Pattern Energy CAFD On Track For FY16 Target; Declares Increased Dividend

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO) reaffirmed its targeted annual cash available for distribution for 2016 in a range of $125 million to $145 million, representing an increase of 46% at the midpoint of the range, compared to cash available for distribution in 2015.

Pattern Energy declared an increased dividend for the second quarter 2016, payable on July 29, 2016, to holders of record on June 30, 2016 in the amount of $0.39 per Class A common share, which represents $1.56 on an annualized basis. This is a 2.4% increase from the first quarter 2016 dividend.

Cash available for distribution was $41.0 million for the first quarter of 2016 compared to $9.3 million for the same period in the prior year. The company said this increase was due to additional revenues of $31.3 million primarily from projects which commenced commercial operations or were acquired during 2015.

Adjusted EBITDA was $78.1 million for the first quarter of 2016 compared to $46.7 million for the same period last prior year, an increase of approximately 67.1%. The company sold 1,801,034 MWh of electricity on a proportional basis in the first quarter of 2016 compared to 935,981 MWh sold in the same period last year.