During the second quarter, Pattern’s net income was a positive $7.2m, compared to $44m last year.
Pattern, which was at the vanguard of the US yieldco boom with its September 2013 IPO, blamed the drop in its fortunes this year on “unrealised losses on energy and interest rate derivatives and a higher recognition of deferred tax expense”.
On the bright side, Pattern says that its Cash Available for Distribution (CAFD) – a critical metric for any yieldco – had already reached 61% of the yearly target by the end of the second quarter.
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