Pattern Energy expands renewable energy portfolio with Green Power Investment acquisition

Pattern Energy Group (or Pattern Development) has purchased majority share in Green Power Investment (GPI) raising its renewable energy capacity by almost 1GW of wind and solar power developments.

Tokyo based GPI, which till date had been co-managing fund and developing renewable energy projects in Europe, intends to spread out its development and investment activities in Japan henceforth.

Pattern Energy president and CEO Mike Garland said: “Pattern Development will combine its resources and support with GPI to continue its strong commitment to helping Japan meet its renewable energy goals and reduce reliance on imported fossil fuels.

“GPI has a number of projects in various stages of development and we look forward to providing more detail in the coming months.”

Pattern Development owns 35% share in Pattern Energy, which has the right of first offer (ROFO) to acquire projects constructed by Pattern Development.

The new GPI projects will be included as a part of Pattern Energy’s ROFO list, which upholds the near-term acquisition opportunities for the company.

Pattern Development maintains a global portfolio with almost 3500MW of wind energy projects spread across North America, South America, the Caribbean and Japan. It presently has more than 3GW of wind, solar and several transmission projects under stages of development.