Pattern Energy Reports Third Quarter 2018 Financial Results

Pattern Energy (NASDAQ:PEGI;TSX:PEGI) announced its financial results for the 2018 third quarter with the company reporting net loss of $31.5 million.

The company said that it is committed to a plan to repower the 283 MW Gulf Wind project starting in 2019.

As quoted in the press release:

“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. “We continue to take proactive measures to increase our CAFD without issuing common equity including, asset recycling, repowering Gulf Wind and the implementation of cost savings.”

2018 Financial Guidance

Pattern Energy is re-confirming its targeted annual cash available for distribution for 2018 within a range of $151 million to $181 million, representing an increase of 14% compared to cash available for distribution in 2017.

Acquisition Pipeline

Pattern Energy Group LP (“Pattern Development 1.0”) and Pattern Development 2.0 (together, the “Pattern Development Companies”) have a pipeline of development projects totaling more than 10 GW. Pattern Energy has a ROFO on the pipeline of acquisition opportunities from the Pattern Development Companies. The identified ROFO list stands at 743 MW of potential owned capacity and represents a portion of the pipeline of development projects of the Pattern Development Companies, which are subject to Pattern Energy’s ROFO. Since its IPO, Pattern Energy has purchased, or agreed to purchase, 1,564 MW from Pattern Development 1.0 and in aggregate grown the identified ROFO list from 746 MW to more than 2 GW.

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