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United States

Pattern Energy revenue up 32%

UNITED STATES: Pattern Energy has posted revenue of $265.5 million in its 2014 financial results, an increase of 32% on 2013.

Pattern's Gulf Wind project in Texas
Pattern's Gulf Wind project in Texas

The company's pretax profits also grew 40% year-on-year, reaching $198.1 million.

It sold 2.9TWh of electricity in 2014, compared with 1.77TWh in the previous year, thanks in part to the commissioning of its 270MW South Kent, 218MW Panhandle 1 and 182MW Panhandle 2 projects in the US and the 115MW El Arrayan in Chile.

The company did report a net loss of $40 million last year compared with a net profit of $10.1 million in 2013. It said the change in results was "due primarily to unrealised losses on interest rate and energy derivatives".

The acquisition of Panhandle 2 and the 200MW Logan's Gap wind project, due for completion this year, takes Pattern Energy's portfolio to more than 1.6GW.

Pattern's sister company Pattern Development has also signed agreements with Tokyo-based Green Power Investment and Mexican firm Cemex to develop projects in Japan and Mexico, respectively.

Pattern Energy has right of first offer (ROFO) on Pattern Development's interest in projects developed as part of these agreements.

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