Pattern Energy Reports Fourth Quarter and Year End 2015 Financial Results - $92.4 million in 2015 CAFD exceeds target -

- Declares increased dividend of $0.3810 per Class A common share for first quarter 2016 -

SAN FRANCISCO, Feb. 29, 2016 /CNW/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2015 fourth quarter and year.

Highlights
(Comparisons made between fiscal 2015 and fiscal 2014 results, unless otherwise noted)

  • Cash available for distribution (CAFD) of $92.4 million, up 49%
  • Adjusted EBITDA of $250.5 million, up 26%
  • Proportional GWh sold of 5,137 GWh, up 74%
  • Revenue of $329.8 million, up 24%
  • Declared a first quarter dividend of $0.3810 per Class A common share or $1.524 on an annualized basis, subsequent to the end of the period, representing a 2.4% increase over the previous quarter's dividend
  • Increased owned capacity by 39% to 2,282 MW through the acquisition of interests in five projects
  • Commenced commercial operations in December 2015 at the 150 MW Amazon Wind Farm Fowler Ridge project in which the Company holds an owned interest of 116 MW
  • All 16 existing assets are operational with no new capital required to be raised for existing ownership interest levels

"Our portfolio of 16 projects generated a record $92.4 million of CAFD in 2015, exceeding the midpoint of our guidance by 10%. By reducing certain costs and increasing the operating performance of our projects during 2015, we were able to overcome the challenges of low wind in the first quarter, a weak Canadian dollar and reduced spot market prices. Our portfolio will continue to grow our CAFD in 2016 and the coming years as we ramp up to our run-rate CAFD," said Mike Garland, President and CEO of Pattern Energy. "The portfolio continues to provide growing, stable cash flow, allowing us to increase our dividend for the first quarter of 2016, our eighth consecutive dividend increase. With this good news we start 2016 in a strong position. We have no requirements to raise capital for our existing business, our list of ROFO assets will continue to grow in 2016, and we believe the market for renewable energy has never been stronger."

Financial Results

Pattern Energy sold 1,714,884 MWh of electricity on a proportional basis in the fourth quarter of 2015 compared to 918,976 MWh sold in the same period in 2014. Pattern Energy sold 5,136,675 MWh of electricity on a proportional basis for the year ended December 31, 2015, compared to 2,951,233 MWh sold in 2014. The increase in proportional MWh for the quarterly period is due to projects which were acquired and projects that became commercially operable in 2015. The increase in proportional MWh sold for the annual period was primarily attributable to a 1,724,872 MWh increase in volume from controlling interest in consolidated MWh and a 460,570 MWh increase in volume from equity method investments due to the acquisition of K2 in 2015 and commencement of operations of South Kent and Grand in 2014. Overall, production was slightly below the Company's expectations for the fourth quarter compared to its long-term forecast.

Adjusted EBITDA was $78.3 million for the fourth quarter of 2015 compared to $57.7 million in the same period last year. Adjusted EBITDA for the year 2015 was $250.5 million compared to $198.1 million in 2014. The increase in adjusted EBITDA for the quarterly period was primarily attributable to projects which were acquired and projects that became commercially operable in 2015. The increase in the annual period was primarily due to projects that were acquired or commenced commercial operation in 2014 and 2015. Reconciliations of adjusted EBITDA to net loss determined in accordance with GAAP for both the quarterly and annual periods are shown below.

Net loss was $3.9 million in the fourth quarter of 2015, compared to $16.0 million in the same period last year. The change in the quarterly period was primarily due to projects that were acquired and projects that completed construction during 2015. Also contributing to the decrease in net loss for the quarter was increased equity in earnings from unconsolidated investments primarily due to the acquisition of K2 in 2015.

Net loss was $55.6 million for the year ended 2015 compared to $40.0 million in 2014. The increase in net loss for the annual period was primarily due to increased other expense items related to interest expense, extinguishment of debt and related interest rate swap, and a decrease in net gains on transactions offset by increases in equity in earnings from unconsolidated investments.

