January 11 (Renewables Now) - Pattern Energy Group Inc (NASDAQ:PEGI) has finalised the sale of its 90-MW minority interest in the K2 Wind farm in Ontario for CAD 216 million (USD 163.81m) to a consortium of investors led by Axium Infrastructure.
Pattern Energy will continue as operator of K2 after the sale, CEO Mike Garland said in a press release on Wednesday.
The deal closed on December 31, 2018. Pattern will record a pretax gain of approximately USD 71 million on the sale.
"The sale of K2 at a 15.0x ten-year average CAFD [cash available for distribution] multiple demonstrates the intrinsic value of our wind power assets and highlights our ability to selectively recycle assets in order to redeploy capital into more accretive opportunities," said Garland.
The K2 Wind, a 270-MW facility in the Township of Ashfield-Colborne-Wawanosh, was a joint venture between Pattern Energy, an Axium-led consortium and Capital Power Corporation (TSX:CPX). Last year, Capital Power also announced the sale of its own 90-MW interest in the wind farm to the Axium consortium.
(CAD 1.0 = USD 0.76/EUR 0.66)