SAN FRANCISCO, May 7, 2015 /PRNewswire/ -- Pattern Energy
Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX:
PEG) today announced its financial results for the first quarter of
2015.
Highlights
(Comparisons made between fiscal Q1 2015 and fiscal Q1 2014
results, unless otherwise noted)
- Cash available for distribution (CAFD) of $9.3 million, down 48%
- Adjusted EBITDA of $46.7 million,
up 26%
- Proportional GWh sold of 929 GWh, up 70%
- Revenue of $64.9 million, up
31%
- Declared a second quarter dividend of $0.3520 per Class A common share or $1.408 on an annualized basis, subsequent to the
end of the period, representing a 3% increase over the previous
quarter's dividend
- Added three new projects to the identified Right of First Offer
(ROFO) list consisting of Amazon Wind Farm (Fowler Ridge), Mont
Sainte-Marguerite and, subsequent to the end of the period,
North Kent; the identified ROFO
list stands at 814 MW of owned capacity
- Entered into definitive agreements to acquire four wind power
facilities, subsequent to the end of the period, K2 and Amazon Wind
Farm (Fowler Ridge) from Pattern Development and Post Rock Wind and
Lost Creek Wind from Wind Capital Group, LLC
- Increased its CAFD per share compound annual growth rate (CAGR)
target to 12-15 percent from 10-12 percent over the next three
years, subsequent to the end of the period
- Pattern Development acquired a majority stake in Tokyo-based Green Power Investment Corporation
(GPI), which has approximately 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), 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
"We continue to grow our portfolio of high-quality assets which
now stands at 2,112 MW of owned capacity with the recent addition
of four new projects, including our first acquisition from a third
party. At the same time, we continue to add new projects to our
identified ROFO list, like the recent North Kent announcement. The identified ROFO
list and Pattern Development's pipeline of development-stage
projects in North America,
Japan and Mexico provide clear visibility into our
growth trajectory. As such, we have increased our cash available
for distribution per share CAGR target to 12-15 percent through
2017," said Mike Garland, President
and CEO of Pattern Energy. "It's a great portfolio in strong
markets. Despite the short-term wind variability in the first
quarter, the underlying business continues to perform well – as we
grow our portfolio and a strong pipeline of near-term
projects."
Financial Results
Pattern Energy sold 929,420 MWh of electricity on a proportional
basis in the first quarter of 2015 compared to 546,290 MWh sold in
the same period in 2014. The increase was primarily attributable to
the commencement of commercial operations at South Kent, Panhandle 1, Panhandle 2, Grand and El Arrayán at various
times in 2014. Overall, production for the first quarter was
impacted by low wind levels which were independently reported to be
20 percent, or more, below normal across the western United States and Texas. These wind levels resulted in a 20
percent variance in Pattern Energy's production during the first
quarter compared to its long-term forecast.
Net loss was $22.1 million in the
first quarter of 2015, which remained relatively unchanged compared
to $21.9 million in the same period
last year.
Adjusted EBITDA was $46.7 million
for the first quarter of 2015 compared to $37.2 million in the same period last year. The
increase in Adjusted EBITDA was primarily attributable to the
commencement of commercial operations at the five projects
referenced above. The increase was curbed by lower
electricity production due to the low wind levels referenced above.
A reconciliation of Adjusted EBITDA to net loss determined in
accordance with GAAP is shown below.
Cash available for distribution was $9.3
million in the first quarter of 2015 compared to
$17.8 million in the same period last
year. The change is primarily attributable to lower electricity
production due to the low wind levels referenced above as well as
increases of $9.2 million in project
expenses from commencement of operations at new projects,
$2.8 million in operating expenses,
$3.3 million in interest expense and
$2.6 million in principal payments
from operating cash. The impact was partially offset by additional
electricity sales from the commencement of commercial operations at
Panhandle 1, El Arrayán, and
Panhandle 2 and a $6.1 million cash distribution from
unconsolidated investments. 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 second
quarter 2015, payable on July 30,
2015, to holders of record on June
30, 2015, in the amount of $0.3520 per Class A share, which represents
$1.408 on an annualized basis. This
is a 3 percent increase from the first quarter 2015 dividend of
$0.342.
Construction Pipeline
The table below outlines Pattern Energy's projects currently in
construction, the capacity owned or under contract to be acquired
and each project's anticipated commencement date for commercial
operation.
