San Francisco-headquartered Pattern Energy Group Inc. has announced its financial results for the third quarter, which saw revenue of $91.9 million – representing a 2% increase compared with the third quarter of last year.
Pattern Energy says it sold 1,472,300 MWh of electricity on a proportional basis, compared with 1,260,385 MWh sold in the same period last year. In total, for the first nine months of 2016, the company sold 4,988,621 MWh of electricity on a proportional basis, compared with 3,421,791 MWh sold in the same period last year.
According to Pattern, the increase for the quarterly period was mostly attributable to volume increases of 200,289 MWh from controlling interests in consolidated MWh primarily from projects that have commenced operations since September 2015 and from 11,626 MWh in unconsolidated investments.
Pattern adds that its net loss was $11.1 million in the third quarter of 2016, compared with $35.3 million for the same period last year (an improvement of 69%). Net loss was $55.7 million for the first nine months of the year, compared with $51.7 million in the same period last year.
“Our fleet of high-quality wind assets continues to perform well. Production was in line with our long-term forecast for Q3, as we expected, with the dissipation of El Niño,” said Mike Garland, president and CEO of Pattern Energy. “We successfully accessed the public capital markets during the quarter, raising approximately $286 million in growth capital to fund accretive new dropdowns.
“With that funding, we have already acquired a 90 MW owned capacity in Armow from Pattern Development at a 9.5x to 10.5x average cash available for distribution multiple over five years,” he continued. Last month, Pattern Energy Group completed its acquisition of a 90 MW interest in the 179 MW Armow Wind power facility in Ontario from Pattern Energy Group LP.
Earlier this year, Pattern Energy Group committed to acquire interests in the 324 MW Broadview Wind power facility in New Mexico, as well as an associated transmission line, from Pattern Energy Group LP.
“With the addition of Broadview, which we expect will commence commercial operations late first quarter or early second quarter of 2017, our portfolio now totals 2,644 MW in owned interest,” Garland added.
“We also have clear visibility to 36 percent growth in total portfolio capacity from our identified [right of first offer (ROFO)] list with Pattern Development. We have sufficient available liquidity to make additional dropdowns, and we expect to grow the identified ROFO in the coming months as part of our plan to expand the portfolio to our target of 5 GW of owned capacity by the end of 2019.”