Pattern Energy Group Inc. has completed the sale of its operations in Chile – consisting primarily of an 81 MW interest in the 115 MW El Arrayán Wind project – to affiliates of Arroyo Energy Investors.
Pattern Energy received a cash consideration of $70.5 million before transaction-related expenses of approximately $2.0 million. This price represents a cash available for distribution (CAFD) multiple that is greater than the CAFD multiple for projects the company has acquired in the past, according to Pattern.
“This is an excellent result that underscores the value of our portfolio and demonstrates a key part of our strategy, which is to recycle non-strategic holdings and use the capital to reinvest in accretive assets, repurchase stock or make other beneficial investments,” comments Mike Garland, CEO of Pattern Energy. “Due to changes in the Chilean power market, we felt it was better for the company to focus on its core business areas and reduce overhead. We continue to see excellent growth opportunities in the United States, Canada, Mexico and Japan.”