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Pattern Energy Reports Third Quarter Results

By Pattern Energy Operations LP
November 5th, 2015
PR Newswire

$22.3 million in Q3 CAFD positions Pattern Energy to achieve 2015 CAFD annual estimate -

- Declares increased dividend of $0.372 per Class A common share for fourth quarter 2015 -

San Francisco, Nov. 5, 2015 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the third quarter of 2015.

pattern_logo.jpg

Highlights

(Comparisons made between fiscal Q3 2015 and fiscal Q3 2014 results, unless otherwise noted)

  • Cash available for distribution (CAFD) of $22.3 million, up 104%
  • Adjusted EBITDA of $58.7 million, up 32%
  • Proportional GWh sold of 1,256 GWh, up 77%
  • Revenue of $89.7 million, up 25%
  • Declared a fourth quarter dividend of $0.372 per Class A common share or $1.49 on an annualized basis, subsequent to the end of the period, representing a 2.5% increase over the previous quarter's dividend
  • Increased owned capacity to 2,282 MW with the acquisition of the remaining interests of the 283 MW Gulf Wind project resulting in 100% ownership and subsequently recapitalized the project by repaying the short maturity project debt with corporate capital
  • Commenced commercial operations at the 200 MW Logan's Gap project in which the Company holds an owned interest of 164 MW
  • Completed a $350 million capital raise consisting of a $225 million convertible note private placement and a $125 million common equity public offering
  • Increased available borrowings under its existing revolving credit facility from $350.0 million to $450.0 million
  • Refinanced project-level debt at Lost Creek, and subsequent to the end of the quarter, Spring Valley, which reduced borrowing costs through lower interest rates and tenures aligned with contracted offtake agreements
  • Re-iterated 2015 cash available for distribution estimate of $81 million to $87 million
  • Announced no new capital required to be raised to fund 16 existing assets, including Amazon Wind Farm (Fowler Ridge) which is in construction and scheduled to commence operations in the fourth quarter of 2015

"We have achieved substantial growth since our IPO. Our existing asset base will also continue to produce increased CAFD through next year compared to 2015, without any further capital requirements," said Mike Garland, President and CEO of Pattern Energy. "We believe we are well positioned to grow our business with our existing asset base and cash flows, the absence of any IDRs, our internal management structure and the high degree of flexibility provided by our private sponsor."

Financial Results

Pattern Energy sold 1,256,403 MWh of electricity on a proportional basis in the third quarter of 2015 compared to 710,326 MWh sold in the same period in 2014. Pattern Energy sold 3,390,081 MWh of electricity on a proportional basis for the nine months ended September 30, 2015 compared to 2,026,235 MWh sold in the same period in 2014. These increases are primarily the result of the commencement of commercial operations at various projects throughout 2014 and 2015 and the acquisition of new projects in 2015. Specifically, commencement of commercial operations at Panhandle 2, Grand, K2 and Logan's Gap and the acquisitions of Lost Creek, Post Rock and noncontrolling interests in Gulf Wind impacted both the quarterly and year-to-date periods. The year-to-date increase was also positively impacted by the first full period contribution from commencement of commercial operations at South Kent, Panhandle 1 and El Arrayán at various times during 2014. Overall, production met the Company's expectations for the third quarter compared to its long-term forecast.

Net loss was $35.3 million in the third quarter of 2015, compared to $9.3 million in the same period last year.  The changes in net loss are primarily due to third quarter other expense items associated with Gulf Wind's early extinguishment of debt and termination of associated interest rate instruments. In addition, the net loss for the third quarter increased due to unrealized losses on interest rate derivatives, and losses in unconsolidated investments as a result of decreasing forward interest rate curves.

Net loss was $51.7 million for the nine months ended September 30, 2015 compared to $24.0 million for the same period in 2014 due primarily to the third quarter other expense items associated with Gulf Wind's early extinguishment of debt, offset by increased earnings in unconsolidated investments.

