Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Pattern Energy Group Inc. | d683421d8k.htm |
Exhibit 99.1
Pattern Energy Reports Fourth Quarter and
Full Year 2013 Financial Results
Declares First Quarter 2014 Dividend of $0.3125 Per Class A Common Share
San Francisco, CA, February 28, 2014 – Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (Pattern Energy), an independent power company, today announced its financial results for the fourth quarter and full year of 2013.
Highlights
| • | Cash available for distribution of $42.6 million for 2013, up 141% from 2012 |
| • | Adjusted EBITDA of $141.8 million for 2013, up 88% from 2012 |
| • | Electricity sales of 2,259 GWh for 2013, up 35% from 2012 |
| • | Revenue of $202 million for 2013, up 76% from 2012 |
| • | Increased owned megawatts by 214 MW, up 21% |
| • | Initiated quarterly cash dividend of $0.3125 per Class A common share in Q4 |
| • | Declared Q1 2014 dividend of $0.3125 per Class A common share |
“This was a tremendous year for Pattern Energy that included our successful IPO – the first U.S. listing of a wind power company – the growth of our portfolio to ten projects totaling 1,255 MW and the declaration of our first quarterly dividend,” said Mike Garland, President and CEO of Pattern Energy. “With a strong balance sheet, a clearly identified pipeline of ROFO project acquisitions and significant opportunities for third-party acquisitions, we are optimally positioned to grow our portfolio of world-class wind power projects, which will increase our cash available for distribution and allow us to grow the quarterly dividend.”
In 2013, Pattern Energy acquired 45% of the 149 MW Grand Renewable wind power project in Ontario and made a commitment to acquire 81% of the 182 MW Panhandle 2 wind power project in Texas upon its completion. Pattern Energy’s portfolio now totals ten wind power projects, including Panhandle 2, with a total owned capacity of 1,255 MW.
Pattern Energy successfully closed its initial public offering (IPO) on October 2, 2013. Results for periods prior to the IPO are attributable to its predecessor entities.
Financial Results
Pattern Energy sold 532 GWh of electricity in the fourth quarter of 2013 compared to 453 GWh in the same period in 2012. For the year ended December 31, 2013, Pattern Energy sold 2,259 GWh of electricity, compared to 1,673 GWh in 2012 across a smaller fleet of projects. Electricity sold was lower than expected largely due to lost production from reimbursable turbine down time, which has been corrected, and from wind conditions that were lower than the long-term average.
Net income in the fourth quarter of 2013 was a loss of $19.4 million compared to a loss of $4.5 million for the same period last year. The decrease in the Company’s fourth quarter net income was $14.9 million, which was primarily due to unrealized losses attributable to its energy hedge and to the impact of recording a U.S. income tax valuation allowance on certain deferred tax assets that were contributed to the Company at the time of its IPO, partially offset by unrealized gains attributable to interest rate swaps.
For the full year ended December 31, 2013, net income was $10.1 million, compared to a loss of $13.4 million in 2012. The increase in the Company’s annual net income was primarily due to a full year of commercial operations at the Spring Valley, Santa Isabel and Ocotillo projects, as well as unrealized gains attributable to interest rate swaps.
Adjusted EBITDA
Adjusted EBITDA was $29.4 million for the fourth quarter of 2013 compared to $21.1 million in the same period last year. For the full year ended December 31, 2013, adjusted EBITDA was $141.8 million compared to $75.2 million for 2012. A reconciliation of adjusted EBITDA to net income determined in accordance with GAAP is shown below.
Cash Available For Distribution
Cash available for distribution in the fourth quarter of 2013 was $5.6 million compared to $5.6 million in the same period last year. For the full year ended December 31, 2013, cash available for distribution was near the expected result at $42.6 million compared to $17.7 million for 2012. A reconciliation of cash available for distribution to net cash provided by operating activities determined in accordance with GAAP is shown below.
Quarterly Dividend
On November 26, 2013, Pattern Energy announced that its Board of Directors approved the introduction of a quarterly cash dividend in the amount of $0.3125 per Class A common share for the fourth quarter, which represents $1.25 on an annualized basis.
On February 26, 2014, the Board of Directors approved a quarterly dividend of $0.3125 per Class A common share for the first quarter of 2014, which represents $1.25 on an annualized basis. The dividend will be paid on April 30, 2014 to shareholders of record as of March 31, 2014.