Cash available for distribution was $32.9 million in the fourth quarter of 2015 compared to $17.3 million in the same period last year. The $15.6 million increase in cash available for distribution is due to additional revenues of  $21.7 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which were acquired or completed construction during 2015, a $7.5 million increase in cash distributions from unconsolidated investments, and decreased principal payments of $2.0 million. These increases were partially offset by increases in project expenses of approximately $11.4 million and operating expenses of $1.6 million primarily from projects which were acquired or completed construction during 2015, and increased distributions to noncontrolling interests of $2.9 million.

Cash available for distribution was $92.4 million for the full year 2015 compared to $62.1 million in 2014. Based on dividends paid during 2015, Pattern Energy's dividend payout ratio was 98% of 2015 cash available for distribution. The $30.3 million increase in cash available for distribution was due to additional revenues of $63.1 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which commenced commercial operations or were acquired during 2014 and 2015. In addition, the Company received an increase of $26.3 million in cash distributions from its unconsolidated investments when compared to the same period in the prior year which was due to full year operation at each of South Kent and Grand in 2015 compared to partial year operation in 2014 and the acquisition of K2 in the second quarter of 2015. Cash available for distribution was also impacted by a $6.2 million cash distribution from the partial refund of a deposit associated with the Gulf Wind energy derivative. These increases were partially offset by increases in project expenses of $36.8 million, operating expenses of $9.1 million, interest expense of $10.2 million, primarily from projects which commenced commercial operations during 2014 and 2015. In addition, increases in cash available for distribution were offset by increased distributions to noncontrolling interests of $5.8 million and increased principal payments of $4.8 million.

Reconciliations of cash available for distribution to net cash provided by operating activities determined in accordance with GAAP for both the quarterly and annual periods are shown below.

2016 Financial Guidance

For 2016, Pattern Energy expects annual cash available for distribution in a range of $125 million to $145 million, representing an increase of 46% at the midpoint of the range, compared to cash available for distribution in 2015.(1)

Quarterly Dividend

On February 24, 2016, Pattern Energy declared an increased dividend for the first quarter 2016, payable on April 29, 2016, to holders of record on March 31, 2016 in the amount of $0.3810 per Class A common share, which represents $1.524 on an annualized basis. This is a 2.4% increase from the fourth quarter 2015 dividend of $0.3720.

Acquisition Pipeline

Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development.

On October 20, 2015, Pattern Development entered into a 25-year PPA with the Sacramento Municipal Utility District in connection with a 220 MW gross capacity wind power project, referred to as "Grady", based in Curry County, New Mexico, that was previously added to the identified ROFO list as part of the California/New Mexico project. Upon completion, the 220 MW project will deliver wind power directly into California.

(1) The forward looking measure of cash available for distribution for 2016 is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort. A description of the adjustments to determine CAFD can be found within Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Metrics, of Pattern Energy's 2015 Annual Report on Form 10-K.

The identified ROFO list stands at 1,298 MW of total owned capacity. Since its IPO, Pattern Energy has purchased 832 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,130 MW. The table below sets forth the current list of identified ROFO projects:

Asset


Location


Owned MW


Status

Armow


Ontario


90


Operational

Meikle


British Columbia


180


In construction

Conejo Solar


Chile


84


In construction

Belle River


Ontario


50


Securing final permits

Henvey Inlet


Ontario


150


Late stage development

Mont Sainte-Marguerite


Québec


147


Late stage development

North Kent


Ontario


43


Late stage development

Broadview projects


New Mexico


259


Late stage development

Grady


New Mexico


176


Late stage development

Tsugaru


Japan


63


Late stage development

Ohorayama


Japan


31


Late stage development

Kanagi Solar


Japan


6


In construction

Futtsu Solar


Japan


19


Operational

Total




1,298



The list of identified ROFO projects represents a portion of Pattern Development's 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO. The 5,900 MW includes Pattern Development's interests in both its majority stake in Tokyo-based GPI and its 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.

