Pattern Energy Reports Fourth Quarter and Year End 2018 Financial Results
- Declares dividend of $0.4220 per Class A common share for first quarter 2019 -
SAN FRANCISCO, March 1, 2019 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2018 fourth quarter and year.
Highlights
(Comparisons made between fiscal 2018 and fiscal 2017 results, unless otherwise noted)
-- Proportional gigawatt hours ("GWh") sold of 7,988 GWh, up 2%
-- Net loss of $69 million, an improvement of 16%
-- Cash available for distribution ("CAFD") of $167 million, up 14% and
exceeding the midpoint of 2018 guidance
-- Adjusted EBITDA of $372 million, up 8%
-- Revenue of $483 million, up 18%
-- Declared a first 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
-- Completed 316 megawatts ("MW") of new investments in 2018 with no common
equity raised, including the Japan portfolio, Mont Sainte-Marguerite and
Stillwater acquisitions
-- Successfully completed $230 million of asset rotations in 2018 with the
sale of El Arrayán and K2 Wind
-- Added 400MW of new wind projects to the identified right of first offer
("iROFO") list, consisting of three projects in New Mexico with
contracted sales to purchasers in the California market, subsequent to
the end of the period
-- Announced changes to management roles, effective April 1, 2019, with
Mike Garland retaining the Chief Executive Officer role, and the
appointment of Mike Lyon to the role of President and Esben Pedersen to
the role of Chief Financial Officer
-- Announced changes to the Company's Board of Directors with appointment
of Mona Sutphen and Richard Goodman and the resignation of Patricia
Bellinger, as such the Board is now comprised of seven members, six of
whom are independent
"We improved our net loss by 16% and successfully exceeded the midpoint of our CAFD guidance range reporting $167 million in CAFD in 2018, despite lower than anticipated wind resource in the fourth quarter. This result was due to effective capital management, cost improvements from our G&A and our self-perform O&M initiatives, as well as continued operational excellence as evidenced by our 97% turbine availability," said Mike Garland, CEO of Pattern Energy. "We have established a clear plan for CAFD growth through 2020 without the requirement of new common equity. We expect to grow our CAFD per share by approximately 10% on a CAGR basis through 2020. This results in CAFD of $175 million and $205 million in 2019 and 2020, respectively, at the midpoint of the guidance range((1)). With this growth, we believe we can achieve an 80% payout ratio at the current dividend level. We believe the opportunity for dropdowns from Pattern Development and our investment in the business will contribute material growth beyond 2019. During 2019, we have set a strategy to manage the impact of the Gulf Wind hedge rolling off and the continued congestion in ERCOT while at the same time maintaining our dividend and funding the acquisition of our identified ROFO projects."
(1) The forward looking measures of 2019 and 2020 full year cash available for distribution (CAFD) are non-GAAP measures that cannot be reconciled to net income as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking mark-to-market changes in derivatives and proportionate share of earnings from unconsolidated investments to arrive at net income and which are 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 performance metrics, of Pattern Energy's 2018 Annual Report on Form 10-K for the period ended December 31, 2018.
Financial and Operating Results
Pattern Energy sold 1,966,677 megawatt hours ("MWh") of electricity on a proportional basis in the fourth quarter of 2018 compared to 2,130,343 MWh sold in the same period last year. Pattern Energy sold 7,988,192 MWh of electricity on a proportional basis for the year ended December 31, 2018 (the "full year 2018") compared to 7,794,125 MWh sold in 2017. The 8% decrease in the quarterly period was primarily due to a decrease in volume as a result of the sale of El Arrayán and due to a reduction in Pattern Energy's proportional interest at Panhandle 2 and lower wind partially offset by acquisitions in 2018. Production for the quarter was 14% below the long-term average forecast for the quarter with specific weakness in the Eastern U.S. and Western U.S. regions. The 2% improvement in the full year period was primarily due to an increase in volume from acquisitions in 2018 and 2017 partially offset by lower volume due to the sale of El Arrayán and due to a reduction in Pattern Energy's proportional interest at Panhandle 2.
Net loss was $22 million in the fourth quarter of 2018, compared to a net loss of $22 million for the same period in 2017. Net loss remained constant in the quarterly period primarily due to a $32 million increase in cost of revenue primarily due to increased depreciation as a result of acquisitions and accelerated depreciation at the Gulf Wind repowering project and a $12 million increase in the tax provision, partially offset by a $46 million increase in other income (expense) primarily consisting of a $71 million pretax gain on the sale of K2 offset by a $26 million decrease in equity in earnings of unconsolidated investments due to losses at Pattern Development.
