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Researched by Industrial Info Resources (Sugar Land, Texas)--Despite a sharp increase in revenues, renewable-energy developer Pattern Energy Group (NASDAQ:PEGI) (San Francisco, California) incurred a series of one-time and maintenance-related expenses in 2017 that resulted in a net loss. But the company is set on expanding this year, with international acquisitions and domestic project kickoffs in the works. Industrial Info is tracking $4.22 billion in active projects involving Pattern, including $1.24 billion that are set to begin or finish construction in 2018.
Pattern's capital expenditures for 2017 totaled $43.78 million, compared with $32.9 million in 2016. Last month, Pattern agreed to acquire a 206-megawatt (MW) portfolio of renewable-energy projects in Japan for $325 million, including two operating solar projects, one operating wind project, and two wind projects that are under construction.
The latter includes the $327.7 million Tsugaru Windfarm Station in Aomori, which is expected to generate about 122 megawatts (MW) from 38 turbines supplied by General Electric (NYSE:GE). For more information, see Industrial Info's project report.
Among Pattern's major accomplishments in 2017 was the completion of the $275 million Mont Sainte Marguerite Windfarm in Thetford Mines, Quebec. The project, which is expected to begin commercial operations soon, involved installing 46 turbines from Siemens AG to generate 147.2 megawatts (MW). Pattern is considering two other wind-energy projects in Canada: the $495 million Henvey Inlet Windfarm in Sudbury, Quebec, which would generate 300 MW from 87 Vestas turbines, and the $165 million Prospect Creek Windfarm in Merritt, British Columbia, which would generate 100 MW from 67 turbines.
The Henvey Inlet project took a step forward last quarter when Pattern announced it had completed C$1 billion (US$777.9 million) in financing for the facility. Nigig Power Corporation, a subsidiary of the Henvey Inlet First Nation, is a joint-venture partner in the project. The Henvey Inlet Windfarm will be the first wind-power project on First Nation land. The Prospect Creek project, however, remains in its earliest planning phase. For more information, see Industrial Info's reports on the Mont Sainte Marguerite, Henvey Inlet and Prospect Creek projects.
Pattern also began operations at the 324-MW Broadview Windfarm project in New Mexico; along with its acquisition last year of the 179-MW Meikle Windfarm in British Columbia, this accounted for much of the 14% increase in proportional gigawatt hours (GWh) sold in 2017, totaling 7,787 GWh. Pattern is looking at another project in New Mexico: the $420 million Grady Wind Facility in Clovis, New Mexico, which is expected to generate 220.8 MW from 96 Siemens turbines. In addition to the windfarm, Industrial Info is tracking development of a 34.5-kilovolt substation, also in Clovis. For more information, see Industrial Info's project reports on the windfarm and substation.
Pattern also expects to begin construction soon on the $109 million Vivaldi Springtime Windfarm in Big Timber, Montana, which would generate about 80 MW from 31 Siemens turbines. The project includes a 34.5-kilovolt substation, also in Big Timber. Pattern acquired the project last year from WKN AG (Husum, Germany). For more information, see Industrial Info's project reports on the windfarm and substation.
Pattern's revenues for 2017 stood at $411.3 million, a 16% increase from 2016. But the company reported net losses of $17.9 million, compared with $17.1 million in 2016. Among the reasons cited were unexpected curtailments, one-time transmission repairs in Texas and Arizona, and "weaker-than-expected wind resources" in the fourth quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Pattern's capital expenditures for 2017 totaled $43.78 million, compared with $32.9 million in 2016. Last month, Pattern agreed to acquire a 206-megawatt (MW) portfolio of renewable-energy projects in Japan for $325 million, including two operating solar projects, one operating wind project, and two wind projects that are under construction.
The latter includes the $327.7 million Tsugaru Windfarm Station in Aomori, which is expected to generate about 122 megawatts (MW) from 38 turbines supplied by General Electric (NYSE:GE). For more information, see Industrial Info's project report.
Among Pattern's major accomplishments in 2017 was the completion of the $275 million Mont Sainte Marguerite Windfarm in Thetford Mines, Quebec. The project, which is expected to begin commercial operations soon, involved installing 46 turbines from Siemens AG to generate 147.2 megawatts (MW). Pattern is considering two other wind-energy projects in Canada: the $495 million Henvey Inlet Windfarm in Sudbury, Quebec, which would generate 300 MW from 87 Vestas turbines, and the $165 million Prospect Creek Windfarm in Merritt, British Columbia, which would generate 100 MW from 67 turbines.
The Henvey Inlet project took a step forward last quarter when Pattern announced it had completed C$1 billion (US$777.9 million) in financing for the facility. Nigig Power Corporation, a subsidiary of the Henvey Inlet First Nation, is a joint-venture partner in the project. The Henvey Inlet Windfarm will be the first wind-power project on First Nation land. The Prospect Creek project, however, remains in its earliest planning phase. For more information, see Industrial Info's reports on the Mont Sainte Marguerite, Henvey Inlet and Prospect Creek projects.
Pattern also began operations at the 324-MW Broadview Windfarm project in New Mexico; along with its acquisition last year of the 179-MW Meikle Windfarm in British Columbia, this accounted for much of the 14% increase in proportional gigawatt hours (GWh) sold in 2017, totaling 7,787 GWh. Pattern is looking at another project in New Mexico: the $420 million Grady Wind Facility in Clovis, New Mexico, which is expected to generate 220.8 MW from 96 Siemens turbines. In addition to the windfarm, Industrial Info is tracking development of a 34.5-kilovolt substation, also in Clovis. For more information, see Industrial Info's project reports on the windfarm and substation.
Pattern also expects to begin construction soon on the $109 million Vivaldi Springtime Windfarm in Big Timber, Montana, which would generate about 80 MW from 31 Siemens turbines. The project includes a 34.5-kilovolt substation, also in Big Timber. Pattern acquired the project last year from WKN AG (Husum, Germany). For more information, see Industrial Info's project reports on the windfarm and substation.
Pattern's revenues for 2017 stood at $411.3 million, a 16% increase from 2016. But the company reported net losses of $17.9 million, compared with $17.1 million in 2016. Among the reasons cited were unexpected curtailments, one-time transmission repairs in Texas and Arizona, and "weaker-than-expected wind resources" in the fourth quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 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. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
