Pattern Energy Reports First Quarter 2018 Financial Results
Pattern Energy Reports First Quarter 2018 Financial Results
- Declares dividend of $0.4220 per Class A common share for second quarter 2018 -
SAN FRANCISCO, May 10, 2018 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2018 first quarter.
Highlights
(Figures reported below are for the first quarter of fiscal 2017, unless otherwise noted)
-- Proportional gigawatt hours ("GWh") sold of 2,127 GWh, up 4%
-- Net cash provided by operating activities of $27.8 million
-- Cash available for distribution ("CAFD") of $43.1 million, and on track
to meet full year guidance((1))
-- Net loss of $12.6 million
-- Adjusted EBITDA of $104.2 million
-- Revenue of $111.7 million, up 11%
-- Declared a second quarter dividend of $0.4220 per Class A common share
or $1.688 on an annualized basis, subsequent to the end of the period,
unchanged from the previous quarter's dividend
-- Acquired 206 megawatts ("MW") of owned capacity in five Japanese
projects which represents the Company's entry into Japan, one of the
most robust renewables markets in the world
-- Invested $27 million in Pattern Energy Group 2 LP's ("Pattern
Development 2.0") acquisition of the majority interest in Green Power
Investments ("GPI") and the Japanese development pipeline from Pattern
Energy Group LP ("Pattern Development 1.0")
-- Commenced commercial operations at two projects, the 33 MW Ohorayama
Wind power facility in Japan and, subsequent to the end of the period,
the 143 MW Mont Sainte-Marguerite Wind power facility in Quebec which
Pattern Energy has agreed to acquire with closing expected in the coming
weeks
"Our solid performance in Q1 puts us right on track for our targeted CAFD((1)) for the year and is the result of our portfolio continuing to operate at the top end of the industry," said Mike Garland, President and CEO of Pattern Energy. "In addition, 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. The Company is in an excellent position to make further acquisitions without raising any common equity, allowing us to grow our CAFD per share."
(1) The forward looking measure of 2018
full year cash available for
distribution (CAFD) is a non-GAAP
measure that cannot be reconciled to
net cash provided by operating
activities as the most directly
comparable GAAP financial measure
without unreasonable effort primarily
because of the uncertainties involved
in estimating forward-looking
changes in working capital balances
which are added to earnings to arrive
at cash provided by operations and
subtracted therefrom to arrive at
CAFD. A description of the
adjustments to determine CAFD can be
found within Item 2, Management's
Discussion and Analysis of Financial
Condition and Results of Operations -
Key Metrics, of Pattern Energy's
2018 Quarterly Report on Form 10-Q
for the period ended March 31, 2018.
Financial and Operating Results
Pattern Energy sold 2,126,662 megawatt hours ("MWh") of electricity on a proportional basis in the first quarter of 2018 compared to 2,038,159 MWh sold in the same period last year. The 4% increase was primarily due to volume increases as a result of acquisitions in 2017 and 2018 and favorable wind at projects in Canada partially offset by unfavorable wind and curtailment primarily at projects in the Texas market and at Santa Isabel. Production for the quarter was 7% below the long-term average forecast for the period.
Net cash provided by operating activities was $27.8 million for the first quarter of 2018 compared to $43.8 million for the same period last year. The $15.9 million decrease was primarily due to a $12.6 million increase in transmission and projects costs primarily due to acquisitions in 2017 and 2018, a $10.0 million increase in interest payments and a $2.9 million decrease in distributions from unconsolidated investments. These decreases in net cash provided by operating activities were partially offset by a $10.8 million increase in revenue.
