Pattern boosts power sales 94%
710GWh notched in Q3 on back of new wind farms going live
Pattern Energy notched a 94% rise in proportional electricity sales to 710GWh in the third quarter of 2014 as it continued to add to its owned wind fleet.
The surge was attributed to the start of commercial operations at the South Kent (pictured), Panhandle 1 and El Arrayán facilities and an increase in production at the Ocotillo wind farm.
Pattern sold 710,325MWh of electricity on a proportional basis in the third quarter compared with 365,766MWh in the same period in 2013. Sales over the nine months ended 30 September were 2,026,233MWh compared with 1,331,149MWh in 2013.
Figures reveal the company also raised its EBITDA by 39% to $44.3m in the third quarter compared with the year-ago period while revenues were up 25% to $71.5m.
“It was a strong quarter. We continue to add projects to our list of identified right of first offer projects, which now totals 724MW of owned capacity,” said Pattern Energy president Mike Garland.
“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. With two more projects scheduled to commence commercial operations this year we expect to enter 2015 with strong momentum.”
Net loss in the third quarter of 2014 was $9.3m compared with net income of $4.2m in the year-ago period. Pattern said this was “due primarily to unrealised losses on interest rate and energy derivatives”.