2
Acquisition Pipeline
In addition to potential acquisitions of assets from third parties, Pattern Energy has the Right of First Offer (ROFO) on an identified pipeline of acquisition opportunities from Pattern Energy Group LP (Pattern Development). Since the IPO, the initial ROFO projects grew in size by 78 MW. In December, the Company acquired two ROFO projects. The remaining initial ROFO projects include the following:
| Asset |
Location |
Owned MW | Status | |||
| Gulf Wind |
Carson County, TX | 76 | Operational | |||
| Panhandle 1 |
Panhandle, TX | 179 | Construction | |||
| K2 |
Ontario, Canada | 90 | Financing in Process | |||
| Armow |
Ontario, Canada | 90 | Ready for Financing | |||
| Meikle |
BC, Canada | 175 | Pre-construction |
Non-GAAP Financial Measures (unaudited)
The following tables reconcile net income (loss) to adjusted EBITDA and cash available for distribution, respectively, for the periods presented (in thousands):
| Pattern Energy Group Inc. | ||||||||||||||||
| Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net income (loss) |
$ | (19,376 | ) | $ | (4,455 | ) | $ | 10,072 | $ | (13,376 | ) | |||||
| Plus: |
||||||||||||||||
| Interest expense, net of interest income |
15,186 | 10,944 | 61,118 | 35,457 | ||||||||||||
| Tax provision (benefit) |
11,347 | (4,851 | ) | 4,546 | (3,604 | ) | ||||||||||
| Depreciation and accretion |
21,422 | 14,476 | 83,180 | 49,027 | ||||||||||||
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| EBITDA |
$ | 28,579 | $ | 16,114 | $ | 158,916 | $ | 67,504 | ||||||||
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| Unrealized (gain) loss on energy derivative |
6,050 | 7 | 11,272 | 6,951 | ||||||||||||
| Unrealized (gain) loss on interest rate derivatives |
(4,692 | ) | 4,921 | (15,601 | ) | 4,953 | ||||||||||
| Interest rate derivative settlements |
1,040 | — | 2,099 | — | ||||||||||||
| Gain on transactions |
1,205 | — | (5,995 | ) | (4,173 | ) | ||||||||||
| Plus, our proportionate share in the following from our equity accounted investments: |
||||||||||||||||
| Interest expense, net of interest income |
228 | 44 | 267 | 44 | ||||||||||||
| Tax (benefit) provision |
(88 | ) | (122 | ) | (172 | ) | (65 | ) | ||||||||
| Depreciation and accretion |
6 | — | 20 | — | ||||||||||||
| Unrealized gain on interest rate and currency derivatives |
(2,985 | ) | 221 | (9,076 | ) | 27 | ||||||||||
| Realized loss (gain) on interest rate and currency derivatives |
74 | (38 | ) | 39 | — | |||||||||||
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| Adjusted EBITDA |
$ | 29,417 | $ | 21,147 | $ | 141,769 | $ | 75,241 | ||||||||
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| Pattern Energy Group Inc. | ||||||||||||||||
| Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net cash provided by operating activities |
$ | 9,756 | $ | 4,544 | $ | 78,152 | $ | 35,051 | ||||||||
| Changes in current operating assets and liabilities |
5,233 | 6,959 | 8,237 | 6,885 | ||||||||||||
| Network upgrade reimbursement |
618 | 1,236 | 1,854 | 6,263 | ||||||||||||
| Use of operating cash to fund maintenance and debt reserves |
— | (522 | ) | — | (1,047 | ) | ||||||||||
| Release of restricted cash to fund general and administrative costs |
318 | — | 318 | — | ||||||||||||
| Operations and maintenance capital expenditures |
(388 | ) | (19 | ) | (819 | ) | (623 | ) | ||||||||
| Less: |
||||||||||||||||
| Distributions to noncontrolling interests |
(866 | ) | (244 | ) | (2,292 | ) | (1,298 | ) | ||||||||
| Principal payments paid from operating cash flows (1) |
(9,041 | ) | (6,356 | ) | (42,829 | ) | (27,546 | ) | ||||||||
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| Cash available for distribution |
$ | 5,630 | $ | 5,598 | $ | 42,621 | $ | 17,685 | ||||||||
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| (1) | Excludes $7,495 of principal pre-payments on our Ocotillo project which were paid from ITC cash grant proceeds for the year ended December 31, 2013 |
3
Conference Call and Webcast
Pattern Energy will host a conference call and webcast to discuss these results at 10:30 a.m. U.S. Eastern Time on Friday, February 28, 2014. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10-15 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 2062037. The replay recording will be available until 12:00 a.m. U.S. Eastern Time, March 14, 2014.
