Pattern Energy Completes Sale of K2 Wind Facility

  • Dec 31, 2018
  • PR Newswire

SAN FRANCISCO, Jan. 9, 2019 /PRNewswire/ -- Pattern Energy Group Inc. (NASDAQ and TSX: PEGI) ("Pattern Energy" or the "Company") today announced it completed the sale of the Company's 90 megawatt ("MW") minority owned interest in the K2 Wind power facility ("K2") in Ontario for a purchase price of CAD$216.0 (US$160.0 million1), to a consortium of investors led by Axium Infrastructure. The transaction closed on December 31, 2018.

"The sale of K2 at a 15.0x ten-year average CAFD multiple2 demonstrates the intrinsic value of our wind power assets and highlights our ability to selectively recycle assets in order to redeploy capital into more accretive opportunities," said Mike Garland, CEO of Pattern Energy. "We have now sold two assets, El Arrayán and K2, at significant premiums to the multiple at which we trade in the markets. We will continue as operator of K2 after the sale. Pattern Energy is the largest operator of wind power facilities in Canada with more than 1,500 MW under operation across the country."

Pattern Energy will record a pretax gain of approximately US$71.0 million on the sale.

K2 is a 270 MW wind power facility located in the Township of Ashfield-Colborne-Wawanosh.

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