Pattern Energy Group says its revenue reached $65 million in the second quarter of fiscal 2014 (Q2'14), an 11% increase from Q2'13, and the company's adjusted EBITDA was $58.8 million, up 28% year-over-year.
The independent power company says wind levels across its fleet were at the long-term expected average. Owned megawatts increased to 1,472 MW with the acquisitions of a 172 MW interest in the Panhandle 1 project and an additional 44 MW interest in the El Arrayan project. Pattern's proportional electricity sales increased 55% from Q2'13, reaching 770 GWh.
‘It was a strong quarter in which we improved our performance and continued to execute on our growth strategy,’ says Mike Garland, president and CEO of Pattern Energy. He adds, ‘The acquisition and startup of the Panhandle 1 and El Arrayan projects grew our portfolio and allowed us to increase our distribution for the second consecutive quarter in anticipation of increased [cash available for distribution.]"
Meanwhile, Pattern's net loss for the six months ended June 30 was $14.7 million, compared to net income of $25.2 million in the same period last year. The company says the change in net income was due primarily to unrealized losses on interest rate derivatives this year.