May 18 2010
Pattern Energy Group LP (Pattern) today announced it has secured a total of more than $800 million in equity funding from investment funds controlled by Riverstone Holdings LLC, Pattern management and select employees. More than $400 million of the financing was raised this week with the balance raised previously.
The fundraising will be used primarily to finance the expansion of Pattern's development, construction and operating pipeline of wind and renewable energy projects. The financing will also be used for general corporate purposes.
"By successfully raising significant equity financing, Pattern Energy is now well capitalized for our growth plans, providing us with the ability to invest in future projects in development, construction and operations, while also giving us the flexibility to accelerate our growth through attractive acquisition opportunities," said Mike Garland, CEO of Pattern Energy. "Pattern's strong growth over the past year exceeded our goal of 300-400 MW operating or under construction in our first 18 months. The Company is now optimally positioned to acquire opportunistically and continue our strong rate of developing world-class premium growth renewable energy projects across North America."
Recognized by many as the fastest-growing, premium wind energy company in the U.S., Pattern Energy has completed investments in wind energy projects exceeding a total of $1 billion in the past nine months. Pattern has 522.4 MW of North American wind projects in operation or under construction. Pattern's longer-term development pipeline exceeds 4,000 MW, including 2,000 MW of near-term renewable energy projects.
Pattern Energy is currently constructing the St. Joseph Windfarm, a 138 MW wind project located in the southern Manitoba, Canada community of St. Joseph. In Northern California, Pattern is currently constructing Hatchet Ridge Wind, a 101.2 MW wind project. Pattern's 283.2 MW Gulf Wind project, located on the Gulf Coast in South Texas, is fully operational and produces clean and renewable power equivalent to the annual energy usage of 80,000 Texas homes.
Source: http://www.patternenergy.com/