Asset
|
Location
|
Owned
MW
|
Commercial
Operation
|
K2
|
Ontario
|
90
|
Q2 2015
|
Logan's
Gap
|
Texas
|
164
|
Q4 2015
|
Amazon Wind
Farm
(Fowler
Ridge)
|
Indiana
|
116
|
Q4 2015
|
Total
|
|
370
|
|
In April 2015, Pattern Energy
entered into an agreement to acquire an owned interest of 90 MW in
the 270 MW K2 Wind power project located in Ontario, Canada from Pattern Development. The
project has a 20-year power purchase agreement (PPA) with the
Independent Electricity System Operator (IESO). The project is
expected to reach commercial operation in the second quarter of
2015.
In April 2015, Pattern Energy
acquired the 150 MW Amazon Wind Farm (Fowler Ridge) project located
in Benton County, Indiana. The
project has entered into a 13-year PPA with Amazon Web Services, an
Amazon.com company, to supply electricity for its datacenters. The
project is expected to reach commercial operation in late 2015.
Third-party Acquisitions
In April, Pattern Energy entered into definitive agreements with
Wind Capital Group, LLC ("WCG") to acquire an aggregate owned 270
MW interest in two operational wind power facilities from WCG and
its affiliates.
Pattern Energy has agreed to acquire an interest in the 201 MW
Post Rock Wind facility in Kansas,
which is fully contracted under a long-term agreement with Westar,
which has a BBB+ credit rating.
Pattern Energy also agreed to acquire an interest in the 150 MW
Lost Creek Wind facility in Missouri, which is fully contracted under a
long-term agreement with Associated Electric Cooperative
Incorporated, which has an AA credit rating.
The transactions are expected to close within 30-60 days,
subject to receipt of certain regulatory approvals and satisfaction
or waiver of other customary conditions.
Acquisition Pipeline
Pattern Energy has the Right of First Offer (ROFO) on a pipeline
of acquisition opportunities from Pattern Development.
In 2015, Pattern Energy has announced the addition of three new
projects to its list of identified ROFO projects from Pattern
Development, consisting of 116 MW of the 150 MW Amazon Wind Farm
(Fowler Ridge) in January, which has also now been acquired from
Pattern Development, the 147 MW Mont Sainte-Marguerite Wind project
in February and 43 MW of the 100 MW North Kent Wind project in
April. With these new additions, the identified ROFO list now
consists of eight projects with a rated capacity of 1,399 MW and a
total owned capacity of 814 MW.
The North Kent Wind project, which is located in the Regional
Municipality of Chatham-Kent,
Ontario, has a 20-year PPA to
supply IESO with electricity. Construction of the project is
expected to begin by the end of 2016 and it is expected to reach
completion at the end of 2017.
Since its IPO, Pattern Energy has purchased 756 MW from Pattern
Development. The table below sets forth the current list of
identified ROFO projects:
Asset
|
Location
|
Owned
MW
|
Commercial
Operation
|
Gulf Wind
|
Texas
|
76
|
Operational
|
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)
|
Mont
Sainte-Marguerite
|
Québec
|
147
|
2017
(Late-stage
development)
|
North Kent
|
Ontario
|
43
|
Late 2017
(Late-stage
development)
|
Total
|
|
814
|
|
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.
Adjusted EBITDA and Cash Available for Distribution
Reconciliations
The following tables reconcile net loss 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 March 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
Net loss
|
|
$ (22,059)
|
|
$ (21,899)
|
|
|
Plus:
|
|
|
|
|
|
|
Interest expense, net
of interest income
|
|
17,699
|
|
14,418
|
|
|
Tax
benefit
|
|
(746)
|
|
(2,032)
|
|
|
Depreciation and
accretion
|
|
29,056
|
|
21,177
|
|
|
EBITDA
|
|
$ 23,950
|
|
$ 11,664
|
|
|
Unrealized (gain)
loss on energy derivative
|
|
(2,972)
|
|
7,733
|
|
|
Unrealized loss on
derivatives, net
|
|
2,441
|
|
3,723
|
|
|
Interest rate
derivative settlements
|
|
959
|
|
1,017
|
|
|
Net loss on
transactions
|
|
1,284
|
|
-
|
|
|
Plus,
proportionate share from equity accounted investments:
|
|
|
|
|
|
Interest
expense, net of interest income
|
|
5,438
|
|
253
|
|
|
Depreciation and
accretion
|
|
4,509
|
|
187
|
|
|
Unrealized loss
on interest rate and currency derivatives, net
|
11,134
|
|
12,595
|
|
|
Realized loss on
interest rate and currency derivatives
|
-
|
|
22
|
|
|
Adjusted
EBITDA
|
|
$ 46,743
|
|
$ 37,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
Net cash provided by
operating activities
|
$ 16,239
|
|
$ 16,405
|
|
|
Changes in operating
assets and liabilities
|
(4,657)
|
|
6,773
|
|
|
Other
|
|
|
(144)
|
|
(122)
|
|
|
Network upgrade
reimbursement
|
|
618
|
|
618
|
|
|
Release of restricted
cash to fund general and administrative costs
|
-
|
|
54
|
|
|
Operations and
maintenance capital expenditures
|
(38)
|
|
(54)
|
|
|
Transaction costs for
acquisitions
|
|
420
|
|
-
|
|
|
Distributions from
unconsolidated investment
|
6,076
|
|
-
|
|
|
Less:
|
|
|
|
|
|
|
|
Distributions to
noncontrolling interests
|
(748)
|
|
-
|
|
|
Principal payments
paid from operating cash flows
|
(8,435)
|
|
(5,830)
|
|
|
Cash available for
distribution
|
|
$ 9,331
|
|
$ 17,844
|
|
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 Thursday, May 7, 2015.
