Renewable Energy Leader Confronts Climate Challenge and Focuses on Sustainable Growth
SAN FRANCISCO, Oct. 2, 2019 /PRNewswire/ -- Pattern Energy Group Inc. (NASDAQ and TSX: PEGI) ("Pattern Energy" or the "Company") today released its inaugural sustainability report of the Company's sustainable practices and environmental, social, governance (ESG) metrics in accordance with the GRI Reporting Standards: Core option.
"Climate change is the defining challenge of our time. Pattern Energy is dedicated to confronting this challenge," said Mike Garland, CEO of Pattern Energy. "Everything we do contributes to a larger vision of helping the world combat a changing climate by delivering renewable energy in a way that is economically, environmentally, and socially sustainable."
"Operating a sustainable company requires taking a holistic view of how the actions we take today, affect the rest of the world tomorrow," continued Garland. "Our business decisions are guided by a commitment to create value for our shareholders and focus on long-term outcomes for our stakeholders."
Pattern Energy's 2018 ESG performance highlights include:
- Generated pollution-free electricity to power the equivalent of 1.1 million U.S. homes and, when compared to coal-fired generation, avoided 11 million metric tons of carbon dioxide emissions, equivalent to taking 2.4 million cars off the roads, and conserved 6 billion gallons of water.
- Consumed approximately 35 GWh of electricity – less than half of one percent of the clean energy generated by its wind facilities – for business and facility operations.
- Prioritized employee engagement, professional development, and diversity and inclusion initiatives, resulting in the launch of three employee resource groups, new staff training opportunities, and a "Total Rewards" compensation infrastructure.
- Contributed nearly $8 million dollars towards community benefits and almost $20 million in local tax contributions through its operating facilities. Local communities are projected to receive more than $1 billion in economic benefits over the life of the current fleet.
- Completed first year of self-performing operations and maintenance activities at five sites, with an average of 60 hours of operations-related training per field employee and a Total Recordable Injury Rate (TRIR) of 0.79 for Pattern Energy operations field staff.
- Non-operations field employees received an average of 13 mandatory and voluntary training hours, which included global compliance, anti-corruption, and workplace harassment and discrimination prevention training, in addition to professional development skillsets.
As one of the only independent American renewable energy companies listed in the U.S., Pattern Energy was founded with sustainability at its core and has a mission of transitioning the world to renewable energy. The purpose of its first sustainability report is to provide its investors and stakeholders with insight into the sustainability of the Company's operations and actions, from the environmental advantages and safety of its facilities and the economic benefits to host communities, to the ways Pattern Energy supports the professional and personal growth of its employees.
The report details Pattern Energy's commitments, management approach, and 2018 performance metrics on a range of ESG topics. It includes concrete examples of how the Company demonstrates its commitments and applies its management approach in the areas of environmental stewardship, health and safety, workforce leadership, community relations and governance, among other areas.
Examples of Pattern Energy's sustainable practices include:
- Actively recruiting people with diverse backgrounds and the skills needed to innovate and improve the Company's competitiveness in the market, while retaining a high-quality workforce with engagement initiatives and competitive benefits that support employee well-being and professional development.
- Strongly committing to safety with a target TRIR of zero and a robust set of safety practices and ongoing training for both employees and contractors.
- Playing leading roles in various collaborations with industry peers and environmental non-governmental organizations to help expand the use of renewable energy in a way that minimizes environmental impacts and protects biodiversity.
- Respecting local cultures in working with communities and indigenous nations by engaging stakeholders with open, transparent, and responsive communication.
- Assessing critical risk factors for the business on a regular basis by evaluating potential financial implications and determining appropriate countermeasures to mitigate risks.
- Maintaining strong governance practices and conducting business activities in a manner that emphasizes the highest standards of business ethics.
Pattern Energy's first sustainability report also serves to sharpen the Company's focus on building a more sustainable enterprise and to highlight areas where it can further strengthen disclosure in line with internationally-recognized guidelines. The Company is committed to further improve its ESG disclosures and performance through the work of its cross-functional Sustainability Advisory Committee and with active support from its CEO and Board of Directors.
The combination of Pattern Energy's sustainable business model, strong governance practices, and talented workforce gives it the ability to create long-term value for its shareholders and contribute to a low carbon economy, while making it well positioned to help corporations, utilities, and governments achieve their increasingly aggressive renewable energy and decarbonization targets.
The report, which includes a comprehensive GRI Content Index, is available for download and on the new sustainability section of Pattern Energy's website. Stakeholders can share feedback on the report by emailing email@example.com or by taking an online survey.
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 as PEGI. Pattern Energy has a portfolio of 26 renewable energy projects with an operating capacity of approximately 4 GW 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; the ability of the Company to contribute to combating climate change; the ability of the Company to deliver renewable energy in a way that is economic, environmental, and socially sustainable; the ability to create value for shareholders and focus on long-term outcomes for stakeholders; the amount of economic benefits local communities will receive over the life of the current fleet; the ability of the sustainability report to provide insight into the sustainability of the Company's operations and actions; the ability to achieve a target TRIR of zero; the ability of collaboration efforts to expand use of renewable energy, minimize environmental impacts, and protect biodiversity; the ability of the Company's risk processes to mitigate risks; the ability of the Company to build a more sustainable enterprise; the ability of the Company to improve its ESG disclosures and performance; the ability of the Company's business model, governance practices, and workforce to create long-term value for shareholders, contribute to the low carbon economy and help achieve renewable energy targets set; and similar statements. 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 Company'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 the Company's actual results to differ materially from those contained in any forward-looking statement.
SOURCE Pattern Energy Group Inc.