Pattern Energy Reports Fourth Quarter and Year End 2016 Financial Results

- Increases dividend to $0.41375 per Class A common share for first quarter 2017 -

SAN FRANCISCO, March 1, 2017 /CNW/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2016 fourth quarter and year.

Highlights

(Comparisons made between fiscal 2016 and fiscal 2015 results, unless otherwise noted)

  • Proportional GWh sold of 6,806 GWh, up 33%
  • Net cash provided by operating activities of $164 million, up 39%
  • Cash available for distribution (CAFD) of $133.0 million, up 44%
  • Net loss of $52.3 million, an improvement of 6%
  • Adjusted EBITDA of $304.2 million, up 21%
  • Revenue of $354.1 million, up 7%
  • Declared a first quarter dividend of $0.41375 per Class A common share or $1.655 on an annualized basis, subsequent to the end of the period, representing a 1.4% increase over the previous quarter's dividend and the twelfth consecutive dividend increase
  • Increased owned capacity by 16% to 2,644 MW during 2016 with the acquisition of a 90 MW owned interest in the Armow project and an agreement to acquire a 272 MW owned interest in the Broadview projects, including the associated interconnect transmission line
  • Reported construction progress is on schedule at Broadview and the commencement of commercial operations is expected in April 2017, at which time Pattern Energy has agreed to acquire its owned interest
  • Completed a $350 million senior notes offering at 5.875% which matures in 2024, subsequent to the end of the period

"We delivered 44 percent growth in our cash available for distribution in 2016 which is approximately the midpoint of our guidance range. Our high-quality portfolio of 18 assets continues to supply stable cash flows. The outlook for renewables has never been stronger as technology improvements continue to drive the delivered cost of power lower.  Lower technology costs and our proven ability to develop new investment opportunities position us to continue to achieve high growth rates for the next several years and beyond," said Mike Garland, President and CEO of Pattern Energy. "In order to deliver on this potential, in September we launched an internal initiative called Pattern 2020 that outlined our vision for the business through 2020. The Pattern 2020 vision has three goals: 1) to make Pattern the best place to work in the industry; 2) to double the size of our portfolio; and 3) to continue to be a top competitor, which will include aggressively lowering our costs through operational initiatives, improved systems and automation and other actions. It's a vision that brings focus throughout the whole organization as we execute our day-to-day work to deliver safe, reliable, low cost renewable energy to communities."

Financial Results

Pattern Energy sold 1,817,651 MWh of electricity on a proportional basis in the fourth quarter of 2016 compared to 1,714,884 MWh sold for the same period in 2015. Pattern Energy sold 6,806,272 MWh of electricity on a proportional basis for the year ended December 31, 2016 (the "full year 2016"), compared to 5,136,675 MWh sold in 2015. The increase for the quarterly period is primarily due to the commencement of commercial operations of Amazon Wind Farm Fowler Ridge in December 2015 and the acquisition of Armow in the fourth quarter of 2016. Overall, production was modestly below the Company's expectation for the fourth quarter compared to its long-term forecast. The increase in proportional MWh sold for the annual period was primarily attributable to a 1,425,038 MWh increase in volume from controlling interest in consolidated MWh and a 244,559 MWh increase in volume from unconsolidated investments due to the acquisitions of Armow in October 2016 and K2 in June 2015.

Net cash provided by operating activities was $56.3 million for the fourth quarter of 2016 compared to $32.4 million for the same period in 2015. The change quarter over quarter is primarily due to increases in working capital of $13.5 million, increased distributions from unconsolidated investments of $14.6 million and decreased cash payments for interest of $2.9 million. These increases were partially offset by decreases in revenues of $4.1 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily due to decreases in MWh sold and increases in operating expenses of $2.2 million.

