Pattern Energy Reports Fourth Quarter and Full Year 2014 Financial Results - Declares increased dividend of $0.342 per Class A common share for first quarter 2015 -

- Expands owned capacity to 1,636 MW and identified ROFO list to 977 MW -

SAN FRANCISCO, March 2, 2015 /CNW/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the fourth quarter and full year of 2014.

Highlights
(Comparisons made between fiscal 2014 and fiscal 2013 results, unless otherwise noted)

  • Cash available for distribution (CAFD) of $62.1 million, up 46%
  • Adjusted EBITDA of $198.1 million, up 40%
  • Proportional GWh sold of 2,915 GWh, up 65%
  • Revenue of $265.5 million, up 32%
  • Declared a first quarter dividend of $0.342 per Class A common share or $1.368 on an annualized basis, subsequent to the end of the period, representing a 2% increase over the previous quarter's dividend
  • Acquired Panhandle 2 and Logan's Gap from Pattern Development, expanding its portfolio to 1,636 MW in owned capacity and 12 wind projects
  • Initiated commercial operations at two projects; Panhandle 2, with an owned capacity of 147 MW, and Grand Renewable, with an owned capacity of 67 MW
  • Added three new projects to the identified Right of First Offer (ROFO) list for a total of 977 MW owned capacity; Henvey Inlet and, subsequent to the end of the period, Amazon Web Services Wind Farm (Fowler Ridge) and Mont Sainte-Marguerite
  • Pattern Development acquired a majority stake in Tokyo-based Green Power Investment Corporation (GPI), subsequent to the end of the period, which has more than 1,000 MW in near and longer term wind and solar projects in development and Pattern Development's interest in GPI's projects is subject to Pattern Energy's ROFO
  • Pattern Development signed a joint venture agreement with CEMEX Energia, a subsidiary of CEMX S.A.B. (NYSE: CX), subsequent to the end of the period, to develop renewable energy projects throughout Mexico and Pattern Development's interest in the joint venture's projects is subject to Pattern Energy's ROFO
  • Completed a $351 million follow-on primary and secondary equity offering, subsequent to the end of the period

"The $62.1 million in cash available for distribution we reported for 2014 exceeds the target we outlined during the IPO. This positive momentum reflects the continuous growth we have demonstrated in our portfolio, which now stands at 1,636 MW in owned capacity – up 57% since the IPO – as well as in our identified ROFO list, which has grown by 781 MW in owned capacity – an increase of 105% since the IPO," said Mike Garland, President and CEO of Pattern Energy. "At the same time, Pattern Development is also expanding our reach by entering new markets, like Japan and Mexico through its relationships with GPI and CEMEX, and contracting with new power buyers, like Walmart and Amazon. Our high-quality operating portfolio and the clear path for growth from our ROFO list underpin our stable and growing cash flow."

Financial Results
Pattern Energy sold 888,577 MWh of electricity on a proportional basis in the fourth quarter of 2014 compared to 440,623 MWh sold in the same period in 2013. Pattern Energy sold 2,914,810 MWh of electricity on a proportional basis for the full year 2014 compared to 1,771,772 MWh sold in 2013. The increases were primarily attributable to the commencement of commercial operations at South Kent, El Arrayan, Panhandle 1 and Panhandle 2 at various times during the year and the twelve-month figure also reflects an increase in production from an additional 42 MW at Ocotillo for the full year of 2014.

Net loss was $16.0 million in the fourth quarter of 2014 compared to $19.4 million in the same period last year. Net loss was $40.0 million for the full year 2014 compared to net income of $10.1 million in 2013. The change in the full year results was due primarily to unrealized losses on interest rate and energy derivatives (including the Company's proportion of the unrealized losses at its unconsolidated investments) which increased by $54.1 million for the year.

Adjusted EBITDA was $57.7 million for the fourth quarter of 2014 compared to $29.4 million in the same period last year. Adjusted EBITDA was $198.1 million for the full year 2014 compared to $141.8 million in 2013. A reconciliation of Adjusted EBITDA to net (loss) income determined in accordance with GAAP is shown below.

