Pattern Energy Group Inc (NASDAQ:PEGI) has committed to acquire a 90-MW interest in the 180-MW Armow wind farm in Ontario, Canada from its sponsor Pattern Energy Group LP, also known as Pattern Development.
The US-based wind parks operator said on Thursday that it will pay about USD 132 million (EUR 118m) in cash for the interest. It will use available liquidity to fund the transaction. Closing is expected within 45 days.
The Armow wind farm comprises 91 pieces of 2.3-MW Siemens turbines installed in Kincardine. It achieved commercial operation in December 2015 and sells its output to the Ontario Independent Electricity System Operator (IESO) under a 20-year deal. Samsung Renewable Energy Inc is the owner of the remaining interest.
The acquisition expands Pattern Energy’s portfolio to 18 wind farms, including two it is yet to acquire. Upon completion, the total owned capacity will reach 2,644 MW.
"We anticipate closing another acquisition from our identified ROFO list in the coming months. Looking ahead, our identified ROFO list includes 11 projects totaling 942 MW, providing clear visibility to 36% growth on our existing portfolio," said Mike Garland, president and CEO of Pattern Energy.
(USD 1.0 = EUR 0.893)
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