Adjusted EBITDA was $58.7 million for the third quarter of 2015 compared to $44.3 million in the same period last year. Adjusted EBITDA was $172.3 million for the nine months ended September 30, 2015 compared to $140.4 million in the same period last year. The increases in adjusted EBITDA for the quarterly and year-to-date periods were primarily attributable to the commencement of commercial operations at various projects throughout 2014 and 2015 and the acquisitions in 2015, both of which are referenced above. The increase in the year-to-date period was also impacted by a $5.8 million increase in energy derivative settlements at Gulf Wind recorded during the nine months ended September 30, 2015 compared to the same period last year. Reconciliations of Adjusted EBITDA to net loss determined in accordance with GAAP for both the quarterly and nine-month periods are shown below.

Cash available for distribution was $22.3 million in the third quarter of 2015 compared to $10.9 million in the same period last year. The increase is primarily attributable to electricity sales from the commencement of operations and the acquisitions referenced above, a $4.9 million increase in cash distributions from unconsolidated investments, and a $5.4 million cash distribution from the partial refund of a deposit associated with the Gulf Wind energy derivative. These increases were partially offset by increases in project expenses of approximately $5.0 million, operating expenses of $1.8 million and interest expense of $1.9 million primarily from the commencement of operations at Panhandle 2 and Logan's Gap as well as the acquisitions of Lost Creek and Post Rock.

Cash available for distribution was $59.6 million for the nine months ended September 30, 2015 compared to $44.8 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, an $18.8 million increase in cash distributions from unconsolidated investments, and a $5.8 million increase from energy derivative settlements and a $5.4 million cash distribution from the partial refund of a deposit associated with the Gulf Wind energy derivative. These increases were partially offset by increases in project expenses of $25.5 million, operating expenses of $7.5 million, interest expense of $8.4 million, primarily from the commencement of operations at Panhandle 1, El Arrayán, Panhandle 2, and Logan's Gap and the acquisitions of Lost Creek and Post Rock.

Reconciliations of cash available for distribution to net cash provided by operating activities for both the quarterly and nine-month periods determined in accordance with GAAP are shown below.

Quarterly Dividend

Pattern Energy declared an increased dividend for the fourth quarter 2015, payable on January 29, 2016, to holders of record on December 31, 2015, in the amount of $0.372 per Class A share, which represents $1.49 on an annualized basis. This is a 2.5 percent increase from the third quarter 2015 dividend of $0.363.

Construction Pipeline

The table below outlines Pattern Energy's Amazon Wind Farm (Fowler Ridge) project currently in construction, the capacity owned and the project's anticipated commencement date for commercial operation.

Asset

Location

 

Owned MW

 

Commercial Operation

Amazon Wind Farm (Fowler Ridge)

Indiana

 

116

 

Q4 2015

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.

Acquisition Pipeline

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

On August 7, 2015, Pattern Development, through two of its subsidiaries entered into two 20-year Power Purchase Agreements (PPA) with the Southern California Edison Company in connection with 297 MW of a 497 MW gross capacity wind power project, referred to as "Broadview" and based in Curry County, New Mexico, that was previously added to the identified ROFO list. Subsequent to the end of the quarter, on October 20, 2015, Pattern Development entered into a 25-year PPA with the Sacramento Municipal Utility District in connection with the remaining 200 MW of the wind project, referred to as " Grady." The project, which is being built in multiple phases, will deliver wind power directly into California.

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

 

In construction

Meikle

 

British Columbia

 

180

 

In construction

Conejo Solar

 

Chile

 

84

 

In construction

Belle River

 

Ontario

 

50

 

Securing final permits

Henvey Inlet

 

Ontario

 

150

 

Late stage development

Mont Sainte-Marguerite

 

Québec

 

147

 

Late stage development

North Kent

 

Ontario

 

43

 

Late stage development

Broadview/Grady

 

New Mexico

 

398

 

Late stage development

Tsugaru

 

Japan

 

63

 

Late stage development

Ohorayama

 

Japan

 

31

 

Late stage development

Kanagi Solar

 

