Pattern Energy Group Inc. on Aug. 8 posted a 17% year-over-year increase in second-quarter adjusted EBITDA to $91.9 million, from $78.6 million a year ago.
The result was driven by a $9.7 million increase in revenues and an $11.3 million increase in the company's proportionate share of adjusted EBITDA from unconsolidated investments.
Second-quarter revenues grew to $107.8 million, a 15% increase from $93.4 million in the comparable period of 2016. Electricity sales were up 23% year over year to 2,111,627 MWh on a proportional basis from 1,715,286 MWh a year ago due to favorable wind conditions, and the acquisitions of Broadview and Armow facilities.
Cash available for distribution, or CAFD, was up 39% year over year to $49.2 million, from $35.5 million in the prior-year period. Net cash provided by operating activities was $113.4 million for the most recent quarter, compared with $55.3 million for the same period last year.
"Our high-quality fleet continues to perform well which allowed us to deliver a strong quarter with CAFD in line with our expectation and on track for our 2017 CAFD guidance," Pattern Energy President and CEO Mike Garland said, "We have designed the business and deployed a strategy to produce and grow stable, sustainable CAFD. Our announcements in June support and expand on this strategy."
On GAAP basis, Pattern Energy reported second-quarter net income attributable to the company of $14.2 million, or 16 cents per share, compared with a net loss attributable to the company of $3.2 million, or 4 cents per share, for the same quarter of 2016.
The company will pay an increased third-quarter dividend of 42 cents per class A share on Oct. 31 to shareholders of record Sept. 29.
Pattern Energy continues to target full-year 2017 annual cash available for distribution in the range of $140 million to $165 million.