Pattern earnings grow
Electricity sales and acquisitions boost EBITDA in first half of year
Pattern Energy adjusted earnings increased to more than $190m in the first half of 2017, up from over $156m in the same period last year.
The company was boosted by increased electricity sales this year, rising to 4,135,510 megawatt-hours, compared with 3,515,871MWh last year.
The increase was mainly down to more “favourable wind conditions” in the latest period than last year. The acquisitions of Broadview and Armow also improved the sales, it added.
Pattern made a net loss in the first six months of the year of just over $12m. However, this was an improvement on the almost $45m loss in the first half of last year.
The company said that it has expanded its pipeline of projects under development to 10GW.
Pattern Energy president and chief executive Mike Garland said: “Pattern Energy is stronger today, with access to a larger pipeline, higher returns through our direct involvement in the development business, improved alignment with both the development business and our new shareholder, PSP Investments, through the co-investment relationship, as well as access to capital to fund growth without relying solely on debt or equity.”
The company announced a series of initiatives in June totalling almost $1bn to help boost its renewables portfolio.
Image: Pattern Energy