Mike Garland, President and CEO, and
Mike Lyon, CFO, will co-chair the
call. Participants should call (800) 524-8950 or (416) 260-0113 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
(888) 203-1112 or (647) 436-0148 and enter access code 6681718.
The replay recording will be available until 11:59 p.m. Eastern Time, May 14, 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. (Pattern Energy) is an independent
power company listed on the NASDAQ ("PEGI") and Toronto Stock
Exchange ("PEG"). Pattern Energy has a portfolio of 16 wind power
facilities, including three projects it has agreed to acquire, with
a total owned interest of 2,112 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 the ability to achieve its increased CAFD per
share CAGR target, the ability to consummate the acquisitions of
each of Post Rock Wind and Lost Creek Wind from WCG, the ability of
the Pattern Development joint venture with CEMEX Energia to develop
renewable energy projects in the next five years, the anticipated
commencement date for commercial operations for the projects in the
Company's construction pipeline, and the expected construction
completion date of the K2 project. 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
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
December 31,
2014
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 243,330
|
|
$
101,656
|
Restricted
cash
|
|
6,247
|
|
7,945
|
Trade
receivables
|
|
35,020
|
|
35,759
|
Related party
receivable
|
|
549
|
|
671
|
Reimbursable
interconnection costs
|
|
1,909
|
|
2,532
|
Derivative assets,
current
|
|
19,258
|
|
18,506
|
Current net deferred
tax assets
|
|
307
|
|
318
|
Prepaid expenses and
other current assets
|
|
14,280
|
|
27,954
|
Deferred financing
costs, current, net of accumulated amortization of $3,888 and
$3,493 as of March 31, 2015 and December 31, 2014,
respectively
|
|
1,756
|
|
1,747
|
Total current
assets
|
|
322,656
|
|
197,088
|
|
|
|
|
|
Restricted
cash
|
|
23,133
|
|
39,745
|
Turbine
advances
|
|
110,941
|
|
79,637
|
Construction in
progress
|
|
57,163
|
|
26,195
|
Property, plant and
equipment, net of accumulated depreciation of $302,354
|
|
|
|
|
and $278,291 as of
March 31, 2015 and December 31, 2014, respectively
|
|
2,300,505
|
|
2,350,856
|
Unconsolidated
investments
|
|
14,756
|
|
29,079
|
Derivative
assets
|
|
49,204
|
|
49,369
|
Deferred financing
costs
|
|
4,764
|
|
5,166
|
Net deferred tax
assets
|
|
11,097
|
|
5,474
|
Other
assets
|
|
14,335
|
|
12,678
|
Total
assets
|
|
$ 2,908,554
|
|
$ 2,795,287
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable and
other accrued liabilities
|
|
$ 25,248
|
|
$
24,793
|
Accrued construction
costs
|
|
11,843
|
|
20,132
|
Related party
payable
|
|
1,188
|
|
5,757
|
Accrued
interest
|
|
1,237
|
|
3,634
|
Dividends
payable
|
|
23,779
|
|
15,734
|
Derivative
liabilities, current
|
|
16,498
|
|
16,307
|
Revolving credit
facility
|
|
-
|
|
50,000
|
Current portion of
long-term debt, net of financing costs of $9,585 and
|
|
|
|
|
$11,868 as of March
31, 2015 and December 31, 2014, respectively
|
|
160,422
|
|
109,693
|
Current net deferred
tax liabilities
|
|
149
|
|
149
|
Current portion of
contingent liabilities
|
|
4,000
|
|
4,000
|
Total current
liabilities
|
|
244,364
|
|
250,199
|
|
|
|
|
|
Long-term debt, net
of financing costs of $23,841 and $24,887 as of
|
|
|
|
|
March 31, 2015 and
December 31, 2014, respectively
|
|
1,280,029
|
|
1,304,165
|
Derivative
liabilities
|
|
25,109
|
|
17,467
|
Asset retirement
obligations
|
|
28,721
|
|
29,272
|
Net deferred tax
liabilities
|
|
23,500
|