Cash Available for Distribution and Adjusted EBITDA Non-GAAP Reconciliations

The following tables reconcile non-GAAP net cash provided by operating activities to cash available for distribution and net loss to adjusted EBITDA, respectively, for the periods presented (in thousands):


Three Months Ended December 31,


For the Year Ended December 31,


2015


2014


2015


2014

Net cash provided by operating activities

$

34,567



$

26,548



$

117,849



$

110,448


Changes in operating assets and liabilities

(451)



(1,282)



(6,880)



(9,002)


Network upgrade reimbursement

618





2,472



2,472


Release of restricted cash to fund project and general and
administrative costs

110



13



1,611



223


Operations and maintenance capital expenditures

(485)



(133)



(779)



(267)


Transaction costs for acquisitions

(228)



602



1,598



1,730


Distributions from unconsolidated investments

10,722



3,187



34,216



7,891


Reduction of other asset - Gulf Wind energy derivative deposit

850





6,205




Other

(368)





(1,921)




Less:








Distributions to noncontrolling interests

(3,500)



(630)



(7,882)



(2,100)


Principal payments paid from operating cash flows

(8,984)



(11,001)



(54,041)



(49,246)


Cash available for distribution

$

32,851



$

17,304



$

92,448



$

62,149


 


Three Months Ended December 31,


For the Year Ended December 31,


2015


2014


2015


2014

Net (loss) income

$

(3,873)



$

(15,986)



$

(55,607)



$

(39,999)


Plus:








Interest expense, net of interest income

18,886



19,044



75,309



66,729


Tax provision

4,267



4,641



4,943



3,136


Depreciation, amortization and accretion

40,469



31,941



143,376



104,417


Amortization of purchase power agreements, net (1)

771





1,946




EBITDA

$

60,520



$

39,640



$

169,967



$

134,283


Unrealized loss on energy derivative (1)

2,391



(7,265)



791



3,878


Loss (gain) on undesignated derivatives, net

1,908



6,062



5,490



15,743


Realized loss on designated derivatives





11,221




Early extinguishment of debt

828





4,941




Net (loss) gain on transactions

737



626



3,400



(13,843)


Plus, proportionate share from equity accounted investments:








Interest expense, net of interest income

6,452



4,884



23,537



14,081


Tax provision (benefit)







102


Depreciation, amortization and accretion

6,434



4,697



22,680



13,720


Loss (gain) on undesignated derivatives, net

(1,017)



9,080



8,514



30,148


Adjusted EBITDA

$

78,253



$

57,724



$

250,541



$

198,112



 (1) Amount is included in electricity sales on the consolidated statements of operations.

Conference Call and Webcast

Pattern Energy will host a conference call and webcast, complete with slide presentation, to discuss these results at 10:30 a.m. Eastern Time on Monday, February 29, 2016. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 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 (855) 859-2056 or (416) 849-0833 and enter access code 49568100. The replay recording will be available until 11:59 p.m. Eastern Time, March 14, 2016.

A live webcast of the conference call and the accompanying slide presentation 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 Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 16 operating wind power facilities with a total owned interest of 2,282 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.

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 to grow our CAFD and to achieve the 2016 CAFD estimate, the ability of our portfolio to continue to grow our CAFD in 2016 and the coming years, the ability to not require new capital to be raised for existing business, the ability to continue to grow the list of ROFO assets in 2016, the ability to complete the Grady project and the Broadview projects, and the ability of the joint venture between Pattern Development and CEMEX Energia to achieve its five-year development goal. 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 and any quarterly reports on Form 10-Q. 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

Ross Marshall

416-526-1563

ross.marshall@loderockadvisors.com


 

Pattern Energy Group Inc.