A live webcast of the conference call will be also available in the investor section of Pattern’s website at www.patternenergy.com. An archived webcast will be available for one year.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ (“PEGI”) and Toronto Stock Exchange (“PEG”). Pattern Energy has a portfolio of ten wind power projects, with a total owned capacity of 1,255 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy’s wind power projects 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. These forward-looking statements represent the Company’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 the Company’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, the Company 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 the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC and applicable Canadian securities regulatory authorities in connection with the Company’s initial public offering. The risk factors and other factors noted in the prospectus could cause actual events or the Company’s actual results to differ materially from those contained in any forward-looking statement.
# # #
Contacts
Ross Marshall
Investor Relations
T: (416) 815-0700 ext. 238
E: rmarshall@tmxequicom.com
Matt Dallas
Media Relations
T: (917) 363-1333
E: matt.dallas@patternenergy.com
4
Pattern Energy Group Inc.
Consolidated Balance Sheets
(in thousands of U.S. dollars, except share data)
| December 31, | ||||||||
| 2013 | 2012 | |||||||
| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 103,569 | $ | 17,574 | ||||
| Trade receivables |
20,951 | 13,715 | ||||||
| Related party receivable |
167 | — | ||||||
| Reimbursable interconnection costs |
1,455 | 51,307 | ||||||
| Derivative assets, current |
13,937 | 17,177 | ||||||
| Current deferred tax assets |
573 | — | ||||||
| Prepaid expenses and other current assets |
13,927 | 13,794 | ||||||
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| Total current assets |
154,579 | 113,567 | ||||||
| Restricted cash |
32,636 | 13,904 | ||||||
| Turbine advances |
— | 44,150 | ||||||
| Deferred development costs |
— | 26,544 | ||||||
| Construction in progress |
— | 6,081 | ||||||
| Property, plant and equipment, net of accumulated depreciation of $179,778 and $100,247 in 2013 and 2012, respectively |
1,476,142 | 1,668,302 | ||||||
| Unconsolidated investments |
107,055 | 36,218 | ||||||
| Derivative assets |
82,167 | 62,895 | ||||||
| Deferred financing costs, net of accumulated amortization of $16,225 and $9,311 in 2013 and 2012, respectively |
35,792 | 42,654 | ||||||
| Net deferred tax assets |
2,017 | 4,940 | ||||||
| Other assets |
13,243 | 16,475 | ||||||
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| Total assets |
$ | 1,903,631 | $ | 2,035,730 | ||||
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| Liabilities and equity |
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| Current liabilities: |
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| Accounts payable and other accrued liabilities |
$ | 15,550 | $ | 7,750 | ||||
| Accrued construction costs |
3,204 | 67,206 | ||||||
| Related party payable |
1,245 | 198 | ||||||
| Accrued interest |
495 | 559 | ||||||
| Dividend payable |
11,103 | — | ||||||
| Contingent liabilities |
— | 8,001 | ||||||
| Derivative liabilities, current |
16,171 | 13,462 | ||||||
| Current portion of long-term debt |
48,851 | 137,258 | ||||||
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| Total current liabilities |
96,619 | 234,434 | ||||||
| Long-term debt |
1,200,367 | 1,153,312 | ||||||
| Derivative liabilities |
7,439 | 35,326 | ||||||
| Asset retirement obligations |
20,834 | 19,056 | ||||||
| Net deferred tax liabilities |
9,930 | 3,662 | ||||||
| Other long-term liabilities |
438 | 528 | ||||||
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| Total liabilities |
1,335,627 | 1,446,318 | ||||||
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| Equity: |
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| Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 35,530,786 and 100 shares issued and outstanding as of December 31, 2013 and 2012, respectively |
355 | — | ||||||
| Class B common stock, $0.01 par value per share: 20,000,000 shares authorized; 15,555,000 shares issued and outstanding at December 31, 2013 |
156 | — | ||||||
| Additional paid-in capital |
489,388 | 1 | ||||||
| Capital |
— | 545,471 | ||||||
| Accumulated (loss) income |
(13,336 | ) | 2,903 | |||||
| Accumulated other comprehensive loss |
(8,353 | ) | (34,264 | ) | ||||
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| Total equity before noncontrolling interest |
468,210 | 514,111 | ||||||
| Noncontrolling interest |
99,794 | 75,301 | ||||||
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| Total equity |
568,004 | 589,412 | ||||||
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| Total liabilities and equity |
$ | 1,903,631 | $ | 2,035,730 | ||||
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5
Pattern Energy Group Inc.