|
20,418
|
Contingent
liabilities
|
|
761
|
|
175
|
Other long-term
liabilities
|
|
9,460
|
|
8,857
|
Total
liabilities
|
|
1,611,944
|
|
1,630,553
|
|
|
|
|
|
Equity:
|
|
|
|
|
Class A common stock,
$0.01 par value per share: 500,000,000 shares authorized;
69,088,306 and 62,088,306 shares issued as of March 31, 2015 and
December 31, 2014, respectively; 69,052,752 and 62,062,841 shares
outstanding as of March 31, 2015 and December 31, 2014,
respectively
|
|
691
|
|
621
|
Additional paid-in
capital
|
|
897,220
|
|
723,938
|
Accumulated
loss
|
|
(64,525)
|
|
(44,626)
|
Accumulated other
comprehensive loss
|
|
(62,432)
|
|
(45,068)
|
Treasury stock, at
cost; 35,554 and 25,465 shares of Class A common stock as of March
31, 2015 and December 31, 2014, respectively
|
|
(998)
|
|
(717)
|
Total equity before
noncontrolling interest
|
|
769,956
|
|
634,148
|
Noncontrolling
interest
|
|
526,654
|
|
530,586
|
Total
equity
|
|
1,296,610
|
|
1,164,734
|
Total liabilities and
equity
|
|
$ 2,908,554
|
|
$ 2,795,287
|
|
|
Pattern Energy
Group Inc.
|
Consolidated
Statements of Operations
|
(In thousands of
U.S. dollars, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
2015
|
|
2014
|
Revenue:
|
|
|
|
|
Electricity
sales
|
|
$ 54,984
|
|
$ 53,871
|
Energy derivative
settlements
|
|
6,169
|
|
2,735
|
Unrealized gain
(loss) on energy derivative
|
|
2,972
|
|
(7,733)
|
Related party
revenue
|
|
803
|
|
513
|
Other revenue,
net
|
|
(62)
|
|
231
|
Total
revenue
|
|
64,866
|
|
49,617
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
Project
expense
|
|
25,246
|
|
16,074
|
Depreciation and
accretion
|
|
29,056
|
|
21,177
|
Total cost of
revenue
|
|
54,302
|
|
37,251
|
|
|
|
|
|
Gross
profit
|
|
10,564
|
|
12,366
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
General and
administrative
|
|
6,221
|
|
3,903
|
Related party general
and administrative
|
|
1,808
|
|
1,280
|
Total operating
expenses
|
|
8,029
|
|
5,183
|
|
|
|
|
|
Operating
income
|
|
2,535
|
|
7,183
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
Interest
expense
|
|
(17,918)
|
|
(14,621)
|
Interest rate
derivative settlements
|
|
(959)
|
|
(1,017)
|
Unrealized loss on
derivatives, net
|
|
(2,441)
|
|
(3,723)
|
Equity in losses in
unconsolidated investments
|
|
(3,082)
|
|
(12,548)
|
Related party
income
|
|
668
|
|
628
|
Net loss on
transactions
|
|
(1,284)
|
|
-
|
Other (expense)
income, net
|
|
(324)
|
|
167
|
Total other
expense
|
|
(25,340)
|
|
(31,114)
|
|
|
|
|
|
Net loss before
income tax
|
|
(22,805)
|
|
(23,931)
|
Tax
benefit
|
|
(746)
|
|
(2,032)
|
Net loss
|
|
(22,059)
|
|
(21,899)
|
Net loss attributable
to noncontrolling interest
|
|
(2,160)
|
|
(7,010)
|
Net loss attributable
to controlling interest
|
|
$ (19,899)
|
|
$ (14,889)
|
|
|
|
|
|
Earnings per share
information:
|
|
|
|
|
Cash dividends
declared on Class A common shares
|
|
(23,624)
|
|
(11,179)
|
Net loss attributable
to common stockholders
|
|
$ (43,523)
|
|
$ (26,068)
|
|
|
|
|
|
Weighted average
number of shares:
|
|
|
|
|
Class A common stock
- Basic
|
|
65,892,005
|
|
35,533,166
|
Class A common stock
- Diluted
|
|
65,892,005
|
|
51,421,931
|
Class B common stock
- Basic and diluted
|
|
N/A
|
|
15,555,000
|
|
|
|
|
|
Earnings (loss)
per share
|
|
|
|
|
Class A common
stock:
|
|
|
|
|
Basic loss per
share
|
|
$ (0.30)
|
|
$ (0.20)
|
Diluted loss per
share
|
|
$ (0.30)
|
|
$ (0.29)
|
|
|
|
|
|
Class B common
stock:
|
|
|
|
|
Basic and diluted
loss per share
|
|
N/A
|
|
$ (0.51)
|
|
|
|
|
|
Cash dividends
declared per Class A common share
|
|
$
0.34
|
|
$
0.31
|
|
|
Pattern Energy
Group Inc.
