August 13 (Renewables Now) - Canada’s Brookfield Asset Management Inc (NYSE:BAM) is considering a merger of its majority-owned yieldco TerraForm Power Inc (NASDAQ:TERP) with wind power company Pattern Energy Group Inc (NASDAQ:PEGI), according to a Bloomberg report.
The news agency cited people familiar with the matter as saying that Pattern Energy and a financial adviser are exploring the San Francisco-based company’s options, including a sale, after receiving interest from a number of suitors. The Canadian asset manager, which holds a 65% stake in TerraForm Power, is one of the interested parties, the people have said.
The insiders have noted, though, that discussions are ongoing and Pattern Energy could still decide to remain independent. The company’s market capitalisation reached USD 2.5 billion (EUR 2.23bn) on Monday.
Last week, Pattern Energy reported an expanded second-quarter net loss of USD 30 million but reaffirmed its cash available for distribution (CAFD) guidance for the full year.
(USD 1.0 = EUR 0.893)