Pattern Energy doubles Q3 CAFD, net loss expands

US renewables firm Pattern Energy Group Inc (NASDAQ:PEGI) said today its third-quarter net loss widened to USD 35.3 million (EUR 32.4m) from USD 9.3 million a year earlier, while CAFD more than doubled.

The company explained the expanded deficit with other expense items associated with the 283-MW Gulf Wind project’s early extinguishment of debt and termination of associated interest rate instruments.

The table below gives more details about Pattern Energy’s Q3 and year-to-date results.

Results in millions of USD	Q3 2015	Q3 2014	9-mo 2015	9-mo 2014
Revenue	89.7	71.5	239.2	186.1
Adjusted EBITDA	58.7	44.3	172.3	140.4
Net loss	35.3	9.3	51.7	24
Cash available for distribution (CAFD)	22.3	10.9	59.6	44.8

Pattern Energy attributed the 104% year-on-year jump in Q3 CAFD primarily to the additional electricity sales from plants completed over the past two years or acquired in 2015. The new additions have helped boost the proportional GWh sold during July-September 2015 by 77% year-on-year to 1,256 GWh.

The company reiterated its full-year guidance for CAFD of between USD 81 million and USD 87 million.

As at the end of September, the firm owned 2,282 MW of wind power generation capacity in the US, Canada and Chile.

(USD 1.0 = EUR 0.919)

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