San Francisco, United States [RenewableEnergyWorld.com] Riverstone Holdings LLC and the management team of Babcock & Brown’s North American Energy Group confirmed the purchase of the wind development portfolio from Babcock & Brown LP to form Pattern Energy Group LP. Pattern Energy will be an independent, fully integrated energy company that develops, constructs, owns and operates renewable energy and transmission assets across North America and parts of Latin America.
Pattern Energy also maintains the current Babcock & Brown development pipeline that exceeds 4,000 MW of wind power in 11 states and 4 countries in addition to several power transmission projects. Riverstone is committing $400 million to expand and support Pattern Energy’s renewable energy business.
“Our team of highly-experienced renewable energy and transmission experts is excited about continuing our business as the new and well capitalized Pattern Energy,” said Mike Garland, CEO of Pattern Energy. “Pattern Energy will continue using our in-depth industry experience, combined with innovation and science, to deliver the utmost value for our partners and the communities where we work. The combination of experience, capital, and opportunities create a tremendous outlook for our company.”