Pattern losses mount
Transmission repairs and weaker than expected wind resources hit developer
Pattern Energy was $82.4m in the red in 2017, widening the loss of $52.3m it made in 2016.
The company said it was hit by one-off transmission repairs in Texas and Arizona, as well weaker wind resources than expected at the end of year.
However, adjusted earnings were up 13% to $343.7m last year from almost $304.2 in the previous 12 months.
Electricity sales grew 14% to 7787 gigawatt-hours, compared with over 6806GWh in 2016. The increases were mainly down to the impact from the acquisitions of the Broadview, Meikle and Armow wind farms.
Pattern Energy president and chief executive Mike Garland said: “We continue to have many opportunities for growth; however, we intend to be disciplined in our approach toward new capital given the recent volatility in the capital markets and we intend to pursue alternatives for owning and managing quality projects.”
The company agreed to acquire 206MW of wind and solar capacity in Japan earlier this week.
Image: Meikle wind farm (Pattern Energy)