Cash available for distribution was $17.3 million in the fourth quarter of 2014 compared to $5.6 million in the same period last year. Cash available for distribution was $62.1 million for the full year 2014 compared to $42.6 million in 2013. The $11.7 million and $19.5 million increases, in the respective periods, were primarily the result of higher revenue primarily attributable to the commencement of commercial operations at both the El Arrayan and Panhandle 1 projects in June 2014 and a distribution from unconsolidated investments, as well as, increased production at Ocotillo which impacted the full year period. A reconciliation of cash available for distribution to net cash provided by operating activities determined in accordance with GAAP is shown below.

Quarterly Dividend
Pattern Energy declared an increased dividend for the first quarter 2015, payable on April 30, 2015, to holders of record on March 31, 2015, in the amount of $0.342 per Class A share, which represents $1.368 on an annualized basis. This is a 2% increase from the fourth quarter 2014 dividend of $0.335.

Construction Pipeline
Two projects completed construction and reached their commercial operation date on schedule during the fourth quarter of 2014. Pattern Energy acquired 147 MW of the 182 MW Panhandle 2 project at the time of commercial operation in November as agreed upon with Pattern Development. Pattern Energy also owns a 67 MW interest in the 149 MW Grand Renewable project which reached commercial operation in December.

Pattern Energy currently has one project in construction as detailed below.

Asset

Location

Owned MW

Commercial Operation

Logan's Gap

Texas

164

Q4 2015

Acquisition Pipeline
Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development. In addition, Pattern Energy may seek to acquire assets from third parties.

Since the beginning of the fourth quarter, Pattern Energy announced the addition of three new projects to its list of identified ROFO projects from Pattern Development, consisting of 150 MW of the 300 MW Henvey Inlet Wind project in November, 116 MW of the 150 MW Amazon Web Services Wind project (Fowler Ridge) in January and the 147 MW Mont Sainte Marguerite Wind project in February. With these new additions, the identified ROFO list now consists of nine projects with a rated capacity of 1,719 MW and a total owned capacity of 977 MW.  

The Henvey Inlet Wind project, to be built in Parry Sound County, Ontario, is a 50/50 joint venture partnership between Pattern Development and Nigig Power Corporation, which is wholly owned by Henvey Inlet First Nation. The Project has a 20-year power purchase agreement (PPA) with the Independent Electricity System Operator (IESO), formerly known as Ontario Power Authority, for 100% of its expected production. Pattern Development expects to arrange both construction and long-term debt financing for Henvey Inlet in 2016. Upon completion, it will be the largest First Nation wind project in Ontario.

The Amazon Web Services Wind Farm (Fowler Ridge), which is located in Benton County, Indiana, has a 13-year PPA to supply Amazon Web Services, an Amazon.com company, with electricity. Pattern Development currently owns 100% of the 150 MW project and it is anticipated that Pattern Energy will acquire 116 MW of owned interest, with tax equity investors acquiring the balance. Pattern Development expects to begin construction of the Amazon Web Services Wind Farm (Fowler Ridge) project in April and anticipates reaching commercial operation in late 2015 or early 2016.

The Mont Sainte-Marguerite Wind project, which is located approximately 50 kilometers south of Quebec City in the Chaudiere-Appalaches region, has entered into a 25-year power PPA with Hydro-Quebec. Pattern Development currently owns 100% of the 147 MW project and it is anticipated that Pattern Energy will acquire the full owned interest in the project. Pattern Development expects to begin construction of the project in the third quarter of 2016 and anticipates reaching commercial operation in December 2017.

The list of identified ROFO projects represents a portion of Pattern Development's 4,500 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO. The

4,500 MW include Pattern Development's interests in both its recently acquired majority stake in Tokyo-based GPI and its recently announced joint venture with CEMEX Energia in Mexico. GPI has up to 1,000 MW of near and longer term wind and solar projects in development. The joint venture between Pattern Development and CEMEX Energia has a goal of developing 1,000 MW of wind and solar generation in Mexico over the next five years where recent reforms set a mandate of 35% of generation to come from clean resources by 2024.

