November 27 (Renewables Now) - Pattern Energy Group 2 LP, also known as Pattern Development, has sold its entire ownership in the 79.75-MW Stillwater wind farm in Montana, commissioned at the end of last month.
Pattern Energy Group Inc (NASDAQ:PEGI) said on Monday it has purchased 51% of the class B interests in the particular wind park for around USD 23 million (EUR 20.3m) in cash. The acquired interest is equal to a 35-MW owned interest in the facility, while the price represents a cash available for distribution (CAFD) multiple of less than ten times of the average five-year CAFD contribution from the Stillwater project. The buyer said it has funded the acquisition with available liquidity.
Meanwhile, the Public Sector Pension Investment Board (PSP Investments) has purchased the remaining 49% of class B interests in the wind farm.
Located in Stillwater County, the wind park uses 31 Siemens Gamesa turbines with capacities of 2.3 MW and 2.625 MW. It will operate under a 25-year power purchase agreement (PPA), generating enough power to supply more than 23,000 Montana homes annually. Following the sale of the asset, Pattern Energy will take care of the plant’s operations.
Pattern Energy noted that the deal is its first acquisition of an identified right of first offer (iROFO) project from Pattern Development and expands its portfolio of operational assets to almost 4 GW gross.
(USD 1.0 = EUR 1.133)