Pattern Energy Group has acquired a majority stake in Tokyo-based Green Power Investment Corp. (GPI). Terms of the deal were not disclosed.
According to Pattern, the deal adds up to 1 GW of near- and longer-term projects in development and expands wind and solar project development in Japan. Additionally, Pattern Energy says it will have the same right of first offer on the GPI projects that it has with the rest of Pattern Development's project pipeline.Â
Mike Garland, Pattern Energy's president and CEO, says GPI – led by renewable energy veteran Toshio Hori – shows significant potential for growth and has a number of projects in various stages of development in the coming months. He adds that GPI will benefit as Japan reduces its reliance on fossil fuels.
‘Along with access to capital, Pattern Development brings a great wealth of experience and expertise,’ says Hori, GPI's founder and CEO. ‘But apart from those factors, I specifically chose Pattern Development because of their knowledge, understanding and openness to conducting business in a manner mindful of the nuances of doing business in Japan. We had a pipeline ripe for implementation, and the timing could not have been better. We are very excited about our future together.’