Consolidated Balance Sheets

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



December 31,


2015


2014

Assets




Current assets:




Cash and cash equivalents

$

94,808



$

101,656


Restricted cash

14,609



7,945


Trade receivables

45,292



35,759


Related party receivable

734



671


Reimbursable interconnection costs

38



2,532


Derivative assets, current

24,338



18,506


Current net deferred tax assets



318


Prepaid expenses

14,498



15,275


Other current assets

6,891



12,679


Deferred financing costs, current, net of accumulated amortization of $5,192 and $3,493
as of December 31, 2015 and 2014, respectively

2,121



1,747


Total current assets

203,329



197,088


Restricted cash

36,875



39,745


Turbine advances



79,637


Construction in progress



26,195


Property, plant and equipment, net of accumulated depreciation of $409,161 and $278,291as
of December 31, 2015 and 2014, respectively

3,294,620



2,350,856


Unconsolidated investments

116,473



29,079


Derivative assets

44,014



49,369


Deferred financing costs

4,572



5,166


Net deferred tax assets

6,804



5,474


Finite-lived intangible assets, net of accumulated amortization of $4,357 and $154 as of
December 31, 2015 and 2014, respectively

97,722



1,257


Other assets

25,183



11,421


Total assets

$

3,829,592



$

2,795,287


Liabilities and equity




Current liabilities:




Accounts payable and other accrued liabilities

$

42,776



$

24,793


Accrued construction costs

23,565



20,132


Related party payable

1,646



5,757


Accrued interest

9,035



3,634


Dividends payable

28,022



15,734


Derivative liabilities, current

14,343



16,307


Revolving credit facility

355,000



50,000


Current portion of long-term debt, net of financing costs of $3,671 and $11,868 as of
December 31, 2015 and 2014, respectively

44,144



109,693


Current net deferred tax liabilities



149


Other current liabilities

2,156



4,000


Total current liabilities

520,687



250,199


Long-term debt, net of financing costs of $22,632 and $24,887 as of December 31, 2015 and
2014, respectively

1,174,380



1,304,165


Convertible senior notes, net of financing costs of $5,014 and $0 as of December 31, 2015 and 2014, respectively

197,362




Derivative liabilities

28,659



17,467


Net deferred tax liabilities

22,183



20,418


Finite-lived intangible liability, net of accumulated amortization of $2,168 and $0 as of December 31, 2015
and 2014, respectively

58,132




Other long-term liabilities

52,427



38,304


Total liabilities

2,053,830



1,630,553


Commitments and contingencies (Note 18)




Equity:




Class A common stock, $0.01 par value per share: 500,000,000 shares authorized;
74,644,141 and 62,062,841 shares outstanding as of December 31, 2015 and 2014, respectively

747



621


Additional paid-in capital

982,814



723,938


Accumulated loss

(77,159)



(44,626)


Accumulated other comprehensive loss

(73,325)



(45,068)


Treasury stock, at cost; 65,301 and 25,465 shares of Class A common stock as of
December 31, 2015 and 2014, respectively

(1,577)



(717)


Total equity before noncontrolling interest

831,500



634,148


Noncontrolling interest

944,262



530,586


Total equity

1,775,762



1,164,734


Total liabilities and equity

$

3,829,592



$

2,795,287


 

Pattern Energy Group Inc.

Consolidated Statements of Operations

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






Three Months Ended December 31,


For the Year Ended December 31,


2015


2014


2015


2014

Revenue:








Electricity sales

$

89,023



$

72,328



$

324,275



$

254,669


Related party revenue

1,010



987



3,640



3,317


Other revenue

564



6,103



1,916



7,507


Total revenue

90,597



79,418



329,831



265,493


Cost of revenue:








Project expense

32,544



21,166



114,619



77,775


Depreciation, amortization and accretion

41,379



31,941



143,376



104,417


Total cost of revenue

73,923



53,107



257,995



182,192


Gross profit

16,674



26,311



71,836



83,301


Operating expenses:








