Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (“Pattern Energy”) today announced it is in discussions to acquire a 90 MW interest in the 180 MW Armow Wind power facility in Ontario from Pattern Energy Group LP (“Pattern Development”). Pattern Energy intends to fund the acquisition with available liquidity from its recent equity offering. The transaction is expected to close within the next 30 to 45 days.
“With the successful completion of the equity offering we have entered discussions with Pattern Development to acquire Armow,” said Mike Garland, President and CEO of Pattern Energy. “Armow will expand our portfolio to 17 operating projects and one project we have committed to acquire which is under construction. Our identified ROFO list provides clear visibility to 36% growth on our existing portfolio, after the acquisition of Armow. We expect to drop down another acquisition from our identified ROFO list before the end of the year.”
The Armow Wind power facility, located near Kincardine, Ontario, is jointly owned by Pattern Development and Samsung Renewable Energy, Inc. The facility reached commercial operation in December 2015 and operates under a 20-year power purchase agreement with the Independent Electricity System Operator (IESO).
Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 17 wind power facilities, including one it has agreed to acquire, with a total owned interest of 2,554 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy’s wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business.