Pattern losses mount
Earnings also fall at US developer in the third quarter of 2017
Pattern Energy made a loss of $48.4m in the third quarter of 2017, compared with an $11.1m loss in the same period last year.
The quarterly loss brings the US company’s net loss for the first three quarters of 2017 to $60.5m from $55.7m in 2016.
Pattern said the third quarter loss was mainly down to “increases of $18.7m in the cost of revenues due to the acquisitions in 2017 and $24.4m in other expenses”.
The other expenses related to a decrease in “earnings in unconsolidated investments, net of increases to interest expense, loss on undesignated derivatives and realised loss on designated derivatives”.
Adjusted EBITDA stood at $54.7m in the third quarter of 2017, down from $62.3m last year.
The company sold 1,513,997MWh of electricity in the third quarter of the year, compared with 1,472,300MWh in the same period last year.
The increase was mainly down to the acquisition of new projects, which was partially offset by unfavourable wind conditions that saw quarterly production 15% lower than the long-term average, it added.
In total in 2017, the company has sold 5,663,782MWh of electricity, up from 4,988,621MWh in 2016.
Image: Pattern Energy