Pattern Energy Reports Second Quarter 2018 Financial Results
- Declares dividend of $0.4220 per Class A common share for third quarter 2018 -
SAN FRANCISCO, Aug. 9, 2018 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2018 second quarter.
Highlights
(Comparisons made between fiscal Q2 2018 and fiscal Q2 2017 results, unless otherwise noted)
-- Proportional gigawatt hours ("GWh") sold of 2,263 GWh, up 7%
-- Net cash provided by operating activities of $95.7 million
-- Cash available for distribution ("CAFD") of $58.7 million, up 19% and on
track to meet full year guidance((1))
-- Net loss of $1.8 million
-- Adjusted EBITDA of $108.4 million, up 18%
-- Revenue of $139.9 million, up 30%
-- Declared a third 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
-- Announced an agreement to sell the Company's operations in Chile, which
principally consist of its 81 megawatt ("MW") owned interest in the 115
MW El Arrayán Wind project ("El Arrayán Wind") for which Pattern
Energy will receive cash consideration of $68.5 million
-- Returned the Santa Isabel project in Puerto Rico to full generating
capacity with the consent of the Puerto Rico Electric Power Authority
("PREPA")
-- Since April 1, 2018, and including a funding to be made today, invested
$50.9 million in Pattern Energy Group 2 LP ("Pattern Development 2.0");
Pattern Energy's ownership level will increase to approximately 29%
following a redemption to occur shortly at Pattern Development 2.0
"It was a great quarter with CAFD up 19%, as production was solid and our disciplined cost management initiatives delivering results. We are on track to achieve our targeted CAFD((1)) for the year," said Mike Garland, President and CEO of Pattern Energy. "At 29% ownership of Pattern Development 2.0, we will have achieved our target ownership level in the development business which we believe will provide meaningful value to shareholders. Our identified ROFO ("right of first offer") list with Pattern Development 2.0 has grown by four new projects since our original investment in June of last year. We anticipate the first realized development transaction gains by the end of 2018 or early 2019, and returns from those gains will be retained and reinvested in the development business. Developing, owning and operating one of the very best portfolios in the renewables market can be challenging, but we are in a great position to generate long-term value in this exciting market."
(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 June 30, 2018.
Financial and Operating Results
Pattern Energy sold 2,262,811 megawatt hours ("MWh") of electricity on a proportional basis in the second quarter of 2018 compared to 2,111,627 MWh sold in the same period last year. Pattern Energy sold 4,398,526 MWh of electricity on a proportional basis for the six months ended June 30, 2018 ("YTD 2018") compared to 4,135,510 MWh sold in the same period last year. The 7% increase in the quarterly period was primarily due to volume increases as a result of acquisitions in 2017 and 2018 and favorable wind compared to last year, partially offset by curtailment at the Santa Isabel project. Production for the quarter was 2% below the long-term average forecast for the period.
Net cash provided by operating activities was $95.7 million for the second quarter of 2018 compared to $113.4 million for the same period last year. Net cash provided by operating activities was $123.5 million for YTD 2018 as compared to $157.2 million for the same period last year. The decrease in the quarterly period of $17.7 million was primarily due to $2.9 million in increased transmission costs due to acquisitions in 2017, increased interest payments of $3.6 million, and increased payments of $43.1 million in payable, accrued and current liabilities, due primarily to the timing of payments. The decrease to net cash provided by operating activities was partially offset by a $32.9 million increase in revenue (excluding unrealized loss on energy derivative and amortization of power purchase agreements ("PPAs")).
Cash available for distribution was $58.7 million for the second quarter of 2018, compared to $49.2 million for the same period last year. Cash available for distribution was $101.7 million for YTD 2018 compared to $94.4 million for the same period in the prior year. The $9.4 million, or 19.1% increase in the quarterly period was primarily due to a $32.9 million increase in revenues (excluding the unrealized loss on the energy derivative and amortization of PPAs) due to acquisitions in 2017 and early 2018 and a $4.4 million increase in total distributions from unconsolidated investments. The improvement was partially offset by a $8.0 million decrease in network upgrade reimbursement, a $5.6 million increase in distributions to noncontrolling interests, a $3.6 million increase in interest expense (excluding amortization of financing costs and debt discount/premium), a $2.9 million increase in transmission costs, a $2.7 million decrease in other and a $1.9 million increase in principal payments of project-level debt.
Net loss was $1.8 million in the second quarter of 2018, compared to a net loss of $14.7 million for the same period last year. Net loss was $14.4 million for YTD 2018 compared to $12.1 million in the same period last year. The improvement of $12.9 million in the quarterly period was primarily attributable to a $32.2 million increase in revenues due to acquisitions in 2017 and 2018, and a $2.7 million decrease in general and administrative expenses. These improvements were partially offset by increases of $9.6 million in cost of revenues due to the acquisitions in 2017 and 2018, a $4.2 million increase in impairment loss related to Chile assets held for sale, and a $8.1 million increase in other expense primarily related to decreased earnings from unconsolidated investments.
