Pattern Energy Group Inc. has announced it has completed the
acquisition of a 51% interest in the 179 MW Meikle Wind facility from Pattern
Energy Group LP ("Pattern Development 1.0") for $68 million1, which
represents a 10x multiple of the five-year average cash available for
distribution2 ("CAFD"). The Public Sector Pension Investment Board
("PSP Investments") acquired the remaining 49%.
"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," said
Mike Garland, Chief Executive Officer of Pattern Energy. "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."
The purchase price of the Meikle Wind acquisition was funded
from available cash and draws under the Company's revolving credit facility.
Meikle Wind commenced commercial operations in the first
quarter of 2017 and operates under a 25-year power purchase agreement with BC Hydro,
which has a AAA/Aaa credit rating.
Located in the Peace River Regional District of British
Columbia, Canada, the 179 MW Meikle Wind facility consists of 61 GE wind
turbines, including 35 3.2 MW turbines and 26 2.75 MW turbines.
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