Publicly-listed Pattern Energy Group has obtained acquisition finance worth C$293m (€200m) to obtain stakes in the 300MW Henvey Inlet wind farm in Canada and the 220MW Grady wind facility in the US worth from its privately-held affiliate Pattern Development.
Pattern will pay C$242.4m (€165.7m) for Pattern Development’s 50% stake in Henvey Inlet and $99.45m (€89m) for its 51% interest in Grady.
As part of the deal, Pattern will also assume a C$97m (€59.6m) loan its affiliate made to Nigig Power, which own the remaining stake in the Henvey Inlet wind farm.
Pattern completed a $260m (€235.2m) private placement of preferred stock, largely directed at institutional investors, to fund the deal.
“The preferred stock offering enhances the company’s financial flexibility and demonstrates our ability to attract institutional capital into our business,” said, Pattern chief executive Mike Garland.
“The preferred security offers an attractive alternative equity funding source that is accretive to our common shareholders.”