Adjusted EBITDA was $108.4 million for the second quarter of 2018 compared to $91.9 million for the same period last year. Adjusted EBITDA was $212.6 million for YTD 2018 compared to $190.1 million for the same period last year. The $16.5 million increase in the quarterly period was primarily due to a $32.9 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 favorable wind compared to last year, partially offset by curtailment at the Santa Isabel project and a $2.7 million decrease in general and administrative expenses primarily due to lower audit and consulting fees in 2018 compared to 2017. The increase was partially offset by a $17.2 million decrease in earnings from unconsolidated investments, a $2.9 million increase in transmission costs, and a $1.2 million increase in net loss on transactions, primarily related to the Chile assets held for sale.
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 June 30, 2018.
Quarterly Dividend
Pattern Energy declared a dividend for the third quarter 2018, payable on October 31, 2018, to holders of record on September 28, 2018 in the amount of $0.4220 per Class A common share, which represents $1.688 on an annualized basis. The amount of the third quarter 2018 dividend is unchanged from the second quarter 2018 dividend.
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 ROFO on the pipeline of acquisition opportunities from the Pattern Development Companies. The identified ROFO list stands at 706 MW of potential owned capacity 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 Commercial Contract Rated (3) Pattern
ROFO Projects Start (1) Operations (2) Type Development-
Owned (4)
--- --------
Pattern Development 1.0 Projects
Belle River Operational Ontario 2016 2017 PPA 100 43
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 2019 2019 PPA 80 68
Grady In construction 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
--- ---
1,079 706
===== ===
(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.
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 loss to Adjusted EBITDA, respectively, for the periods presented (in thousands):
Three months ended June 30, Six months ended June 30,
2018 2017 2018 2017
---- ---- ---- ----
Net cash provided by
operating
activities(1) $95,720 $113,431 $123,544 $157,183
Changes in operating
assets and
liabilities (10,079) (61,379) 18,497 (47,956)
Network upgrade
reimbursement 294 8,273 576 8,590
Release of restricted
cash - - 2,488 -
Operations and
maintenance capital
expenditures (10) (117) (271) (263)
Distributions from
unconsolidated
investments(2) (1,948) 4,185 4,333 8,390
Other 2,147 4,808 3,007 1,376
Less:
Distributions to
noncontrolling
interests (12,088) (6,517) (21,275) (9,164)
Principal payments
paid from operating
cash flows (15,374) (13,445) (29,177) (23,771)
------- ------- ------- -------
Cash available for
distribution $58,662 $49,239 $101,722 $94,385
======= ======= ======== =======
(1) Included in net cash provided by
operating activities for the three
and six months ended June 30, 2018
and 2017 are the portions of
distributions from unconsolidated
investments paid from cumulative
earnings representing the return on
investment.
(2) Distributions from unconsolidated
investments for the three months
ended June 30, 2018 includes an
adjustment for a March 2018
distribution received in April 2018
previously included in the first
quarter 2018 cash available for
distribution.
Three months ended June 30, Six months ended June 30,
2018 2017 2018 2017
---- ---- ---- ----
Net loss $(1,774) $(14,684) $(14,394) $(12,145)
Plus:
Interest expense, net of
interest income 27,284 24,238 52,394 46,299
Tax provision 4,410 4,541 11,194 9,316
Depreciation, amortization
and accretion 62,766 52,752 125,416 99,979
------ ------ ------- ------
EBITDA 92,686 66,847 174,610 143,449
Unrealized loss on energy
derivative (1) 3,626 4,663 14,673 7,021
(Gain) loss on derivatives (8,801) 4,751 (14,461) 5,399
Impairment loss 4,238 - 4,238 -
Other - 807 - 1,119
Adjustments from
unconsolidated investments
Plus, proportionate share
from unconsolidated
investments:
Interest expense, net of
interest income 9,506 9,498 18,974 18,838
Tax benefit (207) - (207) -
Depreciation, amortization
and accretion 8,741 8,575 17,509 17,029
Gain on derivatives (1,379) (3,272) (2,714) (2,788)
------ ------ ------ ------
Adjusted EBITDA $108,410 $91,869 $212,622 $190,067
======== ======= ======== ========
