Pattern Energy Group has reshuffled its asset holdings, buying a half-share of the 180MW Armow wind farm in Ontario, Canada from its development arm for around $132m.
Pattern Energy said it will fund the acquisition with available cash holdings and expects to close the transaction within 45 days. It brings the company’s total portfolio of wind projects to 18 and its combined generation capacity to 2644MW.
Pattern Energy chief executive Mike Garland said the company expects to close another acquisition from its right of first offer list “in the coming months”. The list includes 11 projects with combined capacity of 942MW.
The Armow wind farm, completed nine months ago, consists of 91 Siemens 2.3MW turbines and has a 20-year power purchase agreement with Ontario Independent Electricity System Operator.
Image: Pattern’s Panhandle wind farm in Texas (Pattern)
