Pattern Energy Contemplates 50% Stake in Ontario Wind Facility

wind turbine

Pattern Energy Group Inc. (NASDAQ: PEGI) announced it is in discussions to acquire a 50 percent interest in an Ontario wind farm from Pattern Energy Group LP (Pattern Development).

Pattern Energy said it may buy a 90-MW stake in the 180-MW Armow Wind facility and intends to fund the acquisition with available liquidity from its recent equity offering. The deal is expected to close within the next 30 to 45 days.

The Armow Wind plant is jointly owned by Pattern Development and Samsung Renewable Energy Inc. The plant began 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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