Pattern Energy Group Inc. has increased its interest in the 115 MW Arrayan Wind project, the company's first wind farm outside North America.
Pattern has acquired AEI's 38.5% net ownership interest in the recently commissioned project, located on the coast of Chile, for $45.25 million. The transaction boosts Pattern's stake to 70%, with Antofagasta Minerals SA owning the remaining 30% minority stake. According to Pattern, El Arrayan Wind is the largest wind power facility in Chile and all of South America.
‘With this acquisition, we are increasing our cashflow from the project while expanding our platform in the Chilean market, which has a strong, stable economy and a growing demand for renewable resources,’ comments Mike Garland, CEO of Pattern Energy.’By harnessing Chile's strong coastal winds, El Arrayan will be the largest producer of wind power in South America, helping Chile meet its goal of generating 20 percent of its energy from renewable sources by 2025.’