Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) said in a May 9 earnings report that it an affiliate has several power projects in the works that it has the right to buy.
Said Mike Garland, President and CEO of Pattern Energy: “Our proven, successful relationship with Pattern Development continues to provide us with a strong growth outlook including 1.3 GW of identified [Right of First Offer] assets and a growing pipeline of development stage assets. Pattern Development has also provided us more flexibility when we drop down future projects. Their development pipeline includes two solar projects that have commenced operations in Japan since March.”
Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development, known officially as Pattern Energy Group LP. The identified ROFO list stands at 1,298 MW of total owned capacity. This list of identified ROFO projects represents a portion of Pattern Development’s 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy’s ROFO.
Since its IPO, Pattern Energy has purchased 832 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,130 MW. The table below sets forth the current list of identified ROFO projects:
- Armow, wind, Ontario, 90 MW owned, operational;
- Kanagi Solar, Japan, 6 MW owned, operational;
- Futtsu Solar, Japan, 19 MW owned, operational;
- Meikle, wind, British Columbia, 180 MW owned, in construction;
- Conejo Solar, Chile, 84 MW owned, in construction;
- Belle River, wind, Ontario, 50 MW owned, securing final permits;
- Broadview projects, wind, New Mexico, 259 MW owned, late stage development;
- Grady, wind, New Mexico, 176 MW owned, late stage development;
- Henvey Inlet, wind, Ontario, 150 MW owned, late stage development;
- North Kent, wind, Ontario, 43 MW owned, late stage development;
- Mont Sainte-Marguerite, wind, Quebec, 147 MW owned, late stage development;
- Ohorayama, Japan, 31 MW owned, late stage development; and
- Tsugaru, Japan, 63 MW owned, late stage development.