Pattern Energy Group Inc. has completed the acquisition of a 51% interest in the 179 MW Meikle Wind facility from Pattern Energy Group LP (Pattern Development 1.0) for $68 million, which represents a 10x multiple of the five-year average cash available for distribution (CAFD). The Public Sector Pension Investment Board (PSP Investments) acquired the remaining 49%.
Located in the Peace River Regional District of British Columbia, the Meikle Wind facility consists of 61 GE wind turbines, including 35 3.2 MW turbines and 26 2.75 MW turbines.
“Completing the acquisition of Meikle Wind adds British Columbia’s largest wind power facility to our portfolio and is one of the first initiatives in our new strategic relationship with PSP Investments,” says Mike Garland, CEO of Pattern Energy.
The purchase price of the Meikle Wind acquisition, funded from available cash, draws under the company’s revolving credit facility.
Meikle Wind commenced commercial operations in the first quarter of this year. It operates under a 25-year power purchase agreement with BC Hydro.