Pattern Energy Group LP has secured a total of more than $800 million in equity funding from investment funds controlled by Riverstone Holdings LLC, Pattern management and select employees.
The fundraising will be used primarily to finance the expansion of Pattern’s development, construction and operating pipeline of wind and renewable energy projects. The financing will also be used for general corporate purposes.
Mike Garland, CEO of Pattern Energy, said the company exceeded its goal of 300 megawatts (MW) to 400 MW operating or under construction in the first 18 months of business.
Pattern Energy has completed investments in wind energy projects
exceeding a total of $1 billion in the past nine months. Pattern has
522.4 MW of North American wind projects in operation or under
construction. Pattern’s longer-term development pipeline exceeds 4,000
MW, including 2,000 MW of near-term renewable energy projects.
Garland added that the company is now well funded to pursue opportunistic acquisitions.
Pattern Energy is currently constructing the St. Joseph Windfarm, a 138 MW wind project located in the southern Manitoba, Canada community of St. Joseph. In Northern California, Pattern is currently constructing Hatchet Ridge Wind, a 101.2 MW wind project. Pattern’s 283.2 MW Gulf Wind project, located on the Gulf Coast in South Texas, is fully operational.
Pattern Energy Group LP develops, constructs, owns, and operates renewable energy and transmission assets across the United States, Canada and Latin America.