Net loss was $69 million for the full year 2018 compared to a net loss of $82 million for 2017. The decrease in net loss for the annual period was primarily due to a $72 million increase in revenue and a $41 million decrease in other income (expense) consisting primarily of a $71 million pretax gain on the sale of K2, $26 million favorable foreign currency exchange rates, a $41 million decrease in equity in earnings of unconsolidated investments due to losses at Pattern Development, a $9 million increase in contingent liability accretion associated with acquisitions and a $7 million increase in interest expense. The decrease in net loss for the annual period was also offset by increases of $71 million in cost of revenues primarily related to increased depreciation as a result of acquisitions and accelerated depreciation at the Gulf Wind repowering project, $20 million in the tax provision and $9 million in operating expenses primarily related to impairment expense at El Arrayán.
Adjusted EBITDA was $81 million for the fourth quarter 2018 compared to $100 million for the same period last year. Adjusted EBITDA was $372 million for the full year 2018 compared to $344 million for 2017, an increase of $28 million, or approximately 8%. The 19% decrease in the quarterly period was primarily due to a $21 million decrease in the proportionate share of Adjusted EBITDA from unconsolidated investments. The increase in Adjusted EBITDA during 2018 was primarily due to a $83 million increase in revenue (excluding unrealized loss on energy derivative and amortization of PPAs) primarily attributable to increases in electricity sales as a result of 2018 and 2017 acquisitions and an insurance settlement for Santa Isabel partially offset by a volume decrease due to the disposition of El Arrayán, a $33 million decrease in the proportionate share of Adjusted EBITDA from unconsolidated investments, a $13 million increase in project expenses and a $7 million increase in transmission costs.
Cash available for distribution was $35 million for the fourth quarter of 2018, compared to $42 million for the same period in 2017. The change in the quarterly period was primarily due to a $4 million increase in project expenses, a $3 million decrease in distributions received from unconsolidated investments and a $7 million decrease in the release of restricted cash. These decreases were partially offset by $4 million of pay-go contributions.
Cash available for distribution was $167 million for the full year 2018 compared to $146 million for 2017. Based on dividends paid during 2018, Pattern Energy's dividend payout ratio was 99% of 2018 cash available for distribution. The $21 million increase in the annual period was primarily due to an $83 million increase in revenues (excluding unrealized loss on energy derivative and amortization of PPAs) driven by projects acquired during 2018 and 2017 and $4 million of pay-go contributions. These improvements were partially offset by an $18 million increase in distributions to noncontrolling interests, a $13 million increase in project expenses, a $9 million decrease in total distributions received from unconsolidated investments, a $9 million increase in interest expense (excluding amortization of financing costs and debt discount/premium) primarily due to additional debt associated with acquisitions, an $8 million decrease in network upgrade reimbursement, a $7 million increase in transmission costs and a $3 million decrease in release of restricted cash.
2019 and 2020 Financial Guidance
For the full year 2019, Pattern Energy expects annual cash available for distribution((1)) in a range of $160 million to $190 million and for the full year 2020 expects annual cash available for distribution((1)) in a range of $185 million to $225 million.
(1) The forward looking measures of 2019 and 2020 full year cash available for distribution (CAFD) are non-GAAP measures that cannot be reconciled to net income as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking mark-to-market changes in derivatives and proportionate share of earnings from unconsolidated investments to arrive at net income and which are 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 performance metrics, of Pattern Energy's 2018 Annual Report on Form 10-K for the period ended December 31, 2018.
Quarterly Dividend
Pattern Energy declared a dividend for the first quarter 2019, payable on April 30, 2019, to holders of record on March 29, 2019 in the amount of $0.4220 per Class A common share, which represents $1.688 on an annualized basis. The amount of the first quarter 2019 dividend is unchanged from the fourth quarter 2018 dividend.