Net cash provided by operating activities was $163.7 million for the full year 2016 compared to $117.8 million in 2015, an increase of $45.8 million, or approximately 38.9%. The increase was primarily due to higher revenues of $47.3 million (excluding unrealized loss on energy derivative and amortization of PPAs) from projects which were acquired since May 2015 or which commenced commercial operations since September 2015, increased distributions from unconsolidated investments of $15.0 million, increased working capital of $4.1 million, a decrease in transaction costs of $3.1 million, and a $2.4 million increase in related party income. These increases were partially offset by increased project expenses of $14.2 million and operating expenses of $13.1 million.

Cash available for distribution was $36.2 million in the fourth quarter of 2016 compared to $32.9 million for the same period in 2015. The $3.3 million increase in cash available for distribution is due to increases of $5.5 million in distributions from unconsolidated investments, a $4.2 million increase in network upgrade reimbursements, increased related party income of $0.7 million, decreased net losses on transactions of $0.7 million, decreased project expenses of $0.7 million, and decreased principal payments of $0.7 million. These increases were partially offset by decreases in revenues of $4.1 million (excluding unrealized loss on energy derivative and amortization of PPAs) due primarily to decreases in volumes, increases in operating expenses of $2.2 million, and increased distributions to noncontrolling interests of $2.6 million.

Cash available for distribution was $133.0 million for the full year 2016 compared to $92.4 million for 2015. Based on dividends paid during 2016, Pattern Energy's dividend payout ratio was 90% of 2016 cash available for distribution. The $40.5 million increase in cash available for distribution was due to additional revenues of $47.3 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which were acquired or commenced commercial operations during 2015. In addition, the Company received an increase of $22.5 million in cash distributions from its unconsolidated investments when compared to the same period in the prior year which was due to full year operations at K2 and the acquisition of Armow in the fourth quarter of 2016, reduced principal payments of project-level debt by $6.4 million, decreased net losses on transactions of $3.1 million, and increased related party income of $2.4 million. These increases were partially offset by increased project expenses of $14.2 million, operating expenses of $13.1 million, increased distributions to noncontrolling interests of $10.0 million, and the $6.2 million cash distribution from the partial refund of a deposit associated with the Gulf Wind energy derivative in 2015. 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.

Net income was $3.4 million in the fourth quarter of 2016, compared to a net loss of $3.9 million for the same period in 2015. The improvement in the quarterly period was primarily due to other income items related to gains on undesignated derivatives and lower interest expense. These improvements were offset by decreased revenues (including the unrealized loss on energy derivative) as well as increased operating expenses.

Net loss was $52.3 million for the full year 2016 compared to $55.6 million for 2015. The improvement in net loss for the annual period was primarily due to increased earnings in unconsolidated investments and increased revenues, partially offset by increased project expense, operating expenses and tax provision.

Adjusted EBITDA was $85.1 million for the fourth quarter of 2016 compared to $78.3 million for the same period in 2015. Adjusted EBITDA for the full year 2016 was $304.2 million compared to $250.5 million for 2015. The increase for the quarterly period was primarily attributable to the commencement of commercial operations of Amazon Wind Farm Fowler Ridge in December 2015 and the acquisition of Armow in the fourth quarter of 2016. The increase in the annual period was primarily due to projects that were acquired or commenced commercial operation in 2015 and 2016. Reconciliations of Adjusted EBITDA to net loss determined in accordance with GAAP for both the quarterly and annual periods are shown below.

2017 Financial Guidance

For 2017, Pattern Energy expects annual cash available for distribution in a range of $140 million to $165 million, representing an increase of 15% at the midpoint of the range, compared to cash available for distribution in 2016.(*)

(*) 

 The forward looking measure of 2017 full year cash available for distribution (CAFD) 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 primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at CAFD. 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 2016 Annual Report on Form 10-K for the period ended December 31, 2016.

Quarterly Dividend

Pattern Energy declared an increased dividend for the first quarter 2017, payable on April 28, 2017, to holders of record on March 31, 2017 in the amount of $0.41375 per Class A common share, which represents $1.655 on an annualized basis. This is a 1.4% increase from the fourth quarter 2016 dividend of $0.408.

