrued interest payable

 

689

 

(11)

   Contingent liabilities

 

1,151

 

-

   Long-term liabilities

 

1,270

 

(85)

Net cash provided by operating activities

 

48,600

 

60,822

         

Investing activities

       

Cash paid for acquisitions, net of cash acquired

 

(404,377)

 

(163,589)

Decrease in restricted cash

 

25,277

 

1,316

Increase in restricted cash

 

(6,966)

 

(2)

Capital expenditures

 

(216,499)

 

(544)

Distribution from unconsolidated investments

 

13,847

 

-

Contribution to unconsolidated investments

 

-

 

(1,880)

Reimbursable interconnection receivable

 

1,246

 

1,417

Other assets

 

(6,074)

 

1,236

Net cash used in investing activities

 

(593,546)

 

(162,046)

         

Financing activities

       

Proceeds from public offering, net of expenses

 

196,591

 

287,943

Repurchase of shares for employee tax withholding

 

(310)

 

(55)

Dividends paid

 

(39,170)

 

(22,170)

Payment for deferred equity issuance costs

 

(2,204)

 

-

Capital distributions - noncontrolling interest

 

(1,511)

 

(1,470)

Decrease in restricted cash

 

18,532

 

13,508

Increase in restricted cash

 

(21,718)

 

(8,840)

Refund of deposit for letters of credit

 

3,425

 

-

Payment for deferred financing costs

 

(5,614)

 

(542)

Proceeds from revolving credit facility

 

250,000

 

-

Repayment of revolving credit facility

 

(50,000)

 

-

Repayment of VAT facility

 

-

 

(14,840)

Proceeds from construction loan

 

206,184

 

-

Repayment of long-term debt

 

(25,383)

 

(22,096)

Net cash provided by financing activities

 

528,822

 

231,438

         

Effect of exchange rate changes on cash and cash equivalents

 

(2,596)

 

255

Net change in cash and cash equivalents

 

(18,720)

 

130,469

Cash and cash equivalents at beginning of period  

 

101,656

 

103,569

Cash and cash equivalents at end of period

 

$        82,936

 

$       234,038

         

Supplemental disclosure

       

    Cash payments for interest expenses, net of capitalized interest

 

$        24,447

 

$         27,296

    Acquired property, plant and equipment from acquisitions

 

579,712

 

671,068

Schedule of non-cash activities

       

    Change in fair value of designated interest rate swaps

 

6,299

 

(20,344)

    Change in property, plant and equipment

 

21,094

 

(40,729)

    Non-cash deemed dividends on Class B convertible common stock

 

-

 

7,457

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pattern-energy-reports-second-quarter-results-300125872.html

SOURCE: Pattern Energy Group Inc.

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