Pattern Energy exits 115-MW Chilean wind farm ownership

Pattern Energy Group Inc (NASDAQ:PEGI) has left the Chilean market after selling its stake in the 115-MW El Arrayan Wind park for USD 70.5 million (EUR 61.2m) in cash.

The US power company said on Tuesday it has completed the sale of its 81-MW owned interest in the plant, which is located about 400 km north of Santiago on the coast of Chile. The wind farm has been operational since 2014 and is selling 70% of its output to Minera Los Pelambres.

The stake was offloaded to affiliates of Arroyo Energy Investors. Pattern Energy noted that the sale price, which includes about USD 2 million in transaction related costs, represents a cash available for distribution (CAFD) multiple that is higher than the CAFD multiple for its previously acquired projects.

"Due to changes in the Chilean power market, we felt it was better for the Company to focus on its core business areas and reduce overhead. We continue to see excellent growth opportunities in the United States, Canada, Mexico, and Japan," said Mike Garland, Pattern Energy’s CEO.

Pattern Energy will use the sale proceeds to either make further investments, pay down debt, repurchase stock or for other corporate purposes, it said when announced plans for the deal in May.

(USD 1.0 = EUR 0.868)

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