Pattern Energy made a net loss of $107m last year, wider than the $69m loss that it reported for 2018.
The company said the increase in the loss was down to a number of reasons including $53m in accelerated deprecation mainly as a result of the repowering at the Gulf Wind project and a $14m increase in corrective maintenance repairs.
Other factors included a $14m increase in contingent consideration payable to Pattern Energy Group, as a result of construction cost savings at the Tsugaru wind farm in Japan and the completion of construction at the Grady wind farm, and a $71m decrease in other income resulting from the sale of the K2 wind project in 2018.
Pattern said the decreases were partially offset by a $106m increase in earnings from its unconsolidated investments and a decrease in its proportionate share of losses at Pattern Development.
Adjusted earnings fell last year to $359m from $372m in 2018, but revenue rose to $519m from $483m.
The company sold 8,144,403 megawatt-hours of electricity last year, up from 7,988,192MWh in 2018.
Pattern did not provide a target range for 2020 because of the impending closure of a merge agreement that will see Canada Pension Plan Investment Board (CPP Investments) acquire the company.
Concurrently with the planned merger CPP Investments and Riverstone Holdings have entered into an agreement to merge Pattern Energy and Pattern Development under common ownership.
Pattern Energy chief executive Mike Garland said: “The assets continue to perform well with wind resource just below our long-term average during the quarter.
“We met our 2019 full year guidance for CAFD and the business continues to perform in line with management’s plan.”