Pattern Energy revenue up 2% to touch $91.9 mn in 3Q 2106

Pattern_Energy

Pattern Energy Group has reported revenue of $91.9 million during the third quarter of 2016, up 2 percent from the same period a year ago.

The company’s net loss stands at $11.1 million, an improvement of 69 percent.

Pattern Energy has sold 1,472 GWh, up 17 percent.  The company added 90 MW in owned capacity with the acquisition of the Armow Wind project (Armow), making the total owned capacity to 2,644 MW, including the Broadview Wind projects.

“Our fleet of high quality wind assets continues to perform well. Production was in line with our long-term forecast for Q3 as we expected with the dissipation of El Niño. With our solid production performance, we are on track to achieve our cash available for distribution target for 2016,” said Mike Garland, president and CEO of Pattern Energy.

During the quarter, Pattern Energy also raised approximately $286 million in growth capital to fund accretive new dropdowns, which was spent for the acquisition of 90 MW Armow project.

The company expects to grow the identified ROFO in the coming months as part of its plan to expand the portfolio to its target of 5 GW of owned capacity by the end of 2019.

Rajani Baburajan

editor@greentechlead.com