The table below sets forth the current list of identified ROFO projects:

Asset

Location

Owned MW

Commercial Operations

Gulf Wind

Texas

76

Operational

K2

Ontario

90

2015

(In construction)

Armow

Ontario

90

2015

(In construction)

Meikle

British Columbia

185

2016

(Ready for financing)

Conejo Solar

Chile

73

2016

(Ready for financing)

Belle River

Ontario

50

2017

(Securing final permits)

Henvey Inlet

Ontario

150

2017

(Late-stage development)

Amazon

(Fowler Ridge)

Indiana

116

2015 / 2016

(Ready for financing)

Mont Sainte-Marguerite

Quebec

147

2017 / 2018

(Late-stage development)

Total


977


Adjusted EBITDA and Cash Available for Distribution Reconciliations
The following tables reconcile net (loss) income to Adjusted EBITDA and net cash provided by operating activities to cash available for distribution, respectively, for the periods presented (in thousands):



 Three Months Ended December 31, 


 For the Year Ended December 31, 



2014


2013


2014


2013

Net (loss) income


$                   (15,986)


$                   (19,376)


$                   (39,999)


$                     10,072

Plus:









Interest expense, net of interest income


19,044


15,186


66,729


61,118

Tax provision 


4,641


11,347


3,136


4,546

Depreciation and accretion


31,941


21,422


104,417


83,180

EBITDA


$                     39,640


$                     28,579


$                   134,283


$                   158,916

Unrealized (gain) loss on energy derivative


(7,265)


6,050


3,878


11,272

Unrealized loss (gain) on derivatives


5,069


(4,692)


11,668


(15,601)

Interest rate derivative settlements


993


1,040


4,075


2,099

Net loss (gain) on transactions


626


1,205


(13,843)


(5,995)

Plus, proportionate share from equity accounted investments:









       Interest expense, net of interest income


4,884


228


14,081


267

       Tax (benefit) provision 


-


(88)


102


(172)

       Depreciation and accretion


4,697


6


13,720


20

       Unrealized loss (gain) on interest rate and currency derivatives


9,080


(2,985)


30,126


(9,076)

       Realized loss on interest rate and currency derivatives


-


74


22


39

Adjusted EBITDA


$                     57,724


$                     29,417


$                   198,112


$                   141,769
























 Three Months Ended December 31, 


 For the Year Ended December 31, 



2014


2013


2014


2013

Net cash provided by operating activities


$                     26,548


$                       9,756


$                   110,448


$                     78,152

Changes in current operating assets and liabilities


(1,282)


5,233


(9,002)


8,237

Network upgrade reimbursement 


-


618


2,472


1,854

Use of operating cash to fund maintenance and debt reserves


-


-


-


-

Release of restricted cash to fund general and administrative costs


13


318


223


318

Operations and maintenance capital expenditures


(133)


(388)


(267)


(819)

Transaction costs for acquisitions


602


-


1,730


-

Distributions from unconsolidated investment


3,187


-


7,891


-

Less:









Distributions to noncontrolling interests 


(630)


(866)


(2,100)


(2,292)

Principal payments paid from operating cash flows 


(11,001)


(9,041)


(49,246)


(42,829)

Cash available for distribution


$                     17,304


$                       5,630


$                     62,149


$                     42,621

Conference Call and Webcast
Pattern Energy will host a conference call and webcast to discuss these results at 10:30 a.m. Eastern Time on Monday, March 2, 2015. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (416) 260-0113 or (800) 524-8950 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (647) 436-0148 or (888) 203-1112 and enter access code 7127191. The replay recording will be available until 11:59 p.m. Eastern Time, March 9, 2015.

A live webcast of the conference call will be also available on the events page in the investor section of Pattern's website at www.patternenergy.com. An archived webcast will be available for one year.

About Pattern Energy
Pattern Energy Group Inc. is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 12 wind power projects, with a total owned interest of 1,636 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability of the operating portfolio to underpin stable growth, the ability of the ROFO list to provide a path to growth and grow cash flow, the anticipated dates to arrange construction and long term debt financing for Henvey Inlet, the anticipated construction start and commercial operations dates of the Amazon Wind Services Wind Farm and the Mont Sainte-Marguerite Wind Project, and the amount of MW the Pattern Development-CEMEX Energia joint venture can develop in the next five years.  These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.

