November 4 (Renewables Now) - US wind power company Pattern Energy Group Inc (NASDAQ:PEGI) today unveiled that its net loss for the third quarter of 2019 has more than doubled from a year earlier to USD 71 million (EUR 63.7m).
The company, which also announced it will be bought and delisted by Canada Pension Plan Investment Board (CPPIB) at an enterprise value of about USD 6.1 billion, blamed the USD-40-million rise in its quarterly net loss on higher depreciation arising from the repowering of the Gulf Wind facility in Texas, increased corrective maintenance and certain other factors.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell 19% to USD 65 million because of an USD-11-million drop in earnings from projects fully operational in both periods, a higher net loss at Pattern Energy’s development investment segment and a USD-3-million decline in earnings resulting from its divestiture of the K2 Wind farm in Ontario.
Cash available for distribution (CAFD) went down 31% to USD 22 million due to certain divestitures and lower contributions from projects fully operational in both periods.
The table below gives more details about the company’s financial performance in the third quarter and first nine months of 2019.
|Figures in USD million||Q3 2019||Q3 2018||9-mo 2019||9-mo 2018|
|Net profit (loss)||(71)||(31)||(147)||(46)|
|Attributable net profit (loss)||(51)||(13)||(88)||156|
During the three-month period, the company sold 1,735,937 MWh of power on a proportional basis compared to 1,622,991 MWh a year earlier. In January-September 2019, it sold 5,965,313 MWh compared to 6,021,515 MWh for the same period in 2018.
Pattern Energy reiterated its full-year 2019 forecast for CAFD in the range of USD 160 million-190 million, as well as its 2020 guidance for CAFD of USD 185 million-225 million.
The company declared a fourth-quarter dividend of USD 0.4220 per Class A common share or USD 1.688 on an annualised basis. It is payable on January 31, 2020, to common equity holders of record on December 31, 2019.
(USD 1.0 = EUR 0.898)