(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, August 9, 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 3199694. The replay recording will be available until 11:59 p.m. Eastern Time, August 30, 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 24 wind and solar power facilities, including one project it has agreed to acquire and one project it has agreed to sell, with a total owned interest of 2,861 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 fund an additional investment into Pattern Development 2.0 shortly and for redemptions of certain other investors in Pattern Development 2.0 to occur; the ability to consummate the agreement to sell the Company's operations in Chile; the ability of the investments in development to provide meaningful value to shareholders; the timing of the receipt of the first development profits (if ever); and the ability of the Company's portfolio to generate long-term value. 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)
June 30, December 31,
2018 2017
---- ----
Assets
Current assets:
Cash
and
cash
equivalents $116,538 $116,753
Restricted
cash 4,336 9,065
Counterparty
collateral 5,824 29,780
Trade
receivables 59,371 54,900
Derivative
assets,
current 16,148 19,445
Prepaid
expenses 18,660 17,847
Deferred
financing $2,580 respectively
costs, as
current, of
net June
of 30,
accumulated 2018
amortization and
of December
$2,409 31,
and 1,422 1,415
Assets
held
for
sale 307,231 -
Other
current
assets 21,726 21,105
Total
current
assets 551,256 270,310
Restricted
cash 10,004 12,162
Major
construction
advances 48,898 -
Construction
in
progress 192,317 -
Property,
plant
and
equipment,
net 3,797,098 3,965,121
Unconsolidated
investments 343,512 311,223
Derivative
assets 17,341 9,628
Deferred
financing
costs 8,744 7,784
Net
deferred
tax
assets 3,353 6,349
Finite-
lived
intangible
assets,
net 226,422 136,048
Goodwill 57,736 -
Other
assets 27,421 22,906
Total
assets $5,284,102 $4,741,531
========== ==========
Liabilities and equity
Current liabilities:
Accounts
payable
and
other
accrued
liabilities $38,799 $53,615
Accrued
construction
costs 9,383 1,369
Counterparty
collateral
liability 5,824 29,780
Accrued
interest 14,383 16,460
Dividends
payable 42,072 41,387
Derivative
liabilities,
current 3,188 8,409
Revolving
credit
facility 201,000 -
Current
portion
of
long-
term
debt,
net 61,583 51,996
Liabilities
related
to
assets
held
for
sale 207,073 -
Other
current
liabilities 25,643 14,018
------ ------
Total
current
liabilities 608,948 217,034
Long-
term
debt,
net 1,923,743 1,878,735
Derivative
liabilities 24,464 20,972
Net
deferred
tax
liabilities 116,849 56,491
Finite-
lived
intangible
liability,
net 58,195 51,194
Contingent
liabilities 165,214 62,398
Other
long-
term
liabilities 152,998 106,565
------- -------
Total
liabilities 3,050,411 2,393,389
Commitments and
contingencies
Equity:
Class
A authorized; and
common 98,096,323 December
stock, and 31,
$0.01 97,860,048 2017,
par shares respectively
value outstanding
per as of
share: June
500,000,000 30,
shares 983 980
Additional
paid-
in
capital 1,210,610 1,234,846
Accumulated
income
(loss) - (112,175)
Accumulated
other
comprehensive
loss (32,756) (25,691)
Treasury
stock, common 2017,
at stock respectively
cost; as
178,346 of
and June
157,812 30,
shares 2018
of and
Class December
A (3,892) (3,511)
------ ------
Total
equity
before
noncontrolling
interest 1,174,945 1,094,449
Noncontrolling
interest 1,058,746 1,253,693
--------- ---------
Total
equity 2,233,691 2,348,142
Total
liabilities
and
equity $5,284,102 $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 June 30, Six months ended June 30,
2018 2017 2018 2017
---- ---- ---- ----
Revenue:
Electricity sales $135,951 $105,736 $238,098 $204,170
Other revenue 3,989 2,024 13,501 4,423
----- ----- ------ -----
Total revenue 139,940 107,760 251,599 208,593
------- ------- ------- -------
Cost of revenue:
Project expense 33,665 33,405 68,227 62,505
Transmission costs 7,643 4,722 14,833 4,792
Depreciation,
amortization and
accretion 54,979 48,518 110,431 92,258
------ ------ ------- ------
Total cost of revenue 96,287 86,645 193,491 159,555
------ ------ ------- -------
Gross profit 43,653 21,115 58,108 49,038
------ ------ ------ ------
Operating expenses:
General and
administrative 9,089 11,777 19,795 22,901
Related party general
and administrative 3,663 3,576 7,731 7,002
Impairment loss 4,238 - 4,238 -
----- --- ----- ---
Total operating expenses 16,990 15,353 31,764 29,903
------ ------ ------ ------
Operating income 26,663 5,762 26,344 19,135
------ ----- ------ ------
Other expense:
Interest expense (27,709) (24,839) (53,153) (47,394)
Gain (loss) on
derivatives 8,801 (4,751) 14,461 (5,399)
Earnings (loss) in
unconsolidated
