Pattern Energy Q4 net income $40 millionChristian Fernsby ▼ | March 3, 2020
Pattern Energy Group announced its financial results for the 2019 fourth quarter.
Pattern Energy Net income was $40 million in the fourth quarter of 2019
Topics: Pattern Energy
The increase in net income in the quarterly period was primarily due to a one time $125 million distribution related to a refinancing at South Kent and Grand, partially offset by a $71 million pre-tax gain on the sale of K2 in 2018.
Adjusted EBITDA was $94 million for the fourth quarter of 2019 compared to $81 million for the same period in 2018.
The 16% increase in the quarterly period was primarily due to a $30 million increase in earnings due to new projects acquired and a $7 million decrease in losses at our development investment segment, partially offset by a $11 million decrease in earnings as a result of our divestiture of K2 and a $12 million decrease in earnings from projects fully operational in both periods.
Cash available for distribution was $44 million for the fourth quarter of 2019, compared to $35 million for the same period in 2018.
The change in the quarterly period was primarily due to $21 million earned by new projects acquired, partially offset by a $10 million decrease in earnings from projects fully operational in both periods and a $2 million reduction as a result of divestitures.
Based on dividends paid during 2019, Pattern Energy's dividend payout ratio was 96% of 2019 cash available for distribution. ■