Executive Role Transition
Effective April 1, 2019, the following changes will be made to the executive roles of three team members in order to better position the business to meet the opportunities and growth targets ahead. Mike Garland retains the role of Chief Executive Officer and, as such, is responsible for overall business strategy, growth plan and accountability to the Board. Mike Lyon will be taking over the responsibilities of President from Mike Garland. Mr. Lyon will be responsible for the overall operations of Pattern Energy and the execution of its business plan. Esben Pedersen will be appointed to the role of Chief Financial Officer of Pattern Energy and will be responsible for capital strategy, financial planning, reporting and financial operations for the business. Mr. Pedersen also serves as Chief Financial Officer of Pattern Development.
"These changes in responsibility further optimize our team's strengths and better position us to achieve our goals of growth and operational excellence," said Mike Garland, CEO of Pattern Energy. "Mike Lyon's natural leadership and knowledge of the business make his appointment to President seamless for the continued effective operations of the day-to-day business and executing our business plan. The appointment of Esben Pedersen to the role of Chief Financial Officer enables him to lead an integrated finance and accounting function for our companies. Esben has been with the Company since its founding and this role is a natural transition given he has led the structuring, administration, and treasury functions, as well as many of our capital transactions and acquisition activities. These changes allow me to dedicate more of my time to focus on strategic initiatives that will drive growth and generate sustainable value for our shareholders. These initiatives include: acquisitions, our three- to five-year business plan, the Japanese business and our access to lower cost capital. Each of us are excited about our roles and aligned in our vision to deliver for shareholders."
Acquisition Pipeline
Pattern Development (formerly referred to as Pattern Development 2.0) and Pattern Energy Group LP (formerly referred to as Pattern Development 1.0) have a pipeline of development projects totaling more than 10 gigawatts ("GW"). Pattern Energy has a ROFO on the pipeline of acquisition opportunities from these two companies. The identified ROFO list stands at 1.4 GW of total capacity and represents a portion of the pipeline of development projects, which are subject to Pattern Energy's ROFO. Since its IPO, Pattern Energy has purchased, or agreed to purchase, more than 1.6 GW from Pattern Energy Group LP and Pattern Development 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 Pattern Development and Pattern Energy Group LP 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 Energy Group LP
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
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 2020 2022
PPA 100 55
Ishikari
Late stage development
Japan 2020 2022
PPA 112 112
Corona Wind Project(s)
Late stage development
New Mexico 2020 2021
PPA 400 340
1,412 991
(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 will
not operate at its rated capacity at
all times and the amount of
electricity generated may be less than
its rated capacity. The amount of
electricity generated may vary based
on a variety of factors.
(4) Owned capacity represents the maximum,
or rated, electricity generating
capacity of the project in MW
multiplied by Pattern Energy Group
LP's or Pattern Development's
percentage ownership interest in the
distributable cash flow of the
project.
Pattern Energy Group Inc.
Consolidated Statements of Operations
(In millions of U.S. dollars, except per share data)
(Unaudited)
Three months ended For the year ended
December 31, December 31,
2018 2017 2018 2017
---
Revenue:
Electricity sales $
110 $
108 $
464 $
402
Other revenue 3 2 19 9