Construction Pipeline

The table below outlines the Broadview projects that Pattern Energy has agreed to acquire, which are currently in construction, the capacity owned and the projects' anticipated commencement date for commercial operation.









MW

Project


Location


Construction
Start


Commercial
Operations (1)


Rated (2)


Owned

Broadview projects


New Mexico


2016


2017


324


272



(1)

Represents year of actual or anticipated commencement of commercial operations.



(2)

Rated capacity represents the maximum electricity generating capacity of a project in MW. As a result of wind and other conditions, a project or a turbine may not operate at its rated capacity at all times and the amount of electricity generated will be less than its rated capacity. The amount of electricity generated may vary based on a variety of factors.



Acquisitions

In October 2016, Pattern Energy acquired 90 MW of owned capacity in the 179 MW Armow project from Pattern Development 1.0 for approximately US $133.0 million. The purchase price was funded from cash available and draws under the Company's revolving credit facility.

Located in Kincardine, Ontario, Armow consists of 91 Siemens 2.3 MW wind turbines and is jointly owned by Pattern Energy and Samsung Renewable Energy, Inc. The facility reached commercial operation in December 2015 and operates under a 20-year power purchase agreement with the Independent Electricity System Operator (IESO) in Ontario.

Acquisition Pipeline

Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development 1.0 and Pattern Development 2.0 (together, the "Pattern Development Companies"). The identified ROFO list stands at 962 MW of total owned capacity. The list of identified ROFO projects represents a portion of the Pattern Development Companies' 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO.

Since its IPO, Pattern Energy has purchased 1,194 MW from Pattern Development 1.0 and in aggregate grown the identified ROFO list from 746 MW to a total of 2,156 MW. Below is a summary of the Identified ROFO Projects that the Company expects to acquire from the Pattern Development Companies in connection with Pattern Energy's project purchase rights:













Capacity (MW)

Identified
ROFO Projects


Status


Location


Construction
Start(1)


Commercial
Operations(2)


Contract
Type


Rated(3)


Owned
Capacity(4)

Pattern Development 1.0 Projects













Kanagi Solar


Operational


Japan


2014


2016


PPA


14


6

Futtsu Solar


Operational


Japan


2014


2016


PPA


42


19

Conejo Solar


Operational


Chile


2015


2016


PPA


104


104

Meikle


Operational


British Columbia


2015


2017


PPA


180


180

Belle River


In construction


Ontario


2016


2017


PPA


100


43

Ohorayama


In construction


Japan


2016


2018


PPA


33


31

Mont Sainte-Marguerite


In construction


Québec


2017


2017


PPA


147


147

Henvey Inlet


Late stage development


Ontario


2017


2018


PPA


300


150

North Kent


Late stage development


Ontario


2017


2018


PPA


100


43

Tsugaru


Late stage development


Japan


2017


2019


PPA


126


63

Pattern Development 2.0 Projects













Grady


Late stage development


New Mexico


2018


2019


PPA


220


176













1,366


962


















(1)

Represents year of actual or anticipated commencement of construction.



(2)

Represents year of actual or anticipated commencement of commercial operations.



(3)

Rated capacity represents the maximum electricity generating capacity of a project in MW. As a result of wind and other conditions, a project or a turbine will not operate at its rated capacity at all times and the amount of electricity generated may be less than its rated capacity. The amount of electricity generated may vary based on a variety of factors.



(4)

Owned capacity represents the maximum, or rated, electricity generating capacity of the project in MW multiplied by either Pattern Development 1.0's or Pattern Development 2.0's percentage ownership interest in the distributable cash flow of the project.



