Pattern Energy Group, a U.S.-based independent power company and big wind player, says newly commissioned wind projects helped its proportional electricity sales rise 94% year-over-year (YOY) during the third quarter of 2014 (Q3'14). Furthermore, the company says its adjusted EBITDA reached $44.3 million in the third quarter, up 39% from Q3'13, and revenue increased 25% YOY to $71.5 million.
According to Pattern's Q3'14 financial results report, the company sold 710,325 MWh of electricity on a proportional basis during the quarter, compared to 365,766 MWh sold in the same period in 2013. Pattern says the increase is primarily attributable to the commencement of commercial operations at the South Kent, Panhandle 1 and El Arrayan wind projects, as well as a boost in production at the Ocotillo wind farm.
Pattern Energy notes that it has the right of first offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development and has added three new projects to its identified ROFO list.
"It was a strong quarter as our production and cashflows clearly demonstrate," says Mike Garland, president and CEO of Pattern Energy. "We continue to add projects to our list of identified ROFO projects, which now totals 724 MW of owned capacity – including our first solar project, which is ready for financing in Chile.
"Our identified ROFO projects provide a clear view of our growth pipeline, while our track record of successfully bringing projects online demonstrates our ability to execute," continues Garland. "With two more projects scheduled to commence commercial operations this year, we expect to enter 2015 with strong momentum."