San Francisco, United States — Pattern Energy Group LP has secured a total of more than US $800 million in equity funding from investment funds controlled by Riverstone Holdings LLC, Pattern management and select employees.
More than $400 million of the financing was raised this week with the balance raised previously. The fundraising will be used primarily to finance the expansion of Pattern’s development, construction and operating pipeline of wind and renewable energy projects. The financing will also be used for general corporate purposes.
“By successfully raising significant equity financing, Pattern Energy is now well capitalized for its growth plans, providing us with the ability to invest in future projects in development, construction and operations, while also giving us the flexibility to accelerate our growth through attractive acquisition opportunities,” said Mike Garland, CEO of Pattern Energy. “Pattern’s strong growth over the past year exceeded our goal of 300-400 megawatts (MW) operating or under construction in our first 18 months.”
Pattern Energy has completed investments in wind energy projects exceeding a total of $1 billion in the past nine months. Pattern has 522.4 MW of North American wind projects in operation or under construction. Pattern’s longer-term development pipeline exceeds 4,000 MW, including 2,000 MW of near-term renewable energy projects.
Pattern Energy is currently constructing the St. Joseph Windfarm, a 138 MW wind project located in the southern Manitoba, Canada community of St. Joseph. In Northern California, Pattern is currently constructing Hatchet Ridge Wind, a 101.2 MW wind project. Pattern’s 283.2 MW Gulf Wind project, located on the Gulf Coast in South Texas, is fully operational.