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,


2016


2015


2016


2015

Net cash provided by operating activities

$

56,293



$

32,447



$

163,664



$

117,849


Changes in operating assets and liabilities

(11,800)



1,669



(11,000)



(6,880)


Network upgrade reimbursement

4,821



618



4,821



2,472


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

50



110



640



1,611


Operations and maintenance capital expenditures

(138)



(485)



(1,017)



(779)


Distributions from unconsolidated investments

1,632



10,722



41,698



34,216


Reduction of other asset - Gulf Wind energy derivative deposit



850





6,205


Other

(172)



(596)



(302)



(323)


Less:








Distributions to noncontrolling interests

(6,125)



(3,500)



(17,896)



(7,882)


Principal payments paid from operating cash flows

(8,312)



(8,984)



(47,634)



(54,041)


Cash available for distribution

$

36,249



$

32,851



$

132,974



$

92,448


 


Three months ended December 31,


For the year ended December 31,


2016


2015


2016


2015

Net income

$

3,445



$

(3,873)



$

(52,299)



$

(55,607)


Plus:








Interest expense, net of interest income

15,692



18,886



76,598



75,309


Tax provision

4,641



4,267



8,679



4,943


Depreciation, amortization and accretion

47,028



41,240



184,002



145,322


EBITDA

70,806



60,520



216,980



169,967


Unrealized loss on energy derivative (1)

7,797



2,391



22,767



791


Loss on undesignated derivatives, net

(14,361)



1,908



3,324



5,490


Realized loss on designated derivatives







11,221


Early extinguishment of debt



828





4,941


Net gain (loss) on transactions

(27)



737



326



3,400


Adjustments from unconsolidated investments (2)

18,914





(659)




Plus, proportionate share from equity accounted investments:








Interest expense, net of interest income

9,325



6,452



32,103



23,537


Depreciation, amortization and accretion

8,139



6,434



27,763



22,680


Loss on undesignated derivatives, net

(15,463)



(1,017)



1,552



8,514


Adjusted EBITDA

$

85,130



$

78,253



$

304,156



$

250,541




(1)

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



(2)

Adjustments from unconsolidated investments for the three months ended December 31, 2016, consists of $4.9 million gains on distributions from unconsolidated investments and $(23.8) million of suspended equity earnings. Adjustments for the year ended December 31, 2016, consists of $19.9 million gains on distributions from unconsolidated investments and $(19.2) million of suspended equity earnings.

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 Wednesday, March 1, 2017. 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 74242722. The replay recording will be available until 11:59 p.m. Eastern Time, March 22, 2017.

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

About Pattern Energy

Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 18 wind power facilities, including one it has agreed to acquire, with a total owned interest of 2,644 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 CAFD and to achieve the 2017 CAFD estimate, the Company's ability to achieve high growth rates in the future, the ability to achieve the goals of the Pattern 2020 vision, the ability to continue to grow the list of ROFO assets in 2017, and the ability to complete the Broadview projects. 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,


2016


2015

Assets




Current assets:




Cash and cash equivalents

$

83,932



$

94,808


Restricted cash

11,793



14,609


Funds deposited by counterparty

43,635




Trade receivables

37,510



45,292


Related party receivable

1,134



734


Reimbursable interconnection costs



38


Derivative assets, current

17,578



24,338


Prepaid expenses

13,803



14,498


Other current assets

6,216



6,891


Deferred financing costs, current, net of accumulated amortization of $9,350 and $5,192 as of December 31, 2016 and December 31, 2015, respectively

2,456



2,121


Total current assets

218,057



203,329


Restricted cash

13,646



36,875


Property, plant and equipment, net

3,135,162



3,294,620


Unconsolidated investments

233,294



116,473


Derivative assets

26,712



44,014


Deferred financing costs

4,052



4,572


Net deferred tax assets

5,559



6,804


Finite-lived intangible assets, net

91,895



97,722


Other assets

24,390



25,183


Total assets

$

3,752,767



$

3,829,592


Liabilities and equity




Current liabilities:




