Alterra Power Corp. on Aug. 10 posted second-quarter 2017 adjusted EBITDA of $13.6 million, compared to $10.8 million in the year-ago quarter, a 26% increase due to higher output from the 204-MW South Clay Wind Farm (Shannon 1) facility and first time generation at Jimmie Creek.
Revenue for the quarter was $17.2 million, an increase from $13.8 million in the corresponding quarter of 2016, thanks in large to foreign exchange and higher retail sales, although gross profit was down year over year to $2.7 million from $3.6 million in second quarter of 2016. The company's generation for the quarter was largely flat at 276,793 MWh.
Alterra Power recorded a second-quarter net loss of $2.8 million, compared to net income of $3.4 million in the prior-year period, primarily due to changes in noncash items such as the fair value of derivatives, foreign exchange movements and higher finance costs.
The company plans to increase its dividend in 2018 upon completion of Flat Top wind project. The project recently secured financing and is expected to begin commercial operations in first half of 2018.
"Now that project financing is complete at Flat Top and Spartan we look forward to completing construction of these projects and adding them to our large and diversified fleet of operating assets," Alterra Power CFO Lynda Freeman said in an earnings release.