By Editors of Power Engineering
Pattern Energy Group Inc. has completed its purchase of a 90-MW interest in the 179-MW Armow Wind facility in Ontario from Pattern Energy Group LP.
The purchase price was $133 million.
“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,” said Mike Garland, president and CEO of Pattern Energy. “With an identified ROFO list of 942 MW of wind and solar projects – and a right of first offer on Pattern Development’s pipeline of 5,900 MW of development projects – we are confident in expanding our growth outlook to achieve our 5,000 MW target by the end of 2019.”
Armow Wind, operating in Kincardine, Ontario, consists of 91 Siemens 2.3-MW wind turbines and is jointly owned by Pattern Energy and Samsung Renewable Energy Inc. It reached commercial operation in December 2015 and has a 20-year power purchase agreement with Independent Electricity System Operator in Ontario.