Pattern Energy has sold its 81MW share in the 115MW El Arrayán wind project (pictured) in Chile.
Affiliates of private equity company Arroyo Energy Investors purchased the stake for $70.5m.
Pattern Energy chief executive Mike Garland said: “This is an excellent result that underscores the value of our portfolio and demonstrates a key part of our strategy, which is to recycle non-strategic holdings and use the capital to reinvest in accretive assets, repurchase stock or make other beneficial investments.
“Due to changes in the Chilean power market, we felt it was better for the company to focus on its core business areas and reduce overhead.
“We continue to see excellent growth opportunities in the United States, Canada, Mexico, and Japan.”
Image: Pattern
Pattern sells Chile wind stake
By EBS