Accounts payable and other accrued liabilities

$

31,305



$

42,776


Accrued construction costs

1,098



23,565


Counterparty deposit liability

43,635




Related party payable

1,295



1,646


Accrued interest

9,545



9,035


Dividends payable

35,960



28,022


Derivative liabilities, current

11,918



14,343


Revolving credit facility

180,000



355,000


Current portion of long-term debt, net

48,716



44,144


Other current liabilities

3,403



2,156


Total current liabilities

366,875



520,687


Long-term debt, net

1,334,956



1,371,742


Derivative liabilities

24,521



28,659


Net deferred tax liabilities

31,759



22,183


Finite-lived intangible liability, net

54,663



58,132


Other long-term liabilities

61,249



52,427


Total liabilities

1,874,023



2,053,830


Commitments and contingencies




Equity:




Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 87,410,687 and 74,644,141 shares outstanding as of December 31, 2016 and December 31, 2015, respectively

875



747


Additional paid-in capital

1,145,760



982,814


Accumulated loss

(94,270)



(77,159)


Accumulated other comprehensive loss

(62,367)



(73,325)


Treasury stock, at cost; 110,964 and 65,301 shares of Class A common stock as of December 31, 2016 and December 31, 2015, respectively

(2,500)



(1,577)


Total equity before noncontrolling interest

987,498



831,500


Noncontrolling interest

891,246



944,262


Total equity

1,878,744



1,775,762


Total liabilities and equity

$

3,752,767



$

3,829,592




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,


2016


2015


2016


2015

Revenue:








Electricity sales

$

79,048



$

89,023



$

346,000



$

324,275


Related party revenue

1,672



1,010



5,793



3,640


Other revenue

341



564



2,259



1,916


Total revenue

81,061



90,597



354,052



329,831


Cost of revenue:








Project expense

31,863



32,544



128,852



114,619


Depreciation and accretion

43,708



41,379



174,490



143,376


Total cost of revenue

75,571



73,923



303,342



257,995


Gross profit

5,490



16,674



50,710



71,836


Operating expenses:








General and administrative

9,451



7,498



40,573



29,807


Related party general and administrative

2,519



2,273



9,900



7,589


Total operating expenses

11,970



9,771



50,473



37,396


Operating income (expense)

(6,480)



6,903



237



34,440


Other income (expense):








Interest expense

(15,870)



(19,374)



(78,004)



(77,907)


Gain (loss) on undesignated derivatives, net

14,361



(1,908)



(3,324)



(5,490)


Realized loss on designated derivatives







(11,221)


Earnings (losses) in unconsolidated investments, net

14,437



15,351



30,192



16,119


Related party income

1,377



636



5,074



2,665


Early extinguishment of debt



(828)





(4,941)


Net gain (loss) on transactions

27



(737)



(326)



(3,400)


Other income (expense), net

234



351



2,531



(929)


Total other income (expense)

14,566



(6,509)



(43,857)



(85,104)


Net income (loss) before income tax

8,086



394



(43,620)



(50,664)


Tax provision

4,641



4,267



8,679



4,943


Net income (loss)

3,445



(3,873)



(52,299)



(55,607)


Net loss attributable to noncontrolling interest

(10,350)



(6,327)



(35,188)



(23,074)


Net income (loss) attributable to Pattern Energy

$

13,795



$

2,454



$

(17,111)



$

(32,533)


Weighted average number of shares:








Class A common stock - Basic and diluted

87,007,714



74,398,729



79,382,388



70,535,568


Loss per share








Class A common stock:








Basic and diluted gain (loss) per share

$

0.16



$

0.03



$

(0.22)



$

(0.46)


Dividends declared per Class A common share

$

0.41



$

0.37



$

1.58



$

1.43




Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)



Three months ending December 31,


For the year ended December 31,


2016


2015


2016


2015

Operating activities








Net income (loss)

$

3,445



$

(3,873)



$

(52,299)



$

(55,607)


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








Depreciation and accretion

43,708



41,268



174,490



143,376


Amortization of financing costs

1,726



1,854



6,968



7,435


(Gain) loss on derivatives, net

(7,518)