Cash available for distribution was $43.1 million for the first quarter of 2018, compared to $45.1 million for the same period last year. The $2.1 million decrease was primarily due to a $12.6 million increase in transmission and projects costs primarily due to acquisitions in 2017 and 2018, a $3.9 million increase in interest expense (excluding amortization of financing costs and debt discount/premium), a $6.5 million increase in distributions to noncontrolling interests, a $3.5 million increase in principal payments of project-level debt and a $0.9 million decrease in distributions from unconsolidated investments. These decreases in cash available for distribution were partially offset by increases of $20.2 million in revenue (excluding unrealized loss on energy derivative and amortization of PPAs), $2.5 million in release of restricted cash and $4.3 million in cash from other, primarily related to a $3.4 million project reserve funding requirement made in the first quarter 2017.
Net loss was $12.6 million in the first quarter of 2018, compared to a net income of $2.5 million for the same period last year. The change of $15.2 million was primarily attributable to increases of $24.3 million in cost of revenues due to the acquisitions in 2017 and 2018 and $2.0 million in tax provision. This change was partially offset a $10.8 million increase in revenue primarily due to acquisitions in 2017 and 2018 and the settlement of business interruption insurance related to our Santa Isabel project and a decrease of $0.5 million in other expense.
Adjusted EBITDA was $104.2 million for the first quarter of 2018 compared to $98.2 million for the same period last year. The $6.0 million increase in the quarterly period was primarily due to a $20.2 million increase in revenue (excluding unrealized loss on energy derivative and amortization of PPAs) primarily attributable to volume increases as a result of the 2017 and 2018 acquisitions and an insurance settlement for Santa Isabel partially offset by lower electricity sales as a result of changing prices, unfavorable wind and curtailment primarily at projects in the Texas market and at Santa Isabel. This increase was partially offset by increases of $5.5 million in project expenses, $7.1 million in transmission costs and $0.8 million in transaction costs primarily related to the Japan acquisition.
2018 Financial Guidance
Pattern Energy is re-confirming its targeted annual cash available for distribution((2)) for 2018 within a range of $151 million to $181 million, representing an increase of 14% compared to cash available for distribution in 2017.
(2) The forward looking measure of 2018
full year cash available for
distribution (CAFD) is a non-GAAP
measure that cannot be reconciled to
net cash provided by operating
activities as the most directly
comparable GAAP financial measure
without unreasonable effort primarily
because of the uncertainties involved
in estimating forward-looking
changes in working capital balances
which are added to earnings to arrive
at cash provided by operations and
subtracted therefrom to arrive at
CAFD. A description of the
adjustments to determine CAFD can be
found within Item 2, Management's
Discussion and Analysis of Financial
Condition and Results of Operations -
Key Metrics, of Pattern Energy's
2018 Quarterly Report on Form 10-Q
for the period ended March 31, 2018.
Quarterly Dividend
Pattern Energy declared a dividend for the second quarter 2018, payable on July 31, 2018, to holders of record on June 29, 2018 in the amount of $0.4220 per Class A common share, which represents $1.688 on an annualized basis. The amount of the second quarter 2018 dividend is unchanged from the first quarter 2018 dividend.
Project Acquisitions
During the first quarter of 2018, Pattern Energy acquired 206 MW of owned interest in five projects in operation or under construction located in Japan from Pattern Development 1.0 and GPI. The portfolio consists of two operating solar projects (Futtsu and Kanagi), two operating wind projects (Otsuki and Ohorayama, which commenced commercial operation during the quarter) and one wind project under construction (Tsugaru), each of which possess a 20-year power purchase agreement.
Pattern Energy acquired the 84 MW portfolio of Futtsu, Kanagi, Otsuki and Ohorayama for a cash purchase price of $131.5 million((3)), which represents approximately a 10.1x multiple of the five-year average CAFD((4)).
Pattern Energy acquired the 122 MW Tsugaru project at the start of construction, once fully financed on a non-recourse basis, for a total cash consideration of $194.0 million((3)), which represents a 9.3x multiple of the five-year average CAFD((4)) starting with the first full year of operations in 2021.
Pattern Energy has agreed to acquire a 51% interest in the 143 MW Mont Sainte-Marguerite project, located in the Chaudière-Appalaches region south of Québec City. The project commenced commercial operations in the first quarter of 2018. The project has a 25-year power purchase agreement with Hydro-Québec, which has an AA-/Aa2 credit rating.
