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Pattern Energy earnings up 17%

UNITED STATES: Developer Pattern Energy has reported an adjusted Ebitda of $91.9 million for the second quarter of 2017, a 17% increase compared to last year.

Pattern Energy still recorded a net loss in Q2, despite a sales increase
Pattern Energy still recorded a net loss in Q2, despite a sales increase

The firm recorded a net loss of $14.7 million in the quarter, but that was still an improvement of 6%, Pattern said.

Revenue totaled $107.8 million, an increase of 15%, while proportional electricity sold reached 2.11TWh – up 23%.

President and CEO of Pattern Energy, Mike Garland, said the results were inline with expectations.

In the quarter, pension fund PSP Investment acquired a majority stake in the firm, and $1 billion was raised in commitments for its subsidiary Pattern Development.

"The net result of these major initiatives is that Pattern Energy is stronger today, with access to a larger pipeline, higher returns through our direct involvement in the development business, improved alignment with both the development business and our new shareholder, PSP Investments, through the co-investment relationship, as well as access to capital to fund growth without relying solely on debt or equity," Garland said.

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