Pattern Energy Group Inc (NASDAQ:PEGI) on Monday posted a reduced third-quarter net loss and improved cash available for distribution (CAFD) of USD 31.7 million (EUR 27.8m), thus remaining on track to meet its full-year forecast.
The US wind power company closed the third quarter with a net loss of USD 31.5 million, narrowing from USD 48.4 million a year ago. It explained that the improvement came thanks to a USD-26.4-million increase in revenues due to 2017 and 2018 acquisitions, and a drop in other expenses. Such positive effects were partly offset by the higher cost of revenue related to 2017 and 2018 acquisitions, an increase in tax provisions, and higher operating costs following an impairment expense on the sale of Pattern Energy Group's stake in the 115-MW El Arrayan wind project in Chile.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) gained 45%, coming at USD 79.5 million, and CAFD zoomed by 235% on the year to USD 31.7 million, again thanks to revenue growth.
"It was another solid quarter with CAFD up more than three times the same period last year, which puts us in a great position to achieve our targeted CAFD for the year," said Mike Garland, President of Pattern Energy.
The following table shows more details about the company’s performance in the third quarter and first nine months of 2018.
Figures in USD million
Net profit (loss)
Pattern Energy managed to sell 1,623 GWh of electricity on a proportional basis in the July-September quarter, thus registering a 7% increase. The rise was attributed to favourable weather conditions in the period and capacity additions.
For the full year, Pattern Energy reiterated its earlier guidance for CAFD of between USD 151 million and USD 181 million. It declared a fourth-quarter dividend of USD 0.4220 per Class A common, which will be allocated on January 31, 2019, to holders of record on December 31, 2018.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.