Pattern Energy will acquire its 51% interest in Mont Sainte-Marguerite for a total investment of approximately $40 million((5)), which represents approximately a 10x multiple of the five-year average CAFD((4)). The acquisition is expected to close in the coming weeks, with the recent the commencement of commercial operations and subject to customary closing conditions. It will be funded at the time of closing using available liquidity.
(3) Based on a Japanese yen to USD
exchange rate of YEN110.
(4) The forward looking measure of five-
year average annual purchase price
multiple of CAFD contribution from
each of the five Japanese projects
and Mont Sainte-Marguerite project
is a non-GAAP measure that cannot be
reconciled to net cash provided by
operating activities as the most
directly comparable GAAP financial
measure without unreasonable effort
primarily because of the
uncertainties involved in estimating
forward-looking changes in working
capital balances which are added to
earnings to arrive at cash provided
by operations and subtracted
therefrom to arrive at CAFD. A
description of the adjustments to
determine CAFD can be found within
Item 2, Management's Discussion and
Analysis of Financial Condition and
Results of Operations - Key Metrics,
of Pattern Energy's 2018 Quarterly
Report on Form 10-Q for the period
ended March 31, 2018.
(5) Based on a CAD to USD exchange rate
of $1.27.
Acquisition Pipeline
Pattern Development 1.0 and Pattern Development 2.0 (together, the Pattern Development Companies) have a pipeline of development projects totaling more than 10 GW. Pattern Energy has a Right of First Offer ("ROFO") on the pipeline of acquisition opportunities from the Pattern Development Companies. The identified ROFO list stands at 935 MW of potential owned capacity and and represents a portion of the pipeline of development projects of the Pattern Development Companies, which are subject to Pattern Energy's ROFO. Since its IPO, Pattern Energy has purchased, or agreed to purchase, 1,564 MW from Pattern Development 1.0 and in aggregate grown the identified ROFO list from 746 MW to more than 2 GW.
Below is a summary of the identified ROFO projects that Pattern Energy has the right to purchase from the Pattern Development Companies in connection with its respective purchase rights:
Capacity (MW)
Identified Status Location Construction Contract Rated (3) Pattern
ROFO Projects Start (1) Type Development-
Commercial Owned (4)
Operations (2)
--- -------------
Pattern Development 1.0 Projects
Conejo Solar(5) Operational Chile 2015 2016 PPA 104 104
Belle River Operational Ontario 2016 2017 PPA 100 43
El Cabo Operational New Mexico 2016 2017 PPA 298 125
North Kent Operational Ontario 2017 2018 PPA 100 35
Henvey Inlet In construction Ontario 2017 2019 PPA 300 150
Pattern Development 2.0 Projects
Stillwater Big Sky In construction Montana 2017 2018 PPA 79 67
Crazy Mountain Late stage development Montana 2017 2019 PPA 80 68
Grady Late stage development New Mexico 2018 2019 PPA 220 188
Sumita Late stage development Japan 2019 2021 PPA 100 55
Ishikari Late stage development Japan 2019 2022 PPA 100 100
--- ---
1,481 935
===== ===
(1) Represents year of actual or
anticipated commencement of
construction.
(2) Represents year of actual or
anticipated commencement of commercial
operations.
(3) Rated capacity represents the maximum
electricity generating capacity of a
project in MW. As a result of weather
and other conditions, a project or a
turbine will not operate at its rated
capacity at all times and the amount
of electricity generated will be less
than its rated capacity. The amount of
electricity generated may vary based
on a variety of factors.
(4) Pattern Development-Owned capacity
represents the maximum, or rated,
electricity generating capacity of the
project in MW multiplied by Pattern
Development 1.0's or Pattern
Development 2.0's percentage ownership
interest in the distributable cash
flow of the project.
