Independent power company Pattern Energy Group Inc. has reported an EBITDA of $141.8 million for 2013, up 88% from 2012. The company's revenue rose 76% year-over-year to $202 million in 2013, and owned megawatts increased by 214 MW (21%).
However, net income in the fourth quarter of last year was a loss of $19.4 million, compared to a loss of $4.5 million for the same period the previous year. The company says this was "primarily due to unrealized losses attributable to its energy hedge and to the impact of recording a U.S. income tax valuation allowance on certain deferred tax assets that were contributed to the company at the time of its [initial public offering (IPO)], partially offset by unrealized gains attributable to interest rate swaps." Pattern Energy closed its $352 million IPO in October 2013.
Last year, Pattern Energy acquired 45% of the 149 MW Grand Renewable wind power project in Ontario and made a commitment to acquire 81% of the 182 MW Panhandle 2 wind power project in Texas upon its completion. The company's portfolio now totals 10 wind power projects, including Panhandle 2, with a total owned capacity of 1,255 MW.
Mike Garland, president and CEO of Pattern Energy, calls 2013 a "tremendous year" for the company. "[W]e are optimally positioned to grow our portfolio of world-class wind power projects, which will increase our cash available for distribution and allow us to grow the quarterly dividend."