Contacts:

Media Relations

Matt Dallas

917-363-1333

matt.dallas@patternenergy.com

Investor Relations

Sarah Webster

415-283-4076

sarah.webster@patternenergy.com

 

Pattern Energy Group Inc.

Consolidated Balance Sheets

(In thousands of U.S. dollars, except share data)

(Unaudited)








December 31,


December 31,



2014


2013

Assets





Current assets:





Cash and cash equivalents


$                 101,656


$                 103,569

Restricted cash


7,945


-

Trade receivables


35,759


20,951

Related party receivable


671


167

Reimbursable interconnection costs 


2,532


3,967

Derivative assets, current


18,506


13,937

Current deferred tax assets


318


573

Prepaid expenses and other current assets 


27,954


11,415

Deferred financing costs, current, net of accumulated amortization of $22,749 and $16,225 as of December 31, 2014 and 2013, respectively


13,615


5,456

Total current assets


208,956


160,035






Restricted cash


39,745


32,636

Turbine advances


79,637


-

Construction in progress


26,195


-

Property, plant and equipment, net of accumulated depreciation of $278,291





and $179,778 as of December 31, 2014 and 2013, respectively


2,350,856


1,476,142

Unconsolidated investments 


29,079


107,055

Derivative assets


49,369


82,167

Deferred financing costs


30,053


30,336

Net deferred tax assets


5,474


2,017

Other assets 


12,678


13,243

Total assets


$              2,832,042


$              1,903,631






Liabilities and equity





Current liabilities:





Accounts payable and other accrued liabilities


$                   24,793


$                   15,550

Accrued construction costs


20,132


3,204

Related party payable


5,757


1,245

Accrued interest


3,634


495

Dividend payable


15,734


11,103

Derivative liabilities, current


16,307


16,171

Revolving credit facility


50,000


-

Current portion of long-term debt


121,561


48,851

Current net deferred tax liabilities


149


-

Current portion of contingent liabilities


4,000


-

Total current liabilities


262,067


96,619






Long-term debt


1,329,052


1,200,367

Derivative liabilities


17,467


7,439

Asset retirement obligations 


29,272


20,834

Net deferred tax liabilities


20,418


9,930

Other long-term liabilities


9,032


438

Total liabilities 


1,667,308


1,335,627






Equity:





Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 62,088,306 and 35,531,720 shares issued as of December 31, 2014 and 2013, respectively; 62,062,841 and 35,530,786 shares outstanding as of December 31, 2014 and 2013, respectively


621


355

Class B convertible common stock, $0.01 par value per share: 20,000,000 shares authorized; 0 and 15,555,000 shares issued as of December 31, 2014 and 2013, respectively; 0 and 15,555,000 outstanding as of December 31, 2014 and 2013, respectively


-


156

Additional paid-in capital


723,938


489,412

Accumulated loss


(44,626)


(13,336)

Accumulated other comprehensive loss


(45,068)


(8,353)

Treasury stock, at cost; 25,465 and 934 shares of Class A common stock as of December 31, 2014 and 2013, respectively


(717)


(24)

Total equity before noncontrolling interest


634,148


468,210

Noncontrolling interest


530,586


99,794

Total equity  


1,164,734


568,004

Total liabilities and equity


$              2,832,042


$              1,903,631

 

Pattern Energy Group Inc.

Consolidated Statements of Operations

(In thousands of U.S. dollars, except per share data)

(Unaudited)












 Three months ended December 31, 


 Year ended December 31, 



2014


2013


2014


2013

Revenue:









Electricity sales


$                60,847


$                42,737


$               245,022


$               173,270

Energy derivative settlements 


4,216


3,925


13,525


16,798

Unrealized gain (loss) on energy derivative


7,265


(6,050)


(3,878)


(11,272)

Related party revenue


987


446


3,317


911

Other revenue


6,103


709


7,507


21,866

Total revenue


79,418


41,767


265,493


201,573










Cost of revenue:









Project expense


21,166


15,616


77,775


57,677

Depreciation and accretion


31,941


21,422


104,417


83,180

Total cost of revenue


53,107


37,038


182,192


140,857










Gross profit


26,311


4,729


83,301


60,716










Operating expenses:









