US renewables company Pattern Energy reported earnings of $219m in the first nine months of 2016, up from $172m in the same period last year.
The improvement was mainly down to projects that have come online since September 2015, Pattern said.
The company sold 4,988,621MWh of electricity in the period, compared with 3,421,791MWh in the first nine months of 2015.
Despite the increased earnings, Pattern has made a loss of $55.7m this year, compared with a loss of $51.7m in the same period in 2015.
However, the $11.1m loss in the third quarter of the year is an improvement on the same period last year, when the company made a loss of $35.3m.
The quarterly improvement was primarily the result of a “decrease in other expenses related to an increase in earnings from unconsolidated investments, expenses in 2015 for the early extinguishment of debt and termination of designated interest rate derivatives and increased total revenue”, Pattern said.
The company added that it has the right of first offer for 962MW of new projects in Canada, Chile, Japan and the US.
Image: Pattern Energy
