Pattern Energy made a net loss of $55.6m in 2015 compared with a loss $40m in the previous year.
The company said the increased loss was mainly due to increased expenses related to interest, extinguishment of debt and related interest rate swaps, as well as a “decrease in net gains on transactions offset by increases in equity in earnings from unconsolidated investments”.
Earnings before interest, taxes, depreciation and amortization in 2015 was $250.5m up 26% on the $198.1m in 2014.
The increase was primarily due to projects that were acquired or commenced commercial operation in 2014 and 2015, Pattern said.
Pattern Energy sold 5,136,675MWh of electricity on a proportional basis for the year ended December 2015 compared with 2,951,233MWh in 2014.
Pattern Energy president and chief executive officer Mike Garland said: “By reducing certain costs and increasing the operating performance of our projects during 2015, we were able to overcome the challenges of low wind in the first quarter, a weak Canadian dollar and reduced spot market prices.
“The portfolio continues to provide growing, stable cash flow, allowing us to increase our dividend for the first quarter of 2016, our eighth consecutive dividend increase.
“With this good news we start 2016 in a strong position.”
Image: Pattern Energy’s Gulf wind farm in Texas (Pattern Energy)