Consolidated Statements of Operations
(in thousands of U.S. dollars, except per share data)
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenue: |
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| Electricity sales |
$ | 42,737 | $ | 29,675 | $ | 173,270 | $ | 101,835 | ||||||||
| Energy derivative settlements |
3,925 | 4,677 | 16,798 | 19,644 | ||||||||||||
| Unrealized loss on energy derivative |
(6,050 | ) | (7 | ) | (11,272 | ) | (6,951 | ) | ||||||||
| Related party revenue |
446 | — | 911 | — | ||||||||||||
| Other revenue |
709 | — | 21,866 | — | ||||||||||||
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| Total revenue |
41,767 | 34,345 | 201,573 | 114,528 | ||||||||||||
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| Cost of revenue: |
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| Project expense |
15,616 | 9,782 | 57,677 | 34,843 | ||||||||||||
| Depreciation and accretion |
21,422 | 14,476 | 83,180 | 49,027 | ||||||||||||
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| Total cost of revenue |
37,038 | 24,258 | 140,857 | 83,870 | ||||||||||||
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| Gross profit |
4,729 | 10,087 | 60,716 | 30,658 | ||||||||||||
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| Operating expenses: |
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| Development expense |
— | 174 | — | 174 | ||||||||||||
| General and administrative |
4,256 | 271 | 4,819 | 858 | ||||||||||||
| Related party general and administrative |
(799 | ) | 3,017 | 8,169 | 10,604 | |||||||||||
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| Total operating expenses |
3,457 | 3,462 | 12,988 | 11,636 | ||||||||||||
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| Operating income |
1,272 | 6,625 | 47,728 | 19,022 | ||||||||||||
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| Other income (expense): |
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| Interest expense |
(15,445 | ) | (11,307 | ) | (63,614 | ) | (36,502 | ) | ||||||||
| Equity in earnings (losses) in unconsolidated investments |
2,658 | (53 | ) | 7,846 | (40 | ) | ||||||||||
| Interest rate derivative settlements |
(1,040 | ) | — | (2,099 | ) | — | ||||||||||
| Unrealized gain (loss) on derivatives |
4,692 | (4,921 | ) | 15,601 | (4,953 | ) | ||||||||||
| Net (loss) gain on transactions |
(1,205 | ) | — | 5,995 | 4,173 | |||||||||||
| Related party income |
665 | — | 665 | — | ||||||||||||
| Other income, net |
373 | 350 | 2,496 | 1,320 | ||||||||||||
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| Total other expense |
(9,302 | ) | (15,931 | ) | (33,110 | ) | (36,002 | ) | ||||||||
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| Net (loss) income before income tax |
(8,030 | ) | (9,306 | ) | 14,618 | (16,980 | ) | |||||||||
| Tax provision (benefit) |
11,346 | (4,851 | ) | 4,546 | (3,604 | ) | ||||||||||
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| Net (loss) income |
(19,376 | ) | (4,455 | ) | 10,072 | (13,376 | ) | |||||||||
| Net loss attributable to noncontrolling interest |
(6,197 | ) | (1,146 | ) | (6,887 | ) | (7,089 | ) | ||||||||
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| Net (loss) income attributable to controlling interest |
$ | (13,179 | ) | $ | (3,309 | ) | $ | 16,959 | $ | (6,287 | ) | |||||
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| Earnings per share information: |
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| Less: Net income attributable to controlling interest prior to the IPO on October 2, 2013 |
(157 | ) | (30,295 | ) | ||||||||||||
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| Net loss attributable to controlling interest subsequent to the IPO |
$ | (13,336 | ) | $ | (13,336 | ) | ||||||||||
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| Weighted average number of shares: |
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| Basic and diluted - Class A common stock |
35,448,056 | 35,448,056 | ||||||||||||||