investments, net (742) 14,519 17,470 31,395
Net loss on transactions (2,002) (807) (3,100) (1,119)
Other income (expense),
net (2,375) (27) (5,222) 553
------ --- ------ ---
Total other expense (24,027) (15,905) (29,544) (21,964)
------- -------
Net income (loss) before
income tax 2,636 (10,143) (3,200) (2,829)
----- ------- ------ ------
Tax provision 4,410 4,541 11,194 9,316
----- ----- ------ -----
Net loss (1,774) (14,684) (14,394) (12,145)
------ ------- ------- -------
Net loss attributable to
noncontrolling interest (34,492) (28,904) (183,034) (32,018)
-------
Net income attributable
to Pattern Energy $32,718 $14,220 $168,640 $19,873
======= ======= ======== =======
Weighted-average number of common shares
outstanding
Basic 97,459,472 87,065,591 97,444,016 87,064,110
Diluted 97,496,217 87,217,381 105,662,687 87,257,130
Earnings per share attributable to
Pattern Energy
Class A common stock:
Basic $0.34 $0.16 $1.73 $0.23
Diluted $0.34 $0.16 $1.67 $0.23
Dividends declared per
Class A common share $0.42 $0.42 $0.84 $0.83
===== ===== ===== =====
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited)
Six months ended June 30,
2018 2017
---- ----
Operating activities
Net loss $(14,394) $(12,145)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation, amortization and
accretion 110,431 92,258
Contingent liability accretion 5,716 -
Impairment loss 4,238 -
Amortization of financing
costs 2,526 3,852
Amortization of debt discount/
premium, net 2,477 2,227
Amortization of power purchase
agreements, net 3,894 1,489
Loss (gain) on derivatives (1,542) 10,331
Stock-based compensation 2,277 2,768
Deferred taxes 10,914 9,149
Earnings in unconsolidated
investments, net (17,470) (31,395)
Distributions from
unconsolidated investments 33,041 31,710
Other reconciling items (67) (1,017)
Changes in operating assets and liabilities:
Counterparty collateral asset 23,956 9,199
Trade receivables (9,689) (7,995)
Prepaid expenses 899 2,202
Other current assets 6,316 (3,638)
Other assets (non-current) (1,737) 2,561
Accounts payable and other
accrued liabilities (13,889) 31,001
Counterparty collateral
liability (23,956) (9,199)
Accrued interest 166 8,569
Other current liabilities (7,141) 4,333
Long-term liabilities 7,858 10,648
Contingent liabilities (1,508) 275
Derivatives 228 -
--- ---
Net cash provided by operating
activities 123,544 157,183
Investing activities
Cash paid for acquisitions,
net of cash and restricted
cash acquired (157,543) (170,028)
Payment for construction
advances/deposits (53,727) -
Payment for construction in
progress (24,644) -
Capital expenditures (7,441) (39,087)
Distributions from
unconsolidated investments 4,333 8,390
Other assets (319) 7,552
Investment in Pattern
Development 2.0 (57,055) -
Other investing activities - 12
--- ---
Net cash used in investing
activities (296,396) (193,161)
Financing activities
Dividends paid (82,487) (71,544)
Capital distributions -
noncontrolling interest (21,274) (9,163)
Payment for financing fees (6,954) (7,740)
Proceeds from revolving credit
facility 333,000 85,000
Repayment of revolving credit
facility (132,000) (205,000)
Proceeds from long-term debt 126,775 404,395
Repayment of long-term debt (34,541) (74,824)
Repayment of note payable -
related party (909) -
Other financing activities 154 (3,618)
---
Net cash provided by financing
activities 181,764 117,506
Effect of exchange rate
changes on cash, cash
equivalents and restricted
cash (2,388) 2,248
------ -----
Net increase in cash, cash
equivalents and restricted
cash including cash
classified within current
assets and liabilities held
for sale 6,524 83,776
Add: Net (decrease) in cash
classified within current
assets and liabilities held
for sale (13,626) -
Net change in cash, cash
equivalents and restricted
cash (7,102) 83,776
Cash, cash equivalents and
restricted cash at beginning
of period 137,980 109,371
------- -------
Cash, cash equivalents and
restricted cash at end of
period $130,878 $193,147
======== ========
Supplemental disclosures
Cash payments for income taxes $443 $288
Cash payments for interest
expense $48,721 $33,666
Business combination:
Assets acquired, net of cash
and restricted cash acquired $627,241 $665,014
Liabilities assumed 352,570 148,456
Less: Noncontrolling interests 11,113 325,600
Net assets acquired, net of
cash and restricted cash
acquired $263,558 $190,958
======== ========
Schedule of non-cash activities
Change in property, plant and
equipment $117,103 $1,110
Change in other assets $202 $2,492
Accrual of dividends $87 $ -
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SOURCE Pattern Energy Group Inc.
