Pattern surges ahead in 2013
EBITDA for wind player up 88% on 2012, 76% hike in revenue
Pattern Energy Group notched EBITDA of $141.8m for 2013, a surge of 88% from 2012. Net income was $10.1m compared with $13.4m of red ink a year ago.
The US wind player also reported a 76% hike in revenue compared with the previous year to $202m while electricity sales were up 35% to 2259GWh.
Pattern’s owned capacity increased by 214MW or 21% for the year. Cash available for distribution for 2013 was $42.6m, a rise of 141% from 2012.
Figures for the fourth quarter of 2013, however, show a loss of $19.4m compared with a loss of $4.5m in 2012.
Pattern said this was due in the main to “unrealized losses attributable to its energy hedge and to the impact of recording a US income tax valuation allowance on certain deferred tax assets that were contributed to the company at the time of its initial public offering, partially offset by unrealized gains attributable to interest rate swaps”.
“This was a tremendous year for Pattern Energy,” said president Mike Garland. “We are optimally positioned to grow our portfolio of world-class wind power projects, which will increase our cash available for distribution and allow us to grow the quarterly dividend.”
Last year, Pattern Energy acquired 45% of the 149MW Grand Renewable wind project in Ontario and made a commitment to buy 81% of the 182MW Panhandle 2 wind project in Texas upon its completion.
Pattern Energy’s portfolio now totals 10 wind projects with a total owned capacity of 1255MW.
Image: the company's Spring Valley wind farm in Ely, Nevada (Pattern Energy)