Power company Pattern Energy Inc (NASDAQ:PEGI, TSE:PEG) said the outlook for renewable energy has never been stronger as it delivered solid fourth quarter results.
Pattern Energy sold 1,817,651 megawatt hours (MWh) of electricity on a proportional basis in the fourth quarter of 2016 compared to 1,714,884 MWh sold for the same period in 2015.
The increase was primarily due to the start of commercial operations of Amazon Wind Farm Fowler Ridge in December 2015 and the acquisition of Armow in the fourth quarter of 2016.
Overall, production was modestly below the company’s expectation for the fourth quarter compared to its long-term forecast.
Fourth quarter net income turned positive at US$3.4mln, versus a loss of US$3.9mln a year earlier, despite a decline in total revenue to US$81.06mln from US$90.60mln the year before.
The quarterly dividend of 41.375 cents per A share represents US$1.655 on an annualized basis, and was up 1.4% year-on-year.
“We delivered 44% growth in our cash available for distribution in 2016 which is approximately the midpoint of our guidance range. Our high-quality portfolio of 18 assets continues to supply stable cash flows,” said Mike Garland, who is not only president but also chief executive officer of Pattern Energy.
“The outlook for renewables has never been stronger as technology improvements continue to drive the delivered cost of power lower. Lower technology costs and our proven ability to develop new investment opportunities position us to continue to achieve high growth rates for the next several years and beyond,” Garland claimed.
Story by ProactiveInvestors