(5) From time to time, the Company conducts
strategic reviews of its markets. The
Company has been conducting a
strategic review of the market,
growth, and opportunities in Chile. In
the event the Company believes it can
utilize funds that have already been
invested in Chile or funds that might
otherwise be invested in Chile in a
more productive manner elsewhere that
could generate a higher return on
investment, it may decide to exit
Chile for other opportunities with
greater potential. In addition,
Pattern Development 1.0 is also
concurrently exploring strategic
alternatives for its assets in Chile.
Cash Available for Distribution and Adjusted EBITDA Non-GAAP Reconciliations
The following tables reconcile non-GAAP net cash provided by operating activities to cash available for distribution and net income (loss) to Adjusted EBITDA, respectively, for the periods presented (in thousands):
Three months ended March 31,
2018 2017
---- ----
Net cash provided by
operating
activities(1) $27,824 $43,752
Changes in operating
assets and
liabilities 28,576 13,423
Network upgrade
reimbursement 282 317
Release of restricted
cash 2,488 -
Operations and
maintenance capital
expenditures (261) (146)
Distributions from
unconsolidated
investments(2) 6,281 4,205
Other 860 (3,432)
Less:
Distributions to
noncontrolling
interests (9,187) (2,647)
Principal payments
paid from operating
cash flows (13,803) (10,326)
------- -------
Cash available for
distribution $43,060 $45,146
======= =======
(1) Included in net cash provided by
operating activities for the three
months ended March 31, 2017 is the
portion of distributions from
unconsolidated investments paid from
cumulative earnings representing the
return on investment.
(2) Distributions from unconsolidated
investments includes project cash
flow transferred to the project's
distribution account in March 2018
and received subsequently in April
2018.
Three months ended March 31,
2018 2017
---- ----
Net income (loss) $(12,620) $2,539
Plus:
Interest expense, net
of interest income 25,110 22,061
Tax provision 6,784 4,775
Depreciation,
amortization and
accretion 62,650 47,227
------ ------
EBITDA 81,924 76,602
Unrealized loss on
energy derivative (1) 11,047 2,358
(Gain) loss on
derivatives (5,660) 648
Other - 312
Plus, proportionate
share from
unconsolidated
investments:
Interest expense, net
of interest income 9,468 9,340
Depreciation,
amortization and
accretion 8,768 8,454
(Gain) loss on
derivatives (1,335) 484
------ ---
Adjusted EBITDA $104,212 $98,198
======== =======
(1) Amount is included in
electricity sales on the
consolidated statements of
operations.
Conference Call and Webcast
Pattern Energy will host a conference call and webcast to discuss these results at 10:30 a.m. Eastern Time on Thursday, May 10, 2018. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 5748379. The replay recording will be available until 11:59 p.m. Eastern Time, May 31, 2018.
A live webcast of the conference call will be also available on the events page in the investor section of Pattern Energy's website at www.patternenergy.com. An archived webcast will be available for one year.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 25 wind and solar power facilities, including one project it has agreed to acquire, with a total owned interest of 2,942 MW in the United States, Canada, Japan and Chile that use proven, best-in-class technology. Pattern Energy's wind and solar power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability to achieve the 2018 cash available for distribution target; the ability to achieve the five year average annual CAFD generated by the Japan projects and Mont Sainte-Marguerite; the ability of the Japan assets to form a strong platform to grow the Company's business and improve the value of the projects; the ability to make further acquisitions without raising any common equity capital; the timing of the consummation of the acquisition of the Mont Sainte-Marguerite project; and the ability of the Company to consummate additional acquisitions from the iROFO list. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
Contacts:
Media Relations Investor Relations
Matt Dallas Ross Marshall
917-363-1333 416-526-1563
matt.dallas@patternenergy.com ross.marshall@loderockadvisors.com
----------------------------- ----------------------------------
Pattern Energy Group Inc.
