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Pattern Energy's net losses increase

UNITED STATES: Pattern Energy made a net loss of $82 million last year due to unexpected curtailments, transmission repairs and poor wind resources.

Pattern's 179MW Meikle wind farm in British Columbia, Canada, was completed in the third quarter
Pattern's 179MW Meikle wind farm in British Columbia, Canada, was completed in the third quarter

The developer’s loss marked a 57% fall from last year, but this was partly offset by a 16% increase in revenue to $411.3 million, the company stated.

Pattern had sold 7.78TWh in 2017 compared to 6.8TWh in 2016 — an increase of 14.4%.

This rise in output was largely due to the commissioning of the 324MW Broadview project in New Mexico in April and the acquisition of the 179MW Meikle wind farm in British Columbia, Canada in the third quarter, it stated.

The developer faced transmission costs of $19.4 billion last year — a near 46-fold increase on 2016’s $424 million total.

The company said it made "one-time transmission repairs in Texas and Arizona" last year, but did not provide further details.

Mike Garland, Pattern’s president and CEO, said that the company met its targeted cash available for distribution range — $148.5 million, up 10% year-on-year — but that its results were hampered by "unexpected curtailments" and "weaker-than-expected wind resources at the end of the year".

He added: "We continue to have many opportunities for growth. However, we intend to be disciplined in our approach toward new capital given the recent volatility in the capital markets and we intend to pursue alternatives for owning and managing quality projects."

Earlier this week, Pattern announced it was entering the Japanese market by acquiring 167MW of wind projects and two solar PV projects with a combined capacity of 39MW.

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