SAN FRANCISCO, Oct. 17, 2018 /CNW/ -- Five years ago, Pattern Energy Group Inc. (NASDAQ and TSX: PEGI) ("Pattern Energy" or the "Company") completed its initial public offering ("IPO") on the NASDAQ and Toronto Stock Exchange. Since the IPO, Pattern Energy has grown to 24 wind and solar power facilities around the world, with total operational capacity of 3,866 megawatts ("MW"), and is now the largest wind power operator in Canada.
- Grew owned capacity 175% to 2.9 gigawatts ("GW")
- Expanded operational capacity 272% to 3.9 GW
- Increased cash available for distribution ("CAFD") 242%
- Raised $10.9 billion in capital, including project debt and tax equity
- Established a dividend and grew it by 35%, returning a total of $7.55 per share in dividends since the IPO
"Five years ago we completed the first U.S. listing of a wind power company and since then we have grown significantly, increasing our operational capacity to nearly 4 GW, from a standing start since inception in 2009," said Mike Garland, CEO of Pattern Energy. "The renewable energy landscape has evolved significantly since that time and it looks stronger than ever – the cost of wind power is now more affordable, installed capacity is going up, and America's leading corporations are increasingly powering their businesses with clean energy. We have built a 29% ownership stake in Pattern Development 2.0, which provides us with secure access to a 10 GW development pipeline and puts us in an excellent position to continue growing our operational capacity by 500-1,000 MW of owned assets each year."
Pattern Energy has a strong commitment to Environmental, Social and Governance (ESG) practices. The Company's portfolio has the capacity to power more than one million homes annually, while avoiding approximately 12 metric tons of carbon dioxide emissions and conserving seven billion gallons of water compared to traditional energy sources. A new Sustainability web page, in the Invest section of the Company's website, provides further detail on its ESG practices.
The Company remains committed to the communities where it develops and operates its renewable energy projects. Pattern Energy's wind and solar power facilities are projected to contribute more than $1 billion in total benefits to their respective communities over the next 20 years, including landowner payments, taxes, and community benefits programs.
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 with a total owned interest of 2,861 MW 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 ability of the ownership in development to contribute to the growth going forward, the ability to grow operational capacity by 500-1000 MW of owned assets each year, and the contribution the Company's facilities will make to their respective communities. These forward-looking statements represent Pattern Energy'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 Pattern Energy'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, Pattern Energy 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 Pattern Energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Pattern Energy'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 Pattern Energy's actual results to differ materially from those contained in any forward-looking statement.
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SOURCE Pattern Energy Group Inc.