Pattern makes $1bn green play
Series of initiatives announced to boost Canadian’s renewables portfolio
Pattern Energy has announced a series of initiatives totalling almost $1bn to help the company boost its renewables portfolio.
The deals include $724m in long-term funding from institutional investors, including pension funds, through an investment entity managed by Riverstone for the development vehicle Pattern Development 2.
Pattern Development’s pipeline is expanded to 10GW of total capacity, including an additional 275MW of owned capacity.
Pattern Energy has also made an initial $60m investment in Pattern Development 2 for a 20% interest in the unit.
Canadian pension fund Public Sector Pension Investment Board (PSP) has also formed a strategic partnership with Pattern Energy.
Under the terms of the deal, PSP will acquire 8.7 million shares of Pattern Energy stock from Pattern Development 1.
PSP will also co-invest $500m in projects acquired by Pattern Energy, including investments in the Meikle, Mont Sainte-Marguerite and Panhandle 2 wind projects.
Pattern Energy and PSP will jointly own the 179MW Meikle and 143MW Mont Sainte-Marguerite wind farms, which have been acquired from Pattern Development 1. PSP has bought 49% of the 182MW Panhandle wind farm from Pattern Energy.
PSP Investments managing director of infrastructure investments Patrick Samson said: “This relationship grants us access to a portfolio of projects and a source of new assets in renewables, and we believe it will provide good and stable returns for our contributors and beneficiaries.”
Pattern Energy chief executive Mike Garland said: “With these exciting initiatives, we have created an extraordinary opportunity to continue our growth. Pattern Development has secured major long-term commitments, increased the size of its pipeline by 70% and increased the identified (rights of first offer) list by 43%.”
Image: Pattern Energy