Pattern Energy Continues Wheeling And Dealing

Posted by NAW Staff on July 22, 2015 No Comments
Categories : New & Noteworthy

Pattern Energy Group intends to offer up to $125 million in shares of its Class A common stock to help cover the cost of the acquisitions of the K2, Lost Creek and Post Rock wind projects.

The equity offering is being made through an underwriting group led by BMO Capital Markets, BofA Merrill Lynch and Citigroup as joint book-running managers of the offering and the representatives of the underwriters.

The company also plans to obtain the remaining 170 MW of the Gulf Wind project, located in Kenedy County, Texas, through two deals.

First, Pattern Development sold its share in the wind farm to Pattern Energy for $13 million. Second, a limited partnership of MetLife Capital agreed to sell its share in Gulf Wind to Pattern for $72.8 million. Upon the deals' successful closing, Pattern will fully own Gulf Wind.

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