Pattern Energy in talks to acquire half of 180-MW Ontario wind project

Pattern Energy Group (NASDAQ:PEGI) (TSX:PEG) reported Aug. 16 that 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 or 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, the company said.

The Armow Wind power facility, located near Kincardine, Ontario, is jointly owned by Pattern Development and Samsung Renewable Energy. 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 is also working on a similar deal with Pattern Development for a portion of the Broadview wind project in New Mexico.

“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.”

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.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.