Consolidated Balance Sheets
(In thousands of U.S. Dollars, except share data)
(Unaudited)
March 31, December 31,
2018 2017
---- ----
Assets
Current assets:
Cash
and
cash
equivalents $162,144 $116,753
Restricted
cash 8,698 9,065
Funds
deposited
by
counterparty 17,744 29,780
Trade
receivables 62,895 54,900
Derivative
assets,
current 15,747 19,445
Prepaid
expenses 17,707 17,847
Deferred
financing $2,580 respectively
costs, as
current, of
net March
of 31,
accumulated 2018
amortization and
of December
$2,111 31,
and 1,230 1,415
Other
current
assets 28,948 21,105
Total
current
assets 315,113 270,310
Restricted
cash 9,524 12,162
Major
equipment
advances 38,452 -
Property,
plant
and
equipment,
net 4,340,973 3,965,121
Unconsolidated
investments 347,831 311,223
Derivative
assets 13,779 9,628
Deferred
financing
costs 8,046 7,784
Net
deferred
tax
assets 7,215 6,349
Finite-
lived
intangible
assets,
net 235,952 136,048
Goodwill 60,302 -
Other
assets 44,455 22,906
Total
assets $5,421,642 $4,741,531
========== ==========
Liabilities and equity
Current liabilities:
Accounts
payable
and
other
accrued
liabilities $39,468 $53,615
Accrued
construction
costs 2,045 1,369
Counterparty
deposit
liability 17,744 29,780
Accrued
interest 7,529 16,460
Dividends
payable 42,041 41,387
Derivative
liabilities,
current 5,685 8,409
Revolving
credit
facility 248,000 -
Current
portion
of
long-
term
debt,
net 61,191 51,996
Contingent
liabilities,
current 21,708 2,592
Other
current
liabilities 15,525 11,426
------ ------
Total
current
liabilities 460,936 217,034
Long-
term
debt,
net 2,128,063 1,878,735
Derivative
liabilities 28,425 20,972
Net
deferred
tax
liabilities 130,257 56,491
Finite-
lived
intangible
liability,
net 59,579 51,194
Contingent
liabilities 168,183 62,398
Other
long-
term
liabilities 151,430 106,565
------- -------
Total
liabilities 3,126,873 2,393,389
Commitments and
contingencies
Equity:
Class
A authorized; and
common 98,096,760 December
stock, and 31,
$0.01 97,860,048 2017,
par shares respectively
value outstanding
per as of
share: March
500,000,000 31,
shares 983 980
Additional
paid-
in
capital 1,218,077 1,234,846
Accumulated
income
(loss) - (112,175)
Accumulated
other
comprehensive
loss (26,810) (25,691)
Treasury
stock, common 2017,
at stock respectively
cost; as
177,909 of
and March
157,812 31,
shares 2018
of and
Class December
A (3,884) (3,511)
------ ------
Total
equity
before
noncontrolling
interest 1,188,366 1,094,449
Noncontrolling
interest 1,106,403 1,253,693
--------- ---------
Total
equity 2,294,769 2,348,142
Total
liabilities
and
equity $5,421,642 $4,741,531
========== ==========
Pattern Energy Group Inc.
