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Pattern Energy ups dividend payout as Q1 CAFD more than triples YOY


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Pattern Energy ups dividend payout as Q1 CAFD more than triples YOY

Pattern EnergyGroup Inc. reported a year-over-year increase across all itsfinancial metrics and declared a second-quarter dividend of 39 cents perclass-A share May 9, up 2.4% over the previous payout. The dividend is payableJuly 29 to shareholders of record June 30.

First-quarter 2016 adjusted EBITDA was up 67.1% year overyear to $78.1 million while cash available for distribution more than tripledyear over year to $41.0 million. The figures were accompanied byan increase in revenues, which were up 35% year over year to $87.6 million aselectricity sales nearly doubled year over year to 1,801 GWh on a proportionalbasis, results showed.

The results reflect projects that Pattern Energy Groupacquired in May 2015 or those that became commercially operable since the thirdquarter of 2015. The company has a portfolio of 16 operating wind powerfacilities with a total owned interest of 2,282 MW in the U.S., Canada andChile.

However, those acquisitions and new projects resulted in anincrease in expenses and helped widen the first-quarter net loss attributableto Pattern Energy to $23.7 million from $19.9 million in the same quarter of2015. First-quarter 2016 operating expenses were up to $11.5 million from $8.0million in the opening months of 2015, results showed.

The company booked $516,000 in first-quarter 2016 operatingincome, down from $2.5 million in the corresponding quarter of 2015.

Pattern Energy continues to target 2016 annual cashavailable for distribution of $125 million to $145 million; it will hold aconference call at 10:30 a.m. ET on May 9 to discuss its results.

In a separate release, the company announced a $200 million "at-the-market"program with RBC Capital Markets LLC, KeyBanc Capital Markets Inc. and MorganStanley & Co. LLC to sell its class-A stock.

The sale will help the company meet general corporaterequirements, including the repayment of debt and funding of acquisitions.

Pattern Energy has the right of first offer on 1,298 MW ofcapacity developed Pattern EnergyGroup LP, or Pattern Development. The projects represent a portionof Pattern Development's 5,900-MW pipeline of development projects, all ofwhich are subject to Pattern Energy's ROFO.

Since its IPO, Pattern Energy has purchased 832 MW fromPattern Development and in aggregate grown the identified ROFO list from 746 MWto a total of 2,130 MW.