Total revenue 113 110 483 411
Cost of revenue:
Project expense 38 34 143 130
Transmission costs 5 6 26 19
Depreciation,
amortization and
accretion 84 54 250 199
Total cost of revenue 127 94 419 348
Gross profit (14) 16 64 63
Operating expenses:
General and
administrative 11 7 40 39
Related party general
and administrative 3 3 15 14
Impairment expense - 7
Total operating expenses 14 10 62 53
Operating income (28) 6 2 10
Other income (expense):
Interest expense (28) (28) (109) (102)
Gain (loss) on
derivatives 1 2 17 (10)
Earnings in
unconsolidated
investments, net (12) 14 1 42
Early extinguishment of
debt (6) (9) (6) (9)
Net earnings (loss) on
transactions 71 69 (1)
Other income (expense),
net (2) (1) (11)
Total other expense 24 (22) (39) (80)
Net loss before income
tax (4) (16) (37) (70)
Income tax provision 18 6 32 12
Net loss (22) (22) (69) (82)
Net loss attributable to
noncontrolling
interests (9) (14) (211) (64)
Net income (loss)
attributable to Pattern
Energy $
(13) $
(8) $
142 $
(18)
Weighted-average number of common
shares outstanding
Basic 97,476,708 95,149,200 97,456,407 89,179,343
Diluted 97,476,708 95,149,200 97,651,501 89,179,343
Earnings (loss) per share attributable
to Pattern Energy
Basic $
(0.15) $
(0.08) $
1.45 $
(0.20)
Diluted $
(0.15) $
(0.08) $
1.45 $
(0.20)
Adjusted EBITDA and Cash Available for Distribution Non-GAAP Reconciliations
The following tables present reconciliations of net loss to Adjusted EBITDA and cash available for distribution, respectively, for the periods presented (in millions):
For the three months ended For the year ended
December 31, December 31,
2018 2017 2018 2017
---
Net loss $
(22) $
(22) $
(69) $
(82)
Plus:
Interest expense, net of
interest income 28 28 107 101
Income tax provision 18 6 32 12
Depreciation, amortization
and accretion 92 59 280 215
EBITDA $
116 $
71 $
350 $
246
Unrealized (gain) loss on
derivatives 6 2 5 18
Early extinguishment of
debt 6 9 6 9
Impairment expense - 7
(Gain) loss on asset sales (71) (71)
Other - (1) 2 6
Plus, proportionate share from
unconsolidated investments:
Interest expense, net of
interest income 9 10 38 39
Income tax provision
(benefit) - 1
Depreciation, amortization
and accretion 9 9 35 35
(Gain) loss on derivatives 6 (1) (9)
Adjusted EBITDA $
81 $
100 $
372 $
344
Plus:
Distributions from
unconsolidated
investments 10 13 58 67
Network upgrade
reimbursement - 1 9
Release of restricted cash - 7 4 7
Stock-based compensation 1 1 5 5
Pay-go contribution 4 4
Other 4 (3) 1 (5)
Less:
Unconsolidated investment
earnings and
proportionate shares for
EBITDA (15) (36) (85) (118)
Interest expense, less
non-cash items and
interest income (25) (23) (99) (91)
Income taxes (4) (4)
Non-expansionary capital
expenditures - (1)
Distributions to
noncontrolling interests (9) (7) (38) (20)
Principal payments paid
from operating cash flows (12) (10) (52) (51)
Cash available for
distribution $
35 $
42 $
167 $
146
Weighted-average number of common shares
outstanding
Basic 97,476,708 95,149,200 97,456,407 89,179,343
Cash available for distribution per share
Basic $
0.36 $
0.44 $
1.71 $
1.64
Pattern Energy Group Inc.
Consolidated Balance Sheets
(In millions of U.S. Dollars, except share data)
December 31,
2018 2017
---
Assets
Current assets:
Cash
and
cash
equivalents $
101 $
117
Restricted
cash 4 9
Counterparty
collateral 6 30
Trade
receivables 50 55
Derivative
assets,
current 14 19
Prepaid
expenses 18 18
Deferred
financing $3 respectively
costs, as
current, of
net December
of 31,
accumulated 2018
amortization and
of December
$3 31,
and 2 1
Other
current
assets 16 21
Total
current
assets 211 270
Restricted
cash 18 12
Major
construction
advances 84
Construction
in
progress 259
Property,
plant
and
equipment,
net 4,119 3,965
Unconsolidated
investments 270 311
Derivative
assets 9 10
Deferred
financing
costs 8 8
Net
deferred
tax
assets 5 6
Intangible
assets,
net 219 136
Goodwill 58
Other
assets 34 24
Total
assets $
5,294 $
4,742
Pattern Energy Group Inc.