| Basic and diluted - Class B common stock |
15,555,000 | 15,555,000 | ||||||||||||||
| Earnings per share for period subsequent to the IPO |
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| Class A common stock: |
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| Basic and diluted loss per share |
$ | (0.17 | ) | $ | (0.17 | ) | ||||||||||
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| Class B common stock: |
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| Basic and diluted loss per share |
$ | (0.48 | ) | $ | (0.48 | ) | ||||||||||
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| 2012 pro forma information: |
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| Unaudited pro forma net loss after tax: |
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| Net loss before income tax |
$ | (16,980 | ) | |||||||||||||
| Pro forma tax provision |
818 | |||||||||||||||
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| Pro forma net loss |
$ | (17,798 | ) | |||||||||||||
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6
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Operating activities |
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| Net (loss) income |
$ | (19,376 | ) | $ | (4,455 | ) | $ | 10,072 | $ | (13,376 | ) | |||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
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| Depreciation and accretion |
21,422 | 14,476 | 83,180 | 49,027 | ||||||||||||
| Amortization of financing costs |
1,388 | 1,278 | 6,816 | 2,546 | ||||||||||||
| Unrealized loss (gain) on derivatives |
1,358 | 4,928 | (4,329 | ) | 11,904 | |||||||||||
| Stock-based compensation |
511 | — | 511 | — | ||||||||||||
| Net loss (gain) on transactions |
1,205 | — | (5,995 | ) | (4,173 | ) | ||||||||||
| Deferred taxes |
11,347 | (4,851 | ) | 4,546 | (3,604 | ) | ||||||||||
| Equity in (earnings) loss in unconsolidated investments |
(2,658 | ) | 53 | (7,846 | ) | 40 | ||||||||||
| Changes in operating assets and liabilities: |
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| Trade receivables |
(786 | ) | (3,014 | ) | (8,721 | ) | (298 | ) | ||||||||
| Reimbursable interconnection receivable |
(11 | ) | — | (11 | ) | — | ||||||||||
| Prepaid expenses and other current assets |
695 | (2,464 | ) | (2,698 | ) | (5,842 | ) | |||||||||
| Other assets (non current) |
(208 | ) | (114 | ) | (566 | ) | (428 | ) | ||||||||
| Accounts payable and other accrued liabilities |
(1,826 | ) | 552 | 3,036 | (379 | ) | ||||||||||
| Related party receivable/payable |
481 | (782 | ) | 190 | (100 | ) | ||||||||||
| Accrued interest payable |
(890 | ) | (1,063 | ) | (33 | ) | (78 | ) | ||||||||
| Contingent liabilities |
— | — | — | (188 | ) | |||||||||||
| Long-term liabilities |
(2,896 | ) | — | — | — | |||||||||||
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| Net cash provided by operating activities |
9,756 | 4,544 | 78,152 | 35,051 | ||||||||||||
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| Investing activities |
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| Receipt of ITC Cash Grant |
— | 79,910 | 173,446 | 79,910 | ||||||||||||
| Payment for acquisition from Pattern Development |
(30,070 | ) | — | (30,070 | ) | — | ||||||||||
| Proceeds from sale of investments and tax credits |
— | — | 14,254 | 4,173 | ||||||||||||
| Decrease in restricted cash - interconnect and PPA security |
2,785 | 27,990 | 66,517 | 28,431 | ||||||||||||
| Increase in restricted cash - interconnect and PPA security |
(2 | ) | (35,732 | ) | (80,569 | ) | (36,576 | ) | ||||||||
| Capital expenditures |
(2,552 | ) | (281,346 | ) | (123,517 | ) | (641,422 | ) | ||||||||
| Deferred development costs |
— | (1,691 | ) | (528 | ) | (7,093 | ) | |||||||||
| Distribution from unconsolidated investments |
— | — | 10,463 | — | ||||||||||||
| Contribution to unconsolidated investments |
(941 | ) | (1,433 | ) | (9,678 | ) | (22,387 | ) | ||||||||
| Reimbursable interconnection receivable |
— | (5,663 | ) | 49,715 | (47,055 | ) | ||||||||||