General and administrative


6,570


4,256


22,533


4,819

Related party general and administrative


1,632


(799)


5,787


8,169

Total operating expenses


8,202


3,457


28,320


12,988










Operating income


18,109


1,272


54,981


47,728










Other income (expense):









Interest expense


(19,267)


(15,445)


(67,694)


(63,614)

Interest rate derivative settlements


(993)


(1,040)


(4,075)


(2,099)

Unrealized (loss) gain on derivatives


(5,069)


4,692


(11,668)


15,601

Equity in (losses) earnings in unconsolidated investments


(4,057)


2,658


(25,295)


7,846

Related party income


876


665


2,612


665

Net (loss) gain on transactions


(626)


(1,205)


13,843


5,995

Other (expense) income, net


(318)


373


433


2,496

Total other expense


(29,454)


(9,302)


(91,844)


(33,110)










Net (loss) income before income tax


(11,345)


(8,030)


(36,863)


14,618

Tax provision


4,641


11,346


3,136


4,546

Net (loss) income


(15,986)


(19,376)


(39,999)


10,072

Net income (loss) attributable to noncontrolling interest


4,406


(6,197)


(8,709)


(6,887)

Net (loss) income attributable to controlling interest


$               (20,392)


$               (13,179)


$                (31,290)


$                 16,959










Earnings per share information:









Less: Net income attributable to controlling interest prior to the IPO on October 2, 2013


(157)




(30,295)

Net loss attributable to controlling interest subsequent to the IPO


$               (13,336)




$               (13,336)










Cash dividends declared on Class A common shares


(15,581)


(11,103)


(56,976)


(11,103)

Deemed dividends on Class B common shares


(7,222)


-


(21,901)


-

Net loss attributable to common stockholders


$               (43,195)


$               (24,439)


$              (110,167)


$               (24,439)










Weighted average number of shares:









Class A common stock - Basic and diluted


46,335,288


35,448,056


42,361,959


35,448,056

Class B common stock - Basic and diluted


15,555,000


15,555,000


15,555,000


15,555,000










Earnings (loss) per share









Class A common stock:









Basic and diluted loss per share


$                   (0.36)


$                   (0.17)


$                   (0.56)


$                   (0.17)










Class B common stock:









Basic and diluted loss per share


$                   (0.23)


$                   (0.48)


$                   (0.49)


$                   (0.48)










Cash dividends declared per Class A common share


$                     0.34


$                     0.31


$                     1.30


$                     0.31

Deemed dividends per Class B common share


$                     0.46


$                           -


$                     1.41


$                           -

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows 

(In thousands of U.S. dollars)












 Three months ended December 31, 


 Year ended December 31, 



2014


2013


2014


2013

Operating activities









Net (loss) income


$              (15,986)


$              (19,376)


$              (39,999)


$                10,072

Adjustments to reconcile net (loss) income to net cash









   provided by operating activities:









Depreciation and accretion


31,941


21,422


104,417


83,180

Amortization of financing costs


2,063


1,388


6,309


6,816

Unrealized (gain) loss on derivatives


(2,196)


1,358


15,546


(4,329)

Stock-based compensation


977


511


4,105


511

Net gain on transactions


-


1,205


(16,526)


(5,995)

Deferred taxes


4,453


11,347


2,948


4,546

Equity in losses (earnings) in unconsolidated investments


4,057


(2,658)


25,295


(7,846)

Changes in operating assets and liabilities:









Trade receivables


(3,000)


(786)


(8,255)


(8,721)

Reimbursable interconnection receivable


-


(11)


-


(11)

Prepaid expenses and other current assets


(351)


695


12,916


(2,698)

Other assets (non-current)


(146)


(208)


(649)


(566)

Accounts payable and other accrued liabilities


2,153


(1,826)


3,667


3,036

Related party receivable/payable


75


481


(942)


190

Accrued interest payable


2,294


(890)


1,377


(33)

Long-term liabilities


214


(2,896)


239


-

Net cash provided by operating activities


26,548


9,756


110,448


78,152










Investing activities









Receipt of ITC Cash Grant


-


-


-


173,446

Cash paid for acquisitions, net of cash acquired


(138,999)