Consolidated Balance Sheets
(In millions of U.S. Dollars, except share data)
December 31,
2018 2017
---
Liabilities and equity
Current liabilities:
Accounts payable and
other accrued
liabilities $
67 $
54
Accrued construction
costs 27 1
Counterparty collateral
liability 6 30
Accrued interest 14 17
Dividends payable 42 41
Derivative liabilities,
current 2 8
Revolving credit
facility, current 198
Current portion of long-
term debt, net 56 52
Contingent liabilities,
current 31 3
Asset retirement
obligations, current 24
Other current
liabilities 11 12
Total current
liabilities 478 218
Revolving credit
facility 25
Long-term debt, net 2,004 1,879
Derivative liabilities 31 21
Net deferred tax
liabilities 117 56
Intangible liabilities,
net 56 51
Contingent liabilities 142 62
Asset retirement
obligations 185 57
Other long-term
liabilities 71 50
Advanced lease revenue 26
Total liabilities 3,135 2,394
Commitments and contingencies
Equity:
Class A common stock,
$0.01 par value per
share: 500,000,000
shares authorized;
98,051,629 and
97,860,048 shares
outstanding as of
December 31, 2018 and
December 31, 2017,
respectively 1 1
Additional paid-in
capital 1,130 1,235
Accumulated loss (27) (112)
Accumulated other
comprehensive loss (52) (26)
Treasury stock, at cost;
223,040 and 157,812
shares of Class A
common stock as of
December 31, 2018 and
December 31, 2017,
respectively (5) (4)
Total equity before
noncontrolling
interests 1,047 1,094
Noncontrolling interests 1,112 1,254
Total equity 2,159 2,348
Total liabilities and
equity $
5,294 $
4,742
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(In millions of U.S. dollars)
For the year ended
December 31,
2018 2017
---
Operating
activities
Net
loss $
(69) $
(82)
Adjustments to
reconcile net loss
to net cash
provided by
operating
activities:
Depreciation,
amortization
and
accretion 280 215
Impairment
expense 7
Loss
on
derivatives 4 16
Stock-
based
compensation 5 5
Deferred
taxes 16 15
Earnings
in
unconsolidated
investments,
net (1) (41)
Distribution
from
unconsolidated
investments 48 54
Gain
on
transactions (71)
Early
extinguishment
of
debt 6 9
Other
reconciling
items 1 (5)
Changes in
operating assets
and liabilities:
Counterparty
collateral
asset 24 14
Trade
receivables 1 (10)
Other
current
assets 15 (14)
Other
assets
(non-
current) (6) 2
Accounts
payable
and
other
accrued
liabilities 3 18
Counterparty
collateral
liability (24) (14)
Advanced
lease
revenue 34
Other
current
liabilities 26 15
Other
long-
term
liabilities (20) 21
Net
cash
provided
by
operating
activities 279 218
Investing
activities
Cash
paid cash
for acquired
acquisitions
and
investments,
net
of
cash
and
restricted (415) (297)
Proceeds
from distributed
sale
of
investments,
net
of
cash
and
restricted
cash 214
Capital
expenditures (181) (44)
Distribution
from
unconsolidated
investments 10 13
Other
assets (1) 8
Net
cash
used
in
investing
activities (373) (320)
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(In millions of U.S. dollars)
For the year ended
December 31,
2018 2017
---
Financing activities
Proceeds from public
offering, net of
issuance costs
$ $
237
Dividends paid (165) (145)
Capital contributions
-noncontrolling
interests 98
Capital distributions
-noncontrolling
interests (38) (20)
Payment for financing
fees (9) (16)
Proceeds from short-
term debt 562 333
Repayment of short-
term debt (402) (513)
Proceeds from long-
term debt and other 226 694
Repayment of long-
term debt and other (186) (483)
Proceeds (payments)
for termination of
designated
derivatives 1 (14)
Disposition of
controlling
interest, net 58
Other financing
activities (4) (6)
Net cash provided by
(used in) financing
activities 83 125
Effect of exchange
rate changes on
cash, cash
equivalents and
restricted cash (4) 6
Net change in cash,
cash equivalents and
restricted cash (15) 29
Cash, cash
equivalents and
restricted cash at
beginning of period 138 109
Cash, cash
equivalents and
restricted cash at
end of period $
123 $
138
Supplemental disclosures
Cash payments for
income taxes $
2
$
Cash payments for
interest expense $
97 $
86
Schedule of non-cash activities
Change in property,
plant and equipment $
224 $
2
Change in additional
paid-in capital
$ $
(2)
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 Friday, March 1, 2019. 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 7877796. The replay recording will be available until 11:59 p.m. Eastern Time, March 22, 2019.
A live webcast of the conference call with a presentation that accompanies the 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 renewable energy projects with an operating capacity that totals approximately 4 GW in the United States, Canada and Japan 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 plan for CAFD growth through 2020 without the requirement for new common equity, the CAFD per share CAGR through 2020, the ability to achieve an 80% payout ratio, the ability of Japan and the investment in Pattern Development will contribute to material growth, the ability to manage the impact of the Gulf Wind hedge rolling off and continued congestion in ERCOT, the ability to achieve 2019 and 2020 CAFD guidance, the ability of the changes in executive roles to better position the business to achieve its goals for 2019 and beyond, and the ability of the Company to acquire identified ROFO projects. 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
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SOURCE Pattern Energy Group Inc.
