News

Pattern Energy completes acquisition of Armow Wind Power facility

By ReNew Canada 06:27AM October 18, 2016

14


0


Read Later

Pattern Energy Group Inc. announced it has completed the acquisition of a 90 MW interest in the 179 MW Armow Wind power facility in Kincardine, Ont. from Pattern Energy Group LP. Pattern Energy acquired the interest in Armow Wind for a total cash consideration of approximately US$133 million, representing a 9.5-10.5x multiple on the five-year average annual cash available for distribution (CAFD) contribution from the project. The purchase price was funded from cash available and draws under the Company’s revolving credit facility on October 17, 2016. Subsequent to the transaction, $308 million remains available under the revolving credit facility.

“The acquisition of Armow Wind is immediately accretive, providing us with increased cash flow and growing the portfolio to 2.6 GW of owned capacity,” said Mike Garland, president and CEO of Pattern Energy. “With an identified ROFO list of 942 MW of wind and solar projects – and a right of first offer on Pattern Development’s pipeline of 5,900 MW of development projects – we are confident in expanding our growth outlook to achieve our 5,000 MW target by the end of 2019.”

Armow Wind consists of 91 Siemens 2.3 MW wind turbines and is jointly owned by Pattern Energy 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) in Ontario.

Would you recommend this article?

Suggested News Articles

News, Western CanadaDec. 11, 2017
Read Later

Site C construction to continue

The British Columbia government will complete construction of the Site C hydroelectric dam, saying that to do otherwise would put British Columbians on the hook for an immediate and unavoidable…
Atlantic Canada, NewsNov. 28, 2017
Read Later

Inquiry to investigate Muskrat Falls Project

The Government of Newfoundland and Labrador has announced that it will be proceeding with a public inquiry into the Muskrat Falls Project. Premier Dwight Ball announced the appointment of Justice…
News, Western CanadaNov. 27, 2017
Read Later

Experts invited to present to cabinet on Site C

As part of the provincial cabinet’s deliberations on the Site C hydroelectric project, Don Wright, deputy minister to Premier John Horgan, has invited an expert advisory panel to provide its…

Comments

0