Pattern Energy Group Inc. - FORM 8-K - EX-99.3

Attached files

file	filename
8-K - 8-K - Pattern Energy Group Inc.	d719275d8k.htm
EX-99.1 - EX-99.1 - Pattern Energy Group Inc.	d719275dex991.htm
EX-99.4 - EX-99.4 - Pattern Energy Group Inc.	d719275dex994.htm
EX-23.1 - EX-23.1 - Pattern Energy Group Inc.	d719275dex231.htm
EX-99.2 - EX-99.2 - Pattern Energy Group Inc.	d719275dex992.htm
EX-99.6 - EX-99.6 - Pattern Energy Group Inc.	d719275dex996.htm
EX-99.5 - EX-99.5 - Pattern Energy Group Inc.	d719275dex995.htm
EX-2.1 - EX-2.1 - Pattern Energy Group Inc.	d719275dex21.htm

Exhibit 99.3

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Panhandle Wind Holdings LLC

For the Three Months Ended March 31, 2014 and

the Period: March 1, 2013 (Date of Inception) to March 31, 2013

Panhandle Wind Holdings LLC

Consolidated Financial Statements (Unaudited)

For the Three Months Ended March 31, 2014 and

the Period: March 1, 2013 (Date of Inception) to March 31, 2013

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


Consolidated Statements of Financial Position		1
Consolidated Statements of Operations and Comprehensive Loss		2
Consolidated Statements of Changes in Members’ Capital		3
Consolidated Statements of Cash Flows		4

Panhandle Wind Holdings LLC

Consolidated Statements of Financial Position

(In Thousands of U.S. Dollars)

(Unaudited)


	March 31,			December 31,
	2014			2013
Assets
Current assets:
Cash and cash equivalents	$	243		$	248
Prepaid expenses and other current assets		5,156			5,351
Deferred financing costs, net of accumulated amortization of $6,552 and $3,724 as of March 31, 2014 and December 31, 2013, respectively		4,707			7,495

Total current assets		10,106			13,094

Turbine advances		—			43,670
Construction in progress		251,735			163,966
Property, plant and equipment		2,588			1,967

Total assets	$	264,429		$	222,697

Liabilities and members’ capital
Current liabilities:
Accounts payable and other accrued liabilities	$	—		$	30
Accrued construction costs		6,263			23,684
Related party payable		58			—
Short-term debt		174,072			114,552

Total current liabilities		180,393			138,266

Asset retirement obligation		2,527			1,907

Total liabilities		182,920			140,173

Members’ capital:
Capital		83,060			83,060
Accumulated loss		(2,386	)		(1,381	)

Total members’ capital before noncontrolling interest		80,674			81,679
Noncontrolling interest		835			845

Total members’ capital		81,509			82,524

Total liabilities and members’ capital	$	264,429		$	222,697

Panhandle Wind Holdings LLC

Consolidated Statements of Operations and Comprehensive Loss

(In Thousands of U.S. Dollars)

(Unaudited)


				March 1, 2013
	Three months			(Date of Inception)
	ended			to
	March 31, 2014			March 31, 2013
Revenue:
Electricity sales	$	—		$	—

Total revenue		—			—

Operating expenses:
General and administrative		14			—

Total operating expenses		14			—

Operating loss		(14	)		—

Other expense:
Interest expense		(1,001	)		—

Total other expense		(1,001	)		—

Net and comprehensive loss		(1,015	)		—

Net and comprehensive loss attributable to noncontrolling interest		(10	)		—

Net and comprehensive loss attributable to controlling interest	$	(1,005	)	$	—

Panhandle Wind Holdings LLC

Consolidated Statements of Changes in Members’ Capital

(In Thousands of U.S. Dollars)

(Unaudited)


	Controlling Interest								Noncontrolling Interest
			Accumulated								Accumulated						Total
	Capital		Loss			Total			Capital		Loss			Total			Capital
Balances at December 31, 2013	$	83,060	$	(1,381	)	$	81,679		$	859	$	(14	)	$	845		$	82,524
Net and comprehensive loss		—		(1,005	)		(1,005	)		—		(10	)		(10	)		(1,015	)

Balances at March 31, 2014	$	83,060	$	(2,386	)	$	80,674		$	859	$	(24	)	$	835		$	81,509

Panhandle Wind Holdings LLC

Consolidated Statements of Cash Flows

(In Thousands of U.S. Dollars)

(Unaudited)


				March 1, 2013
	Three months			(Date of Inception)
	ended			to
	March 31, 2014			March 31, 2013
Operating activities
Net loss	$	(1,015	)	$	—
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of financing costs		646			—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		—			(785	)
Accounts payable and other accrued liabilities		—			(186	)
Related party payable		58			—

Net cash used in operating activities		(311	)		(971	)

Investing activities
Capital expenditures		(59,137	)		(370	)

Net cash used in investing activities		(59,137	)		(370	)
Financing activities
Contributions from controlling interest		—			1,326
Proceeds from issuance of short-term debt		59,520			—
Payment of deferred equity issuance costs		(7	)		—
Payment of deferred financing costs		(70	)		—

Net cash provided by financing activities		59,443			1,326

Net change in cash and cash equivalents		(5	)		(15	)
Cash and cash equivalents at beginning of quarter		248			—

Cash and cash equivalents at end of quarter	$	243		$	(15	)

Schedule of non-cash activities
Capitalized interest to short-term debt	$	823		$	—
Capitalized commitment fee to short-term debt		144			—
Accrued construction in progress costs		(17,421	)		223
Amortization of prepaid expenses and other current assets - included as construction in progress		202			3
Amortization of deferred financing costs - included as construction in progress		2,182			—
Change in property, plant and equipment		620			—
Capitalized interest - included as construction in progress		823			—
Accrued deferred financing costs		—			370

Pattern Energy Group Inc. - FORM 8-K - EX-99.3 - May 2, 2014

Attached files

Pattern Energy Group Inc. Reports