Pattern Energy (PEGI) Affirms Talks to Take Stake in Ontario-Located Armow Wind Power Facility
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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).
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pandora (P) Advisers Said to Begin Reaching Out to Possible Suitors Following Approach from Sirius (SIRI) - Bloomberg
- Boston Scientific (BSX) Accquires Certain Assets, 15% Equity Stake in of Neovasc (NVCN) for $75M
- MarketAxess Holdings (MKTX) Announces Monthly Performance Results for November 2016
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement, Equity Offerings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!