This figure was up from the $11.1 million loss for the same period in 2016, with the change "primarily attributable to increases of $18.7 million in cost of revenues due to the acquisitions in 2017 and $24.4 million in other expense related to a decrease in earnings in unconsolidated investments, net of increases to interest expense, loss on undesignated derivatives and realised loss on designated derivatives," the company said.
Its revenue for the quarter was $92.03 million, up from $91.91 million a year earlier.
Meanwhile, project expenses, paying more in transmission and debts associated with acquisitions, meant Pattern’s net cash provided by operating assets in Q3 2017 was $2.1 million — compared with $37.4 million for the same period last year.
Its major acquisitions included half of the 179MW Armow project in Q4 2016, 272MW of the 324MW Broadview in 2Q 2017, and a 51% stake in the 179MW Meikle site in Q3 2017.
These projects helped the developer sell 1.513GWh in the quarter — an increase of 3% year-on-year.
In June, the company announced its energy arm would invest $60 million in a new up-to-$1 billion development fund, Pattern Development 2.0. The development fund would invest in projects alongside pension manager and Pattern’s largest shareholder, PSP Investments, Pattern said.
Mike Garland, Pattern Energy’s president and CEO, said these transactions and new capital the company had raised represented "the beginning of the next phase of our growth strategy".
"With the steps we have taken this year, the business is significantly stronger today.
"We have a clear opportunity to capitalise on the assets from the identified right-of-first-offer (ROFO) list and our investment in Pattern Development 2.0.
"The expansion of the identified ROFO list demonstrates the progress we are making toward achieving our goal of 5GW by 2020," he added.
It is now setting its sights on 539MW of a 965MW acquisition pipeline, while Pattern Development 2.0 is targeting 425MW from a 479MW pipeline for which it has the right of first offer.