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Pattern Energy widens Q1 net loss, confirms 2019 CAFD guidance

Spring Valley Wind Farm, Nevada. Copyright © 2014 Pattern Energy Group Inc. License: All Rights Reserved.

May 14 (Renewables Now) - US wind power company Pattern Energy Group Inc (NASDAQ:PEGI) expanded its net loss in the first quarter of 2019 but a 23% year-on-year increase in CAFD put it on track to meet its full-year distribution guidance.

Pattern Energy on Friday posted a net loss of USD 46 million (EUR 40.9m) for the quarter, widening from a loss of USD 13 million a year before due to losses at existing projects, divestitures in 2018, derivative losses and the increased loss at the development investment segment. Cash available for distribution (CAFD) meanwhile rose to USD 53 million from USD 43 million.

The company reiterated its outlook for a CAFD of USD 160 million-190 million for 2019 and USD 185 million-225 million for 2020.

The following table contains details about Pattern Energy’s first-quarter performance.

Amounts in USD million Q1 2019 Q1 2018R
Revenues 135 112
Adjusted EBITDA 98 104
Net profit (loss) (46) (13)
Net profit (loss) attributable to Pattern Energy (30) 136
CAFD 53 43

For the first quarter, the company will distribute a dividend of USD 0.4220 per Class A common share, representing USD 1.688 on an annualised basis. The allocation will be made on July 31, 2013, to shareholders of record as of June 28, 2019.

Pattern Energy sold 2,115,855 MWh of electricity on a proportional basis in January-March, or 1% less than a year earlier, and added 400 MW of projects in New Mexico to its identified ROFO list, expanding it to 1.3 GW.

(USD 1.0 = EUR 0.890)

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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.

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