|
Consolidated
Statements of Cash Flows
|
(In thousands of
U.S. dollars)
|
|
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
2015
|
|
2014
|
Operating
activities
|
|
|
|
|
Net loss
|
|
$ (22,059)
|
|
$ (21,899)
|
Adjustments to
reconcile net loss to net cash
|
|
|
|
|
provided
by operating activities:
|
|
|
|
|
Depreciation and
accretion
|
|
29,056
|
|
21,177
|
Loss on disposal of
equipments
|
|
354
|
|
-
|
Amortization of
financing costs
|
|
1,743
|
|
1,395
|
Unrealized loss
(gain) on derivatives
|
|
(531)
|
|
11,456
|
Stock-based
compensation
|
|
815
|
|
533
|
Deferred
taxes
|
|
(878)
|
|
(2,032)
|
Equity in losses
(earnings) in unconsolidated investments
|
|
3,082
|
|
12,548
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Trade
receivables
|
|
288
|
|
(6,357)
|
Prepaid expenses and
other current assets
|
|
5,207
|
|
4,027
|
Other assets
(non-current)
|
|
(80)
|
|
(122)
|
Accounts payable and
other accrued liabilities
|
|
(688)
|
|
(5,021)
|
Related party
receivable/payable
|
|
565
|
|
(155)
|
Accrued interest
payable
|
|
(2,374)
|
|
855
|
Contingent
liabilities
|
|
593
|
|
-
|
Long-term
liabilities
|
|
1,146
|
|
-
|
Net cash provided by
operating activities
|
|
16,239
|
|
16,405
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Decrease in
restricted cash
|
|
21,042
|
|
300
|
Increase in
restricted cash
|
|
(5,055)
|
|
(1)
|
Capital
expenditures
|
|
(63,956)
|
|
314
|
Distribution from
unconsolidated investments
|
|
6,076
|
|
-
|
Contribution to
unconsolidated investments
|
|
-
|
|
(1,283)
|
Reimbursable
interconnection receivable
|
|
623
|
|
1,418
|
Other assets
(non-current)
|
|
-
|
|
618
|
Net cash (used in)
provided by investing activities
|
|
(41,270)
|
|
1,366
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Proceeds from public
offering, net of expenses
|
|
$ 196,923
|
|
$ (135)
|
Repurchase of shares
for employee tax withholding
|
|
(281)
|
|
(26)
|
Dividends
paid
|
|
(15,578)
|
|
(11,082)
|
Capital distributions
- noncontrolling interest
|
|
(748)
|
|
-
|
Decrease in
restricted cash
|
|
8,763
|
|
4,668
|
Increase in
restricted cash
|
|
(12,062)
|
|
(7,707)
|
Refund of deposit for
letters of credit
|
|
3,425
|
|
-
|
Payment for deferred
financing costs
|
|
(4)
|
|
(589)
|
Repayment of
revolving credit facility
|
|
(50,000)
|
|
-
|
Proceeds from
short-term debt
|
|
47,595
|
|
-
|
Repayment of
long-term debt
|
|
(8,435)
|
|
(5,830)
|
Net cash provided by
(used in) financing activities
|
|
169,598
|
|
(20,701)
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(2,893)
|
|
(296)
|
Net change in cash
and cash equivalents
|
|
141,674
|
|
(3,226)
|
Cash and cash
equivalents at beginning of period
|
|
101,656
|
|
103,569
|
Cash and cash
equivalents at end of period
|
|
$ 243,330
|
|
$ 100,343
|
|
|
|
|
|
Supplemental
disclosure
|
|
|
|
|
Cash payments for
interest expenses, net of capitalized interest
|
|
$ 18,442
|
|
$ 12,398
|
Schedule of
non-cash activities
|
|
|
|
|
Amortization of
deferred financing costs - included as construction in
progress
|
|
2,515
|
|
-
|
Change in property,
plant and equipment
|
|
(23,061)
|
|
(9,897)
|
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SOURCE Pattern Energy Group Inc.