Japan

 

5

 

In construction

Futtsu Solar

 

Japan

 

17

 

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 includes 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 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 September 30,

 

Nine months ended September 30,

 

2015

 

2014

 

2015

 

2014

Net loss

$

(35,332)

 

$

(9,281)

 

$

(51,734)

 

$

(24,013)

Plus:

             

Interest expense, net of interest income

18,278

 

17,742

 

54,692

 

47,685

Tax (benefit) provision

(2,181)

 

(3,538)

 

676

 

(1,505)

Depreciation, amortization and accretion

40,241

 

30,015

 

104,082

 

72,476

EBITDA

$

21,006

 

$

34,938

 

$

107,716

 

$

94,643

Unrealized (gain) loss on energy derivative

(4,630)

 

(3,139)

 

(1,600)

 

11,143

Interest rate derivative settlements

2,412

 

1,030

 

4,331

 

3,082

Unrealized loss (gain) on derivatives, net

5,090

 

(66)

 

2,393

 

6,599

Realized loss on derivatives

9,810

 

 

9,810

 

Early extinguishment of debt

4,113

 

 

4,113

 

Net loss (gain) on transactions

74

 

68

 

2,663

 

(14,469)

Plus, proportionate share from equity accounted investments:

             

Interest expense, net of interest income

6,466

 

4,000

 

17,085

 

9,197

Tax provision

 

 

 

102

Depreciation, amortization and accretion

6,746

 

4,299

 

16,246

 

9,023

Unrealized loss on interest rate and currency derivatives, net

7,637

 

3,215

 

9,531

 

21,046

Realized loss on interest rate and currency derivatives

 

 

 

22

Adjusted EBITDA

$

58,724

 

$

44,345

 

$

172,288

 

$

140,388

 
 

Three months ended September 30,

 

Nine months ended September 30,

 

2015

 

2014

 

2015

 

2014

Net cash provided by operating activities

$

34,682

 

$

23,078

 

$

83,282

 

$

83,900

Changes in operating assets and liabilities

(4,293)

 

(2,035)

 

(6,429)

 

(7,720)

Network upgrade reimbursement

618

 

1,236

 

1,854

 

2,472

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

 

149

 

1,501

 

210

Operations and maintenance capital expenditures

27

 

(40)

 

(294)

 

(134)

Transaction costs for acquisitions

49

 

 

1,826

 

1,128

Distributions from unconsolidated investment

9,647

 

4,704

 

23,494

 

4,704

Reduction of other asset - Gulf Wind energy derivative deposit

5,355

 

 

5,355

 

Other

(1,261)

 

 

(1,553)

 

Less:

             

Distributions to noncontrolling interests

(2,871)

 

 

(4,382)

 

(1,470)

Principal payments paid from operating cash flows (1)

(19,674)

 

(16,149)

 

(45,057)

 

(38,245)

Cash available for distribution

$

22,279

 

$

10,943

 

$

59,597

 

$

44,845

 

(1) Principal payments paid from operating cash flows includes a principal payment on the Lost Creek debt that was due September 30, 2015 and paid subsequently on October 1, 2015 due to an administrative delay.

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 Thursday, November 5, 2015. 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 61362931. The replay recording will be available until 11:59 p.m. Eastern Time, November 18, 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 facilities 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 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 achieve the 2015 CAFD estimate, the ability to not require new capital to fund existing assets, the ability of the existing asset base to continue to produce increased CAFD through next year compared to 2015 without further capital requirements, achieve the CAFD run rate target, the anticipated commercial operation date of the construction project 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)

 

September 30, 2015

 

December 31,
 2014

Assets

     

Current assets:

     

Cash and cash equivalents

$

103,196

 

$

101,656

Restricted cash

18,111

 

7,945

Trade receivables

37,540

 

35,759

Related party receivable

689

 

671

Reimbursable interconnection costs

663

 

2,532

Derivative assets, current

21,912

 

18,506

Current net deferred tax assets

307

 

318

Prepaid expenses and other current assets

23,595

 

