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Pattern 'well-positioned' for further acquisitions after Q1 2018

UNITED STATES: Pattern Energy is in an "excellent position" to make further acquisitions after boosting its revenue and operating profit in the first quarter, the developer's CEO said.

Pattern Energy's first Japanese project, the 33MW Ohorayama wind farm on Shikoku Island
Pattern Energy's first Japanese project, the 33MW Ohorayama wind farm on Shikoku Island

The company posted revenue of $111.6 million, up 10.7% year-on-year, and operating profit (Ebitda) of $81.9 million, up 6.9% from the same period 12 months earlier.

Production was also up 4% across its power generating assets in Q1 2018, with 2,127GWh produced, the company stated in its first quarter results.

It also recorded a net loss of $12.6 million, down from a net income of $2.5 million in Q1 2017. This drop was "primarily attributable to increases in costs of revenue due to acquisitions", the developer stated.

Pattern entered Japan’s energy market in Q1 2018, acquiring 206MW of wind and solar PV projects jointly owned by one of its investment fund and a Japanese subsidiary.

Mike Garland, Pattern president and CEO, said: "The company is in an excellent position to make further acquisitions without raising any common equity."

Pattern also commissioned the 143MW Mont Sainte-Marguerite wind farm in Quebec, Canada, before the end of the quarter. It had agreed to acquire the project in June 2017, and closing of the deal is expected "in the coming weeks", the developer added.

After announcing its first quarter results, Pattern confirmed its target annual cash available for distribution (CAFD) for 2018 was still between $151 million and $181 million.

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