(30,070)


(306,584)


(30,070)

Proceeds from sale of investments


-


-


-


14,254

Decrease in restricted cash


22,839


2,785


46,700


66,517

Increase in restricted cash


(30,384)


(2)


(40,790)


(80,569)

Capital expenditures


(100,891)


(2,552)


(119,506)


(123,517)

Deferred development costs


-


-


-


(528)

Distribution from unconsolidated investments


4,915


-


22,019


10,463

Contribution to unconsolidated investments


(331)


(941)


(2,651)


(9,678)

Reimbursable interconnection receivable


2,474


-


3,892


49,715

Other assets (non-current)


15,068


618


17,540


2,358

Net cash (used in) provided by investing activities


(225,309)


(30,162)


(379,380)


72,391

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows 

(In thousands of U.S. dollars)












 Three months ended December 31, 


 Year ended December 31, 



2014


2013


2014


2013

Financing activities









Proceeds from public offering, net of expenses


$                     (77)


$              317,926


$              286,757


$              317,926

Proceeds from exercise of stock options


54


-


327


-

Repurchase of shares for employee tax withholding


(313)


(24)


(693)


(24)

Dividends paid


(15,240)


-


(52,344)


-

Payment for acquisition from Pattern Development


-


(49,430)


-


(49,430)

Capital distributions - Contribution Transactions


-


(232,640)


-


(232,640)

Capital contributions - Pattern Development


-


-


-


32,679

Capital contributions - noncontrolling interest


198,255


-


200,805


-

Capital distributions - Pattern Development


-


-


-


(98,886)

Capital distributions - noncontrolling interest


(630)


(866)


(2,100)


(2,292)

Decrease in restricted cash


6,119


6,035


19,627


122,689

Increase in restricted cash


(4,395)


(894)


(17,903)


(127,369)

Deposit for letters of credit


(3,422)


-


(3,422)


-

Payment for deferred financing costs


(11,253)


-


(11,856)


(294)

Payment for deferred equity issuance costs


(550)


-


(550)


-

Proceeds from revolving credit facility


50,000


-


50,000


56,000

Repayment of revolving credit facility


-


(56,000)


-


(56,000)

Repayment of short-term debt


(195,351)


-


(210,191)


-

Proceeds from short-term debt


58,691


-


59,778


-

Repayment of long-term debt


(11,001)


(9,041)


(49,246)


(50,324)

Proceeds from long-term debt


-


-


-


138,620

Repayment of construction and grant loans


-


-


-


(114,056)

Net cash provided by (used in) financing activities


70,887


(24,934)


268,989


(63,401)










Effect of exchange rate changes on cash and cash equivalents


(1,128)


(181)


(1,970)


(1,147)

Net change in cash and cash equivalents


(129,002)


(45,521)


(1,913)


85,995

Cash and cash equivalents at beginning of period  


230,658


149,090


103,569


17,574

Cash and cash equivalents at end of period


$              101,656


$              103,569


$              101,656


$              103,569










Supplemental disclosure









Cash payments for income taxes


$                      131


$                           -


$                     131


$                          -

Cash payments for interest expenses, net of capitalized interest


14,012


11,386


53,776


53,295

Acquired capitalized assets for El Arrayán, Panhandle 1, Panhandle 2, and Logan's Gap


338,622


-


1,013,365


-

Schedule of non-cash activities









Change in fair value of designated interest rate swaps


(10,604)


9,389


(22,847)


36,875

Amortization of deferred financing costs - included as construction in progress

343


-


343


175

Change in property, plant and equipment


(23,333)


(11,018)


(47,908)


(109,281)

Transfer of capitalized assets to South Kent joint venture


-


-


-


49,275

Non-cash distribution to Pattern Development


-


-


-


(5,748)

Assumption of contingent liability related to Contribution Transactions


-


(4,207)


-


(4,207)

Assumption of contingent liability upon acquisition of Logan's Gap


(4,000)


-


(4,000)


-

Accrued IPO stock issuance costs


-


(884)


-


(884)

Non-cash deemed dividends on Class B convertible common stock


7,222


-


21,901


-

 

 

SOURCE Pattern Energy Group Inc.


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