General and administrative

7,498



6,570



29,807



22,533


Related party general and administrative

2,273



1,632



7,589



5,787


Total operating expenses

9,771



8,202



37,396



28,320


Operating income

6,903



18,109



34,440



54,981


Other (expense) income:








Interest expense

(19,374)



(19,267)



(77,907)



(67,694)


(Loss) gain on undesignated derivatives, net

(1,908)



(6,062)



(5,490)



(15,743)


Realized loss on designated derivatives





(11,221)




Equity in earnings (losses) in unconsolidated investments

15,351



(4,057)



16,119



(25,295)


Related party income

636



876



2,665



2,612


Early extinguishment of debt

(828)





(4,941)




Net (loss) gain on transactions

(737)



(626)



(3,400)



13,843


Other (expense) income, net

351



(318)



(929)



433


Total other expense

(6,509)



(29,454)



(85,104)



(91,844)


Net (loss) income before income tax

394



(11,345)



(50,664)



(36,863)


Tax provision

4,267



4,641



4,943



3,136


Net (loss) income

(3,873)



(15,986)



(55,607)



(39,999)


Net (loss) income attributable to noncontrolling interest

(6,327)



4,406



(23,074)



(8,709)


Net (loss) income attributable to Pattern Energy

$

2,454



$

(20,392)



$

(32,533)



$

(31,290)


Loss per share information:








Net (loss) income attributable to Pattern Energy

2,454



(20,392)



(32,533)



(31,290)


Dividends declared on Class A common shares

(27,768)



(15,581)



(102,861)



(56,976)


Deemed dividends on Class B common shares



(7,222)





(21,901)


Earnings allocated to participating securities

(8)





(32)




Undistributed loss attributable to common stockholders

$

(25,322)



$

(43,195)



$

(135,426)



$

(110,167)


Weighted average number of shares:








Class A common stock - Basic and diluted

74,398,729



46,335,288



70,535,568



42,361,959


Class B common stock - Basic and diluted



15,555,000





15,555,000


Loss per share








Class A common stock:








Basic and diluted loss per share

$

0.03



$

(0.36)



$

(0.46)



$

(0.56)


Class B common stock:








Basic and diluted loss per share

$



$

(0.23)



$



$

(0.49)


Dividends declared per Class A common share

$

0.37



$

0.34



$

1.43



$

1.30


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,


For the Year Ended December 31,


2015


2014


2015


2014

Operating activities








Net loss

$

(3,873)



$

(15,986)



$

(55,607)



$

(39,999)


Adjustments to reconcile net loss to net cash provided by
operating activities:








Depreciation, amortization and accretion

41,268



31,941



143,376



104,417


Impairment loss





398




Amortization of financing costs

1,854



2,063



7,435



6,309


Loss (gain) on derivatives, net

1,426



(2,196)



2,219



15,546


Stock-based compensation

1,228



977



4,462



4,105


Net gain on transactions







(16,526)


Deferred taxes

4,154



4,453



4,494



2,948


Equity in (earnings) losses in unconsolidated investments

(15,367)



4,057



(16,180)



25,295


Unrealized loss on exchange rate changes





823




Amortization of power purchase agreements, net

771





1,946




Amortization of debt discount/premium, net

862





1,660




Realized loss on designated derivatives

1,029





11,221




Early extinguishment of debt

764





4,722




Changes in operating assets and liabilities:








Trade receivables

(7,911)



(3,000)



(2,254)



(8,255)


Prepaid expenses

(2,722)



(1,401)



1,272



(4,100)


Other current assets

3,654



1,178



(2,929)



17,016


Other assets (non-current)

(314)



(146)



(2,336)



(649)


Accounts payable and other accrued liabilities

536



2,025



4,716



3,667


Related party receivable/payable

205



75



711



(942)


Accrued interest payable

2,519



2,294



4,489



1,377


Contingent liabilities

(249)





