Pattern Energy made a loss of $12.6m in the first three months of 2018, compared with a profit of $2.5m in the period last year, due to the cost of solar and wind acquisitions made this year and last.
However, the acquisitions helped to boost adjusted earnings to $104.2m in the first quarter, up from $98.2m in 2017, with revenue rising 11% to $111.7m.
Pattern sold almost 2.13 terrawatt-hours (TWh) of electricity in the period, a 4% increase on the just under 2.04TWh sold last year.
The increase was down to the acquisitions and more favourable wind conditions at projects in Canada. Unfavourable wind and curtailment at projects in the Texas market and at Santa Isabel, however, meant production was 7% below the average forecast for the period.
Pattern acquired 206MW of owned interest in five projects in Japan in the quarter, comprising three wind farms and two solar plants.
Pattern Energy president and chief executive Mike Garland said: “We were able to successfully acquire five assets in Japan, one of the best renewable markets in the world, that form a strong platform to grow our business there and to improve the value of the projects over time.”
Image: Pattern Energy
Pattern makes mixed start
By EBS