Consolidated Statements of Operations
(In thousands of U.S. dollars, except per share data)
(Unaudited)
Three months ended March 31,
2018 2017
---- ----
Revenue:
Electricity
sales $102,147 $98,434
Other
revenue 9,512 2,399
----- -----
Total
revenue 111,659 100,833
------- -------
Cost of revenue:
Project
expense 34,562 29,100
Transmission
costs 7,190 70
Depreciation,
amortization
and
accretion 55,452 43,740
------ ------
Total
cost of
revenue 97,204 72,910
------ ------
Gross
profit 14,455 27,923
------ ------
Operating expenses:
General
and
administrative 10,706 11,124
Related
party
general
and
administrative 4,068 3,426
----- -----
Total
operating
expenses 14,774 14,550
------ ------
Operating
income
(loss) (319) 13,373
---- ------
Other expense:
Interest
expense (25,444) (22,555)
Gain
(loss)
on
derivatives 5,660 (648)
Earnings
in
unconsolidated
investments,
net 18,212 16,876
Net loss
on
transactions (1,098) (312)
Other
income
(expense),
net (2,847) 580
------ ---
Total
other
expense (5,517) (6,059)
------ ------
Net
income
(loss)
before
income
tax (5,836) 7,314
------ -----
Tax
provision 6,784 4,775
----- -----
Net
income
(loss) (12,620) 2,539
------- -----
Net loss
attributable
to
noncontrolling
interest (148,542) (3,114)
--------
Net
income
attributable
to
Pattern
Energy $135,922 $5,653
======== ======
Weighted-average number
of common shares
outstanding
Basic 97,428,388 87,062,612
Diluted 105,564,491 87,131,280
Earnings per share
attributable to Pattern
Energy
Class A common stock:
Basic $1.39 $0.06
Diluted $1.32 $0.06
Dividends
declared
per Class
A common
share $0.42 $0.41
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited)
Three months ended March 31,
2018 2017
---- ----
Operating activities
Net income (loss) $(12,620) $2,539
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and accretion 55,451 43,740
Amortization of financing costs 1,249 1,858
Amortization of debt discount/premium,
net 1,227 1,102
Amortization of power purchase
agreements, net 1,422 736
Loss on derivatives 3,655 2,350
Stock-based compensation 1,051 985
Deferred taxes 6,647 4,693
Earnings in unconsolidated investments,
net (18,212) (16,876)
Distributions from unconsolidated
investments 13,548 16,487
Other reconciling items 2,982 (439)
Changes in operating assets and liabilities:
Funds deposited by counterparty 12,036 1,658
Trade receivables (5,742) (8,432)
Prepaid expenses 2,193 946
Other current assets 62 (4,083)
Other assets (non-current) (1,346) 2,992
Accounts payable and other accrued
liabilities (18,716) (4,418)
Counterparty deposit liability (12,036) (1,658)
Accrued interest (9,144) (2,725)
Other current liabilities 72 (975)
Long-term liabilities 3,904 3,272
Contingent liabilities (87) -
Derivatives 228 -
---
Net cash provided by operating
activities 27,824 43,752
Investing activities
Cash paid for acquisitions, net of cash
and restricted cash acquired (157,543) (275)
Capital expenditures (61,282) (1,328)
Distributions from unconsolidated
investments - 4,205
Other assets (16,720) 83
Investment in Pattern Development 2.0 (35,156) -
------- ---
Net cash provided by (used in) investing
activities (270,701) 2,685
Financing activities
Dividends paid (41,358) (35,522)
Capital distributions -noncontrolling
interest (9,187) (2,647)
Payment for financing fees (5,448) (5,025)
Proceeds from revolving credit facility 283,000 -
Repayment of revolving credit facility (35,000) (180,000)
Proceeds from long-term debt 113,116 350,000
Repayment of long-term debt (19,166) (10,326)
Repayment of note payable -related
party (909) -
Other financing activities 826 (2,003)
---
Net cash provided by financing
activities 285,874 114,477
Effect of exchange rate changes on cash,
cash equivalents and restricted cash (611) -
---- ---
Net change in cash, cash equivalents and
restricted cash 42,386 160,914
Cash, cash equivalents and restricted
cash at beginning of period 137,980 109,371
------- -------
Cash, cash equivalents and restricted
cash at end of period $180,366 $270,285
======== ========
Supplemental disclosures
Cash payments for income taxes $60 $247
Cash payments for interest expense $32,617 $22,607
Business combination:
Assets acquired, net of cash and
restricted cash acquired $627,241 $ -
Liabilities assumed 352,570 -
Less: Noncontrolling interests 11,113 -
Net assets acquired, net of cash and
restricted cash acquired $263,558 $ -
=== ===
Schedule of non-cash activities
Change in property, plant and equipment $122,161 $956
Accrual of dividends $45 $ -
Accrual of deferred financing costs $ - $1,640
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SOURCE Pattern Energy Group Inc.
