Pattern Energy Raises $586 Million In Public Offering

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Pattern Energy Group Inc. has closed a previously announced underwritten public offering in Canada and raised $586 million.

In total, over 21 million shares of Class A common stock were sold at a price of $27.75 per share. Pattern Energy Group sold 10,810,810 shares for total gross proceeds of $300 million, and selling shareholder Pattern Development sold 10,306,361 for total gross proceeds of $286 million.

Pattern Energy Group says it intends to use the proceeds of its portion of the offering for working capital and general corporate purposes, including the $125 million acquisition of the Panhandle 1 wind project from Pattern Development and potentially including certain other wind power projects. As announced on May 2, Pattern Energy has agreed to buy Panhandle 1 from Pattern Development shortly after the Texas-sited project enters commercial operations, which is expected to occur in June.

The offering was sold through an underwriting group led by BMO Capital Markets, Morgan Stanley & Co. LLC and RBC Capital Markets.

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