Pattern Energy provides operations and financial guidance update in light of recent weather events

Pattern Energy Group Inc. has provided an update on its operations in light of the weather events in Puerto Rico and Texas. Most importantly, all team members and their families remained safe throughout the events and no injuries were reported.

“The recent series of natural disaster events, from the hurricanes in the southeast to the earthquake in Mexico and the wildfires in California, has been devastating for the communities in these regions. Throughout these events, our number one priority was the safety of our staff, their families, and the community. Secondly, but also important, is the protection and safety of the assets,” said Mike Garland, CEO of Pattern Energy. “We are taking specific steps to support our staff, their families and communities, highlighted by our employee disaster relief program and our contribution to the Habitat for Humanity program in Texas. We are also preparing to extend these relief efforts in Puerto Rico as the difficult recovery there progresses.”

Pattern Energy evacuated its 283 MW Gulf Wind project in Texas prior to Hurricane Harvey and its 101 MW Santa Isabel project in Puerto Rico prior to the Irma and Maria hurricanes.

Highlights

  • All Pattern Energy personnel are safe and no injuries were reported
  • No material damage has been found as a result of hurricanes Harvey, Irma or Maria
  • The operations team has been able to respond effectively to events and are working with the Puerto Rico Electric Power Authority (“PREPA”) to support its efforts to restore power locally
  • Pattern Energy is reaffirming its target 2017 cash available for distribution1
  • Pattern Energy expects production below its long-term average in the third quarter of 2017 due to weather conditions

    Operations UpdatePattern Energy evacuated its 283 MW Gulf Wind project in Texas prior to Hurricane Harvey and its 101 MW Santa Isabel project in Puerto Rico prior to the Irma and Maria hurricanes. This let employees stay with their families and make safe arrangements before the events. Several employees have experienced property damage in Puerto Rico and Texas but all employees and their families are safe. The Company closed its Houston office for more than a week during Hurricane Harvey. Pattern Energy’s operations center continued uninterrupted monitoring of its assets during all of these events, including evacuating and operating remotely during Hurricane Harvey. Project operations staff and third-party technicians safely returned to work shortly after the hurricanes at both the Gulf Wind and Santa Isabel projects.

    Pattern Energy is taking action to support its employees and their communities, including disaster pay, financial assistance, provision of employee assistance program services and supporting volunteer activities. The Company is also implementing a matching gift program for the Greater Houston Community Foundation, the Houston Flood Relief Fund, the SPCA of Texas, and Houston Food Bank, and it plans to implement similar matching gift programs for select charities benefitting Puerto Rico.

    The Gulf Wind project in Texas had no damage from Hurricane Harvey. The preliminary evaluation of the 101 MW Santa Isabel project in Puerto Rico reports no material damage to the turbines or the project, while additional detailed evaluations continue. Pattern Energy is working with PREPA to support PREPA’s broader efforts to restore the high voltage grid so the project can help support providing much-needed power to the Puerto Rican communities.

    2017 Financial Guidance

    As part of the announcement, Pattern Energy is reaffirming its targeted annual cash available for distribution1 (“CAFD”) for 2017 range of $140 million to $165 million. Pattern Energy is not aware of any direct effect the natural disaster events experienced during the third quarter had on general wind levels across North America.

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