| Other assets (non current) |
618 | 1,231 | 2,358 | 3,066 | ||||||||||||
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| Net cash (used in) provided by investing activities |
(30,162 | ) | (216,734 | ) | 72,391 | (638,953 | ) | |||||||||
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7
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
| Three months ended December 31, | Year ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Financing activities |
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| Proceeds from IPO, net of expenses |
$ | 317,926 | $ | — | $ | 317,926 | $ | — | ||||||||
| Repurchase of shares for employee tax withholding |
(24 | ) | — | (24 | ) | — | ||||||||||
| Capital distributions - Contribution Transactions |
(232,640 | ) | — | (232,640 | ) | — | ||||||||||
| Payment for acquisition from Pattern Development |
(49,430 | ) | — | (49,430 | ) | — | ||||||||||
| Capital contributions - controlling interest |
— | 46,732 | 32,679 | 281,519 | ||||||||||||
| Capital distributions - controlling interest |
— | (88,457 | ) | (98,886 | ) | (114,236 | ) | |||||||||
| Capital distributions - noncontrolling interest |
(866 | ) | (244 | ) | (2,292 | ) | (1,298 | ) | ||||||||
| Decrease in restricted cash - debt service reserves |
6,035 | 17,896 | 122,689 | 26,669 | ||||||||||||
| Increase in restricted cash - debt service reserves |
(894 | ) | (641 | ) | (127,369 | ) | (15,850 | ) | ||||||||
| Payment for deferred financing costs |
— | (19,944 | ) | (294 | ) | (19,989 | ) | |||||||||
| Proceeds from revolving credit facility |
— | — | 56,000 | — | ||||||||||||
| Proceeds from long-term debt |
— | 302,368 | 138,620 | 497,226 | ||||||||||||
| Repayment of revolving credit facility |
(56,000 | ) | — | (56,000 | ) | — | ||||||||||
| Repayment of long-term debt |
(9,041 | ) | (6,356 | ) | (50,324 | ) | (27,546 | ) | ||||||||
| Repayment of construction and grant loans |
— | (53,328 | ) | (114,056 | ) | (53,328 | ) | |||||||||
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| Net cash (used in) provided by financing activities |
(24,934 | ) | 198,026 | (63,401 | ) | 573,167 | ||||||||||
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| Effect of exchange rate changes on cash and cash equivalents |
(181 | ) | (111 | ) | (1,147 | ) | 637 | |||||||||
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| Net change in cash and cash equivalents |
(45,521 | ) | (14,275 | ) | 85,995 | (30,098 | ) | |||||||||
| Cash and cash equivalents at beginning of period |
149,090 | 31,849 | 17,574 | 47,672 | ||||||||||||
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| Cash and cash equivalents at end of period |
$ | 103,569 | $ | 17,574 | $ | 103,569 | $ | 17,574 | ||||||||
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| Supplemental disclosure |
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| Cash payments for interest and commitment fees |
$ | 12,327 | $ | 14,123 | $ | 57,505 | $ | 43,474 | ||||||||
| Schedule of non-cash activities |
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| Change in fair value of interest rate swaps |
13,978 | (957 | ) | 52,244 | (11,173 | ) | ||||||||||
| Change in fair value of contingent liabilities |
— | (1,701 | ) | — | (2,015 | ) | ||||||||||
| Amortization of deferred financing costs - included as construction in progress |
— | 1,395 | 175 | 3,824 | ||||||||||||
| Capitalized interest |
941 | 3,024 | 4,171 | 9,386 | ||||||||||||
| Capitalized commitment fee |
— | 317 | 39 | 873 | ||||||||||||
| Change in property, plant and equipment |
(32,440 | ) | (11,218 | ) | (192,461 | ) | 30,154 | |||||||||
| Transfer of capitalized assets to South Kent joint venture |
— | — | 49,275 | — | ||||||||||||
| Non-cash distribution to Pattern Development |
— | — | (5,748 | ) | — | |||||||||||
| Assumption of liabilities related to Contribution Transactions |
(4,207 | ) | — | (4,207 | ) | — | ||||||||||
| Accrued IPO stock issuance costs |
(884 | ) | — | (884 | ) | — | ||||||||||
8