27,954

Deferred financing costs, current, net of accumulated amortization of $4,699 and $3,493 as of September 30, 2015 and December 31, 2014, respectively

1,991

 

1,747

Total current assets

208,004

 

197,088

Restricted cash

34,196

 

39,745

Turbine advances

25,956

 

79,637

Construction in progress

180,115

 

26,195

Property, plant and equipment, net of accumulated depreciation of $370,713 and $278,291 as of September 30, 2015 and December 31, 2014, respectively

3,066,461

 

2,350,856

Unconsolidated investments

115,177

 

29,079

Derivative assets

47,033

 

49,369

Deferred financing costs

4,926

 

5,166

Net deferred tax assets

12,112

 

5,474

Finite-lived intangible assets, net of accumulated amortization of $2,761 and $154 as of September 30, 2015 and December 31, 2014, respectively

99,398

 

1,257

Other assets

27,906

 

11,421

Total assets

$

3,821,284

 

$

2,795,287

 

Liabilities and equity

     

Current liabilities:

     

Accounts payable and other accrued liabilities

$

36,107

 

$

24,793

Accrued construction costs

43,610

 

20,132

Related party payable

1,312

 

5,757

Accrued interest

6,598

 

3,634

Dividends payable

27,384

 

15,734

Derivative liabilities, current

16,360

 

16,307

Revolving credit facility

245,000

 

50,000

Current portion of long-term debt, net of financing costs of $5,082 and $11,868 as of September 30, 2015 and December 31, 2014, respectively

202,580

 

109,693

Current net deferred tax liabilities

149

 

149

Current portion of contingent liabilities

8,910

 

4,000

Total current liabilities

588,010

 

250,199

Long-term debt, net of financing costs of $19,959 and $24,887 as of September 30, 2015 and December 31, 2014, respectively

1,204,848

 

1,304,165

Convertible senior notes, net of financing costs of $5,271 and $0 as of September 30, 2015 and December 31, 2014, respectively

196,191

 

Derivative liabilities

33,203

 

17,467

Asset retirement obligations

41,553

 

29,272

Net deferred tax liabilities

24,140

 

20,418

Contingent liabilities

1,070

 

175

Finite-lived intangible liability, net of accumulated amortization of $1,301 and $0 as of September 30, 2015 and December 31, 2014, respectively

58,999

 

Other long-term liabilities

8,757

 

8,857

Total liabilities

2,156,771

 

1,630,553

Equity:

     

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 74,671,950 and 62,062,841 shares outstanding as of September 30, 2015 and December 31, 2014, respectively

747

 

621

Additional paid-in capital

1,009,381

 

723,938

Accumulated loss

(79,613)

 

(44,626)

Accumulated other comprehensive loss

(75,666)

 

(45,068)

Treasury stock, at cost; 37,492 and 25,465 shares of Class A common stock as of September 30, 2015 and December 31, 2014, respectively

(1,048)

 

(717)

Total equity before noncontrolling interest

853,801

 

634,148

Noncontrolling interest

810,712

 

530,586

Total equity

1,664,513

 

1,164,734

Total liabilities and equity

$

3,821,284

 

$

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 September 30,

 

Nine months ended September 30,

 

2015

 

2014

 

2015

 

2014

Revenue:

             

Electricity sales

$

80,657

   

$

64,251

   

$

218,586

   

$

184,175

 

Energy derivative settlements

2,969

   

2,591

   

15,066

   

9,309

 

Unrealized gain (loss) on energy derivative

4,630

   

3,139

   

1,600

   

(11,143)

 

Related party revenue

955

   

868

   

2,630

   

2,330

 

Other revenue

486

   

670

   

1,352

   

1,404

 

Total revenue

89,697

   

71,519

   

239,234

   

186,075

 

Cost of revenue:

             

Project expense

28,848

   

23,835

   

82,075

   

56,609

 

Depreciation and accretion

38,599

   

30,015

   

101,997

   

72,476

 

Total cost of revenue

67,447

   

