United States

United States

Pattern losses continue despite earnings growth

UNITED STATES: Pattern Energy once again reported a net loss in Q3 2018, but showed signs of recovery with adjusted Ebitda growing by 45%.

Pattern Energy plans to repower its Gulf Wind project in Texas next year
Pattern Energy plans to repower its Gulf Wind project in Texas next year

Pattern recorded a net loss of $31.5 million in Q3, a 35% reduction on the $48.4 million loss in the same three-month period of 2017.

In August, the firm recorded a $14.4 million loss for the first six months of the year.

This has now been increased to $45.9 million for January to September.

However, this nine-month negative result is less than the $60.5 million loss recorded in the first nine months of 2017.

Adjusted Ebitda, meanwhile, increased 45% to $79.5 million year-on-year in Q3. Its nine-month result of $292.2 million was also up 19% from $244.8 million in 2017. 

Pattern said the growth in Editda was partly due to an increase in revenue.

Revenue in Q3 was up 29% to $118.4 million from $92 million in 2017 on the back of "volume increases as a result of 2017 and 2018 acquisitions, favourable wind and increased availability compared to last year", the company said.

In the quarter, Pattern completed the sale of its majority stake in the 115MW El Arrayán wind complex in Chile for $70.4 million, while acquiring a 51% share in the 143MW Mont Sainte-Marguerite project in Québec, Canada for $37.7 million.

"This asset recycling provides us additional flexibility to make new investments in accretive opportunities," Pattern CEO Mike Garland said.

The firm plans to repower its 283MW Gulf Wind project in Texas, US, in 2019

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