Pattern has Q4 loss, 2013 profit
Wind developer Pattern Energy had a fourth quarter $19.4m net loss, or 17 cents per Class A share, due primarily to unrealized losses attributable to its energy hedge.
Net loss a year earlier was $4.4m, when the company was not publicly traded.
Sales during the period were $41.7m versus $34.3m a year earlier.
For 2013, Pattern had a $10m net profit compared with a $13.3m net loss a year earlier. Revenue increased to $201.5m including $173.2m from electricity sales, versus $114m and $101.8m from power sales a year earlier.
“This was a tremendous year for Pattern Energy that included our successful IPO – the first US listing of a wind power company – the growth of our portfolio to ten projects totaling 1,255MW and the declaration of our first quarterly dividend,” says chief executive Mike Garland.
In 2013, Pattern Energy acquired 45% of the 149MW Grand Renewable wind power project in Ontario and made a commitment to acquire 81% of the 182MW Panhandle 2 wind power project in Texas upon its completion.
Pattern Energy’s portfolio now totals ten wind power projects, including Panhandle 2, with a total owned capacity of 1,255MW.
Pattern Energy successfully closed its initial public offering last 2 October.