Pattern Energy Group acquires 51% stake in 179MW Meikle wind facility for $68m
Pattern Energy Group Inc (Pattern Energy) has closed the purchase of a 51% stake in the 179 MW Meikle Wind facility from Pattern Energy Group LP (Pattern Development) for $68m.
Public Sector Pension Investment Board (PSP Investments) owns the remaining 49% stake.
Pattern Energy CEO Mike Garland said: "Completing the acquisition of Meikle Wind adds British Columbia's largest wind power facility to our portfolio and is one of the first initiatives in our new strategic relationship with PSP Investments.
"Meikle is an excellent addition to our portfolio, providing a strong addition to our CAFD2 with a long-term revenue stream from its 25-year PPA. PSP Investments' acquisition of the remaining 49% stake in Meikle demonstrates their confidence in our business model and investment decisions."
Pattern Energy funded the Meikle Wind acquisition from available cash and revolving credit facility.
Meikle Wind began commercial operations in the first quarter of 2017. It has a 25-year power purchase agreement with BC Hydro.
Situated in the Peace River district of British Columbia, Canada, the 179 MW Meikle Wind facility consists of 61 GE wind turbines, including 35 3.2MW turbines and 26 2.75MW turbines.