53,850

   

184,072

   

129,085

 

Gross profit

22,250

   

17,669

   

55,162

   

56,990

 

Operating expenses:

             

General and administrative

7,218

   

5,772

   

22,309

   

15,963

 

Related party general and administrative

1,887

   

1,492

   

5,316

   

4,155

 

Total operating expenses

9,105

   

7,264

   

27,625

   

20,118

 

Operating income

13,145

   

10,405

   

27,537

   

36,872

 

Other expense:

             

Interest expense

(19,941)

   

(17,999)

   

(56,802)

   

(48,427)

 

Interest rate derivative settlements

(2,412)

   

(1,030)

   

(4,331)

   

(3,082)

 

Unrealized (loss) gain on derivatives, net

(5,090)

   

66

   

(2,393)

   

(6,599)

 

Realized loss on derivatives, net

(9,810)

   

   

(9,810)

   

 

Equity in (losses) earnings in unconsolidated investments

(9,951)

   

(5,002)

   

768

   

(21,238)

 

Related party income

605

   

664

   

2,029

   

1,736

 

Early extinguishment of debt

(4,113)

   

   

(4,113)

   

 

Net (loss) gain on transactions

(74)

   

(68)

   

(2,663)

   

14,469

 

Other income (expense), net

128

   

145

   

(1,280)

   

751

 

Total other expense

(50,658)

   

(23,224)

   

(78,595)

   

(62,390)

 

Net loss before income tax

(37,513)

   

(12,819)

   

(51,058)

   

(25,518)

 

Tax (benefit) provision

(2,181)

   

(3,538)

   

676

   

(1,505)

 

Net loss

(35,332)

   

(9,281)

   

(51,734)

   

(24,013)

 

Net loss attributable to noncontrolling interest

(5,927)

   

(2,073)

   

(16,747)

   

(13,115)

 

Net loss attributable to controlling interest

$

(29,405)

   

$

(7,208)

   

$

(34,987)

   

$

(10,898)

 

Loss per share information:

             

Net loss attributable to controlling interest

$

(29,405)

   

$

(7,208)

   

$

(34,987)

   

$

(10,898)

 

Dividends declared on Class A common shares

(27,113)

   

(15,258)

   

(75,117)

   

(41,395)

 

Deemed dividends on Class B common shares

N/A

   

(7,222)

   

N/A

   

(14,679)

 

Undistributed loss attributable to common stockholders

$

(56,518)

   

$

(29,688)

   

$

(110,104)

   

$

(66,972)

 

Weighted average number of shares:

             

Class A common stock - Basic

72,789,583

   

46,317,932

   

69,233,698

   

41,022,962

 

Class A common stock - Diluted

72,789,583

   

46,317,932

   

69,233,698

   

56,577,962

 

Class B common stock - Basic and diluted

N/A

   

15,555,000

   

N/A

   

15,555,000

 

Loss per share

             

Class A common stock:

             

Basic loss per share

$

(0.40)

   

$

(0.15)

   

$

(0.51)

   

$

(0.17)

 

Diluted loss per share

$

(0.40)

   

$

(0.15)

   

$

(0.51)

   

$

(0.19)

 

Class B common stock:

             

Basic and diluted loss per share

N/A

   

$

(0.02)

   

N/A

   

$

(0.24)

 

Dividends declared per Class A common share

$

0.36

   

$

0.33

   

$

1.06

   

$

0.96

 

Deemed dividends per Class B common share

N/A

   

$

0.46

   

N/A

   

$

0.94

 

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

(Unaudited)

 
 
 

Nine months ended September 30,

 

2015

 

2014

Operating activities

     

Net loss

$

(51,734)

   

$

(24,013)

 

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

     

Depreciation, amortization and accretion

102,108

   

72,476

 

Loss on disposal of equipment

398

   

 

Amortization of financing costs

5,581

   

4,246

 

Unrealized loss on derivatives, net

793

   

17,742

 

Stock-based compensation

3,234

   

3,128

 

