in News Departments > New & Noteworthy
print the content item

Pattern Energy Group says its revenue reached $65 million in the second quarter of fiscal 2014 (Q2'14), an 11% increase from Q2'13, and the company's adjusted EBITDA was $58.8 million, up 28% year-over-year.

The independent power company says wind levels across its fleet were at the long-term expected average. Owned megawatts increased to 1,472 MW with the acquisitions of a 172 MW interest in the Panhandle 1 project and an additional 44 MW interest in the El Arrayan project. Pattern's proportional electricity sales increased 55% from Q2’13, reaching 770 GWh.

"It was a strong quarter in which we improved our performance and continued to execute on our growth strategy," says Mike Garland, president and CEO of Pattern Energy. He adds, "The acquisition and startup of the Panhandle 1 and El Arrayan projects grew our portfolio and allowed us to increase our distribution for the second consecutive quarter in anticipation of increased [cash available for distribution.]”

Meanwhile, Pattern’s net loss for the six months ended June 30 was $14.7 million, compared to net income of $25.2 million in the same period last year. The company says the change in net income was due primarily to unrealized losses on interest rate derivatives this year.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.

Canwea_id1984
Hybrid Energy Innovations 2015
Renewable NRG_id1934