Reports related to this article:
Project(s): View 1 related project in PECWeb
Plant(s): View 3 related plants in PECWeb
en
Researched by Industrial Info Resources (Sugar Land, Texas)--Pattern Energy Group Incorporated (NASDAQ:PEGI) (San Francisco, California), an independent power company that went public in late 2013 and has a portfolio of 12 wind-power projects, continued its growth in 2014 with several major project startups and a sharp increase in energy sales by megawatt-hours. When excluding numerous one-time and extraordinary expenses, using the "adjusted EBITDA" method, Pattern saw $198.11 million income for the year, a 39.74% increase from 2013.
Losses on interest rate and energy derivatives increased $54.1 million from 2013; other factors excluded from the adjusted EBITDA numbers include tax provisions, depreciation, accretion, net gains and losses on transactions, and realized and unrealized gains and losses on currency derivatives. When including these factors, Pattern Energy saw net losses of $31.29 million for the year, compared with net gains of $16.96 million for 2013.
Industrial Info is tracking more than $5.6 billion in active projects involving Pattern, including the $690 million construction of the Henvey Inlet Windfarm near Sudbury, Ontario. The windfarm will utilize 120 General Electric 2.5-100 Model wind turbine generators, each with a capacity of 2.5 MW, or an equivalent on the North Bank of Georgian Bay. Pattern is serving as project manager for the facility, which is owned by Nigig Power Corporation (Parry Sound, Ontario).
Total revenues stood at $265.49 million, a 31.71% increase from 2013. Pattern sold 2.91 billion megawatt-hours (MWh) of electricity on a proportional basis in 2014, a 64.5% increase from 2013; during the fourth quarter alone, the company more than doubled its MWh sold to 888,577 MWh, when compared with the same period in 2013. The increase was attributed to the startup of commercial operations at several facilities, including the 142-MW Panhandle 2 windfarm in the Texas Panhandle, and the 67-MW Grand River Renewable windfarm in southern Ontario, both in the fourth quarter. The company's portfolio now includes 1,636 MW in owned capacity, up 57% since Pattern's initial public offering in October 2013.
Capital expenditures were reported to be $119.51 million for the year, compared with $123.52 million in 2013.
"We increased the performance of our Siemens (SYNE:SI) turbine fleet to well above our budget levels at the end of the year," said Mike Garland, the president and chief executive officer of Pattern, in a conference call. "We broke new ground in ... the U.S. by entering into the new direct sales market, where we sell at household names such as Wal-Mart (NYSE:WMT) and Amazon (NASDAQ:AMZN). And we work with Pattern Development to open up project development opportunities in new markets, specifically in Japan and Mexico--markets with major demand for wind and solar generation, and where we understand the landscape and have strong partners."
Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development, a leading global power developer that owns a minority stake in Pattern Energy. Earlier this year, Pattern Development acquired a majority stake in Green Power Investment Corporation (Tokyo, Japan), which has more than 1,000 MW in wind and solar projects in development, and signed a joint venture agreement with CEMEX Energia, a subsidiary of CEMX S.A.B. (NYSE:CX), to develop renewable energy projects in Mexico.
"We now have access to more than 4,500 megawatts of development opportunities through our ROFO relationship with Pattern Development," Garland said. "In addition to our efforts in Japan and Mexico, we continue to add new projects to our ROFO list. We've grown the owned capacity of our identified ROFO list by 105% since the time of the IPO. As we've previously stated, we have taken the view that we should only add a project to the identified ROFO list once it has secured a power sales agreement. We believe this is a good indicator of the projects' likelihood of being successful."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Losses on interest rate and energy derivatives increased $54.1 million from 2013; other factors excluded from the adjusted EBITDA numbers include tax provisions, depreciation, accretion, net gains and losses on transactions, and realized and unrealized gains and losses on currency derivatives. When including these factors, Pattern Energy saw net losses of $31.29 million for the year, compared with net gains of $16.96 million for 2013.
Industrial Info is tracking more than $5.6 billion in active projects involving Pattern, including the $690 million construction of the Henvey Inlet Windfarm near Sudbury, Ontario. The windfarm will utilize 120 General Electric 2.5-100 Model wind turbine generators, each with a capacity of 2.5 MW, or an equivalent on the North Bank of Georgian Bay. Pattern is serving as project manager for the facility, which is owned by Nigig Power Corporation (Parry Sound, Ontario).
Total revenues stood at $265.49 million, a 31.71% increase from 2013. Pattern sold 2.91 billion megawatt-hours (MWh) of electricity on a proportional basis in 2014, a 64.5% increase from 2013; during the fourth quarter alone, the company more than doubled its MWh sold to 888,577 MWh, when compared with the same period in 2013. The increase was attributed to the startup of commercial operations at several facilities, including the 142-MW Panhandle 2 windfarm in the Texas Panhandle, and the 67-MW Grand River Renewable windfarm in southern Ontario, both in the fourth quarter. The company's portfolio now includes 1,636 MW in owned capacity, up 57% since Pattern's initial public offering in October 2013.
Capital expenditures were reported to be $119.51 million for the year, compared with $123.52 million in 2013.
"We increased the performance of our Siemens (SYNE:SI) turbine fleet to well above our budget levels at the end of the year," said Mike Garland, the president and chief executive officer of Pattern, in a conference call. "We broke new ground in ... the U.S. by entering into the new direct sales market, where we sell at household names such as Wal-Mart (NYSE:WMT) and Amazon (NASDAQ:AMZN). And we work with Pattern Development to open up project development opportunities in new markets, specifically in Japan and Mexico--markets with major demand for wind and solar generation, and where we understand the landscape and have strong partners."
Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development, a leading global power developer that owns a minority stake in Pattern Energy. Earlier this year, Pattern Development acquired a majority stake in Green Power Investment Corporation (Tokyo, Japan), which has more than 1,000 MW in wind and solar projects in development, and signed a joint venture agreement with CEMEX Energia, a subsidiary of CEMX S.A.B. (NYSE:CX), to develop renewable energy projects in Mexico.
"We now have access to more than 4,500 megawatts of development opportunities through our ROFO relationship with Pattern Development," Garland said. "In addition to our efforts in Japan and Mexico, we continue to add new projects to our ROFO list. We've grown the owned capacity of our identified ROFO list by 105% since the time of the IPO. As we've previously stated, we have taken the view that we should only add a project to the identified ROFO list once it has secured a power sales agreement. We believe this is a good indicator of the projects' likelihood of being successful."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