Net gain on transactions

   

(16,526)

 

Deferred taxes

340

   

(1,505)

 

Equity in (earnings) losses in unconsolidated investments

(813)

   

21,238

 

Unrealized loss on exchange rate changes

823

   

 

Amortization of power purchase agreements, net

1,175

   

 

Amortization of debt discount/premium, net

798

   

 

Realized loss on derivatives, net

10,192

   

 

Early extinguishment of debt

3,958

   

 

Changes in operating assets and liabilities:

     

Trade receivables

5,657

   

(5,255)

 

Prepaid expenses and other current assets

(2,589)

   

13,139

 

Other assets (non-current)

(2,022)

   

(503)

 

Accounts payable and other accrued liabilities

4,180

   

1,642

 

Related party receivable/payable

506

   

(1,017)

 

Accrued interest payable

1,970

   

(917)

 

Contingent liabilities

764

   

 

Long-term liabilities

83

   

25

 

Increase in restricted cash

(2,120)

   

 

Net cash provided by operating activities

83,282

   

83,900

 

Investing activities

     

Cash paid for acquisitions, net of cash acquired

(406,284)

   

(167,585)

 

Decrease in restricted cash

41,820

   

23,861

 

Increase in restricted cash

(33,890)

   

(10,406)

 

Capital expenditures

(315,954)

   

(18,615)

 

Distribution from unconsolidated investments

23,494

   

17,104

 

Contribution to unconsolidated investments

   

(2,320)

 

Reimbursable interconnection receivable

1,869

   

1,418

 

Other assets

2,781

   

2,472

 

Net cash used in investing activities

(686,164)

   

(154,071)

 

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

(Unaudited)

 
 

Nine months ended September 30,

 

2015

 

2014

Financing activities

     

Proceeds from public offering, net of expenses

317,822

   

286,834

 

Proceeds from issuance of convertible senior notes, net of issuance costs

219,557

   

 

Proceeds from exercise of stock options

   

273

 

Repurchase of shares for employee tax withholding

(331)

   

(380)

 

Dividends paid

(63,455)

   

(37,104)

 

Payment for deferred equity issuance costs

(1,940)

   

 

Buyout of noncontrolling interest

(121,224)

   

 

Capital contributions - noncontrolling interest

193,064

   

2,550

 

Capital distributions - noncontrolling interest

(4,382)

   

(1,470)

 

Decrease in restricted cash

41,429

   

13,508

 

Increase in restricted cash

(41,184)

   

(13,508)

 

Refund of deposit for letters of credit

3,425

   

 

Payment for deferred financing costs

(8,445)

   

(603)

 

Proceeds from revolving credit facility

295,000

   

 

Repayment of revolving credit facility

(100,000)

   

 

Proceeds from construction loans

294,502

   

1,087

 

Repayment of long-term debt

(405,036)

   

(53,085)

 

Payment for interest rate derivatives

(11,061)

   

 

Net cash provided by financing activities

607,741

   

198,102

 

Effect of exchange rate changes on cash and cash equivalents

(3,319)

   

(842)

 

Net change in cash and cash equivalents

1,540

   

127,089

 

Cash and cash equivalents at beginning of period

101,656

   

103,569

 

Cash and cash equivalents at end of period

$

103,196

   

$

230,658

 

Supplemental disclosures

     

Cash payments for interest expense, net of capitalized interest

$

38,241

   

$

43,040

 

Acquired property, plant and equipment from acquisitions

579,712

   

674,743

 

Schedule of non-cash activities

     

Change in fair value of designated interest rate swaps

4,510

   

(18,541)

 

Change in property, plant and equipment

20,744

   

(97,051)

 

Non-cash deemed dividends on Class B convertible common stock

   

14,679

 

Non-cash increase in additional paid-in capital from buyout of noncontrolling interests

16,715

   

 

Equity issuance costs paid in prior period related to current period offerings

433

   

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pattern-energy-reports-third-quarter-results-300173024.html

SOURCE: Pattern Energy Group Inc.

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