New Projects, Renewables, Wind

Pattern Energy to Acquire Interest in Armow Wind Power Facility

 

By Editors at Power Engineering Magazine

 

In a cash deal worth about $132 million, Pattern Energy will acquire a 90-MW interest in the 180-MW Armow Wind power facility in Ontario, Canada. The interest is being sold by Pattern Development, from whom Pattern Energy has rights of first offer.

The deal will make Pattern Energy co-owners of the facility with Samsung Renewable Energy. The installation began operation in Kincardine, Ontario about nine months ago. Comprised of 91 Siemens 2.3-MW wind turbines, the facility can generate enough electricity to power about 70,000 average Ontario homes each year.  

Power from the wind facility will be sold to Ontario Independent Electricity System Operator under a 20-year power purchase agreement.

“The commitment to acquire Armow Wind, on the heels of our successful equity offering last month, demonstrates our ability to use our available capital for accretive projects,” said Mike Garland, President and CEO of Pattern Energy. “We anticipate closing another acquisition from our identified ROFO list in the coming months. Looking ahead, our identified ROFO list includes 11 projects totaling 942 MW, providing clear visibility to 36 percent growth on our existing portfolio.”

The acquisition will expand Pattern Energy’s total owned capacity to 2,644 MW, and increase the company’s portfolio to 18 wind power facilities.

The deal is expected to close within 45 days.