515




Long-term liabilities

2,613



214



2,696



239


Increase in restricted cash





(2,120)




Decrease in restricted cash

2,120





2,120




Net cash provided by operating activities

34,567



26,548



117,849



110,448










Investing activities








Cash paid for acquisitions, net of cash acquired

$

(27,508)



$

(138,999)



$

(433,792)



$

(306,584)


Decrease in restricted cash

20,763



22,839



62,583



46,700


Increase in restricted cash

(23,442)



(30,384)



(57,332)



(40,790)


Capital expenditures

(64,504)



(100,891)



(380,458)



(119,506)


Distribution from unconsolidated investments

14,746



4,915



38,240



22,019


Contribution to unconsolidated investments

(3)



(331)



(3)



(2,651)


Reimbursable interconnection receivable

625



2,474



2,494



3,892


Other assets

284



15,068



3,065



17,540


Net cash (used in) provided by investing activities

(79,039)



(225,309)



(765,203)



(379,380)


Financing activities








Proceeds from public offering, net of issuance costs

$

(390)



$

(77)



$

317,432



$

286,757


Proceeds from issuance of convertible senior notes, net of
issuance costs

(628)





218,929




Proceeds from exercise of stock options



54





327


Repurchase of shares for employee tax withholding

(529)



(313)



(860)



(693)


Dividends paid

(27,127)



(15,240)



(90,582)



(52,344)


Payment for deferred equity issuance costs

1,940



(550)





(550)


Buyout of noncontrolling interests





(121,224)




Capital contributions - noncontrolling interest

142,979



198,255



336,043



200,805


Capital distributions - noncontrolling interest

(3,500)



(630)



(7,882)



(2,100)


Decrease in restricted cash

14,789



6,119



56,218



19,627


Increase in restricted cash

(13,408)



(4,395)



(54,592)



(17,903)


Refund of deposit for letters of credit



(3,422)



3,425



(3,422)


Payment for deferred financing costs

(5,222)



(11,253)



(13,667)



(11,856)


Proceeds from revolving credit facility

110,000



50,000



405,000



50,000


Repayment of revolving credit facility





(100,000)




Proceeds from construction loans

34,568



58,691



329,070



59,778


Proceeds from long-term debt

164,973





164,973




Repayment of long-term debt

(380,887)



(206,352)



(785,923)



(259,437)


Payment for interest rate derivatives





(11,061)




Net cash provided by financing activities

37,558



70,887



645,299



268,989


Effect of exchange rate changes on cash and cash equivalents

(1,474)



(1,128)



(4,793)



(1,970)


Net change in cash and cash equivalents

(8,388)



(129,002)



(6,848)



(1,913)


Cash and cash equivalents at beginning of period

103,196



230,658



101,656



103,569


Cash and cash equivalents at end of period

$

94,808



$

101,656



$

94,808



$

101,656


Supplemental disclosures








Cash payments for income taxes

$

342



$

131



$

342



$

131


Cash payments for interest expense, net of capitalized interest

24,366



14,012



62,607



53,776


Acquired property, plant and equipment from acquisitions

2,122



338,622



581,834



1,013,365


Equity issuance costs paid in prior period related to current
period offerings

(866)





(433)




Schedule of non-cash activities








Change in fair value of designated interest rate swaps

$

8,700



$

(10,604)



$

13,210



$

(22,847)


Change in property, plant and equipment

(5,049)



(23,333)



15,695



(47,908)


Non-cash deemed dividends on Class B convertible common stock



7,222





21,901


Non-cash increase in additional paid-in capital from buyout
of noncontrolling interests





16,715




Amortization of deferred financing costs—included as
construction in progress



343





343


Assumption of contingent liability upon acquisition of Logan's Gap



(4,000)





(4,000)


 

Logo - http://photos.prnewswire.com/prnh/20150421/199964LOGO

 

SOURCE Pattern Energy Group Inc.


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