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Pattern Energy acquires 90MW interest in Armow Wind power facility in Canada

Published 19 October 2016

Pattern Energy Group (Pattern Energy) has completed the acquisition of a 90MW interest in the 179MW Armow Wind power facility in Ontario, Canada from Pattern Energy Group LP (Pattern Development).

Pattern Energy acquired the interest in Armow Wind for a total cash consideration of approximately US$133m, representing a 9.5-10.5x multiple on the 5-year average annual cash available for distribution (CAFD) contribution from the project.

The purchase price was funded from cash available and draws under the Company’s revolving credit facility on October 17, 2016. Subsequent to the transaction, $308m remains available under the revolving credit facility. 

Pattern Energy president and CEO Mike Garland said: “The acquisition of Armow Wind is immediately accretive, providing us with increased cash flow and growing the portfolio to 2.6 GW of owned capacity.

“With an identified ROFO list of 942MW of wind and solar projects – and a right of first offer on Pattern Development’s pipeline of 5.9GW of development projects – we are confident in expanding our growth outlook to achieve our 5.0GW target by the end of 2019.”

Located in Kincardine, Ontario, Armow Wind consists of 91 Siemens 2.3 MW wind turbines and is jointly owned by Pattern Energy and Samsung Renewable Energy.

The facility reached commercial operation in December 2015 and operates under a 20-year power purchase agreement with the Independent Electricity System Operator (IESO) in Ontario.



Source: Company Press Release