Pattern Energy's Q2 cash for distribution jumps 74% y/y

US renewables firm Pattern Energy Group Inc (NASDAQ:PEGI) saw its April-June net profit go down by 21% year-on-year, while cash available for distribution (CAFD) rose 74% to USD 28 million (EUR 25.5m).

The CAFD increase in the second quarter (Q2) was helped by a rise in electricity sales due to additional capacity, a USD-7.8-million cash distribution from unconsolidated investments, and a USD-1.9-million increase from energy derivative settlements. These positive effects were in part offset by higher project expenses and other costs.

Pattern Energy increased its CAFD per share compound annual growth rate (CAGR) target to 12%-15% through 2017.

The company owns 2,282 MW of power generation capacity, to which it will add 280 MW by the end of the year from projects currently under construction. In addition, Pattern Energy’s Right of First Offer (ROFO) list with Pattern Development stands at 1,270 MW.

In the reporting period, the company sold 1,202 GWh of electricity on a proportional basis, or 56% more than a year ago.

(USD 1 = EUR 0.912)

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