Pattern Energy Group Inc.'s board of directors has approved the introduction of a quarterly dividend on the company's Class A common stock. Pattern says the board has declared a quarterly cash dividend of $0.3125 per Class A share for the fourth quarter, which represents $1.25 on an annualized basis. The dividend will be paid on Jan. 30, 2014, to shareholders of record as of Dec. 31, 2013.
"The introduction of a quarterly dividend demonstrates our confidence in the company's performance and its ability to generate stable, sustainable cashflows from our portfolio of wind power assets," says Mike Garland, president and CEO of Pattern.
"With long-term contracted revenue streams from our existing assets and an identified pipeline of attractive growth opportunities, Pattern is well-positioned to provide returns to shareholders in the form of a dividend, which we will look to increase as we grow our cashflow per share."