Pattern Energy (PEGI) Affirms Talks to Take Stake in Ontario-Located Armow Wind Power Facility
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Pattern Energy Group Inc. (NASDAQ: PEGI) announced it is in discussions to acquire a 90 MW interest in the 180 MW Armow Wind power facility in Ontario from Pattern Energy Group LP ("Pattern Development"). Pattern Energy intends to fund the acquisition with available liquidity from its recent equity offering. The transaction is expected to close within the next 30 to 45 days.
"With the successful completion of the equity offering we have entered discussions with Pattern Development to acquire Armow," said Mike Garland, President and CEO of Pattern Energy. "Armow will expand our portfolio to 17 operating projects and one project we have committed to acquire which is under construction. Our identified ROFO list provides clear visibility to 36% growth on our existing portfolio, after the acquisition of Armow. We expect to drop down another acquisition from our identified ROFO list before the end of the year."
The Armow Wind power facility, located near Kincardine, Ontario, is jointly owned by Pattern Development and Samsung Renewable Energy, Inc. The facility reached commercial operation in December 2015 and operates under a 20-year power purchase agreement with the Independent Electricity System Operator (IESO).
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