1,426



22,239



2,219


Stock-based compensation

1,029



1,228



5,391



4,462


Deferred taxes

4,566



4,154



8,247



4,494


(Earnings) loss in unconsolidated investments, net

(14,437)



(15,367)



(30,192)



(16,180)


Distribution from unconsolidated investments

14,638





15,015




Amortization of power purchase agreements, net

771



771



3,049



1,946


Amortization of debt discount/premium, net

1,079



862



4,226



1,660


Realized loss on derivatives, net



1,029





11,221


Early extinguishment of debt



764





4,722


Other reconciling items

(4,514)





(4,470)



1,221


Changes in operating assets and liabilities:








Funds deposited by counterparty

3,008





(43,635)




Trade receivables

1,718



(7,911)



7,796



(2,254)


Prepaid expenses

1,714



(2,722)



709



1,272


Other current assets

(355)



3,654



(3,909)



(2,929)


Other assets (non-current)

514



(314)



1,379



(2,336)


Accounts payable and other accrued liabilities

112



536



(2,546)



4,716


Counterparty deposit liability

(3,008)





43,635




Related party receivable/payable

(906)



205



(742)



711


Accrued interest

6,475



2,519



458



4,489


Other current liabilities

735



(249)



1,227



515


Long-term liabilities

1,793



2,613



6,628



2,696


Net cash provided by operating activities

56,293



32,447



163,664



117,849










Investing activities








Cash paid for acquisitions, net of cash and restricted cash acquired

(131,754)



(27,508)



(135,778)



(422,413)


Capital expenditures

(1,347)



(64,504)



(32,901)



(380,458)


Distribution from unconsolidated investments

1,632



14,746



41,698



38,240


Other assets

1,077



909



2,696



5,559


Other investing activities

167



(4)



31



(3)


Net cash used in investing activities

(130,225)



(76,361)



(124,254)



(759,075)


Financing activities








Proceeds from public offering, net of issuance costs

(285)



(390)



286,298



317,432


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



(628)





218,929


Repurchase of shares for employee tax withholding

(859)



(529)



(923)



(860)


Dividends paid

(35,048)



(27,127)



(120,207)



(90,582)


Payment for deferred equity issuance costs



1,940






Buyout of noncontrolling interest







(121,224)


Capital contributions - noncontrolling interest



142,979





336,043


Capital distributions - noncontrolling interest

(6,125)



(3,500)



(17,896)



(7,882)


Refund of deposit for letters of credit







3,425


Payment for deferred financing costs

(408)



(5,222)



(542)



(13,667)


Proceeds from revolving credit facility

155,000



110,000



175,000



405,000


Repayment of revolving credit facility

(10,000)





(350,000)



(100,000)


Proceeds from construction loans



34,568





329,070


Proceeds from long-term debt



164,973





164,973


Repayment of long-term debt

(8,312)



(380,887)



(47,634)



(785,923)


Payment for interest rate derivatives







(11,061)


Other financing activities

(189)





(759)




Net cash provided by (used in) financing activities

93,774



36,177



(76,663)



643,673


Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1,418)



(1,474)



332



(5,501)


Net change in cash, cash equivalents and restricted cash

18,424



(9,211)



(36,921)



(3,054)


Cash, cash equivalents and restricted cash at beginning of period

90,947



155,503



146,292



149,346


Cash, cash equivalents and restricted cash at end of period

$

109,371



$

146,292



$

109,371



$

146,292


Supplemental disclosures








Cash payments for income taxes

$

142



$

49



$

375



$

342


Cash payments for interest expense, net of capitalized interest

10,494



13,368



69,666



62,607


Acquired property, plant and equipment from acquisitions



2,122





581,834


Schedule of non-cash activities








Change in fair value of designated interest rate swaps

$



$



$




Change in property, plant and equipment

430



(5,049)



540



15,695


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







16,715


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







433


 

SOURCE Pattern Energy Group Inc.


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890