in News Departments > FYI
print the content item

Independent power company Pattern Energy Group Inc. has reported an EBITDA of $141.8 million for 2013, up 88% from 2012. The company's revenue rose 76% year-over-year to $202 million in 2013, and owned megawatts increased by 214 MW (21%).

However, net income in the fourth quarter of last year was a loss of $19.4 million, compared to a loss of $4.5 million for the same period the previous year. The company says this was “primarily due to unrealized losses attributable to its energy hedge and to the impact of recording a U.S. income tax valuation allowance on certain deferred tax assets that were contributed to the company at the time of its [initial public offering (IPO)], partially offset by unrealized gains attributable to interest rate swaps.” Pattern Energy closed its $352 million IPO in October 2013.

Last year, Pattern Energy acquired 45% of the 149 MW Grand Renewable wind power project in Ontario and made a commitment to acquire 81% of the 182 MW Panhandle 2 wind power project in Texas upon its completion. The company’s portfolio now totals 10 wind power projects, including Panhandle 2, with a total owned capacity of 1,255 MW.

Mike Garland, president and CEO of Pattern Energy, calls 2013 a “tremendous year” for the company. “[W]e are optimally positioned to grow our portfolio of world-class wind power projects, which will increase our cash available for distribution and allow us to grow the quarterly dividend.”


Trachte Inc._id1770
Latest Top Stories

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015