CPPIB will acquire Pattern Energy
Post date: 06/11/2019 - 14:17
The Canada Pension Plan Investment Board (CPPIB) will acquire US-based independent power producer Pattern Energy Group LP in an all-cash transaction for $26.75 per share, implying an enterprise value of approximately $6.1 billion, including net debt. CPPIB and Riverstone Holdings LLC have concurrently entered into an agreement pursuant to which, at or following the completion of the proposed acquisition of Pattern Energy by CPPIB, CPPIB and Riverstone will combine Pattern Energy and Pattern Energy Group Holdings 2 LP (»Pattern Development«) under common ownership, bringing together the operating assets of Pattern Energy. The Pattern Energy management team, led by Mike Garland, will lead the combined enterprise.
The transaction is expected to close by the second quarter of 2020, subject to Pattern Energy shareholder approval, receipt of the required regulatory approvals, and other customary closing conditions. Upon the completion of the transaction, Pattern Energy will become a privately held company and shares of Pattern Energy's common stock will no longer be listed on any public market.
Pattern Energy Group Inc. has a portfolio of 28 wind and solar energy projects with an operating capacity of 4.4 GW in the United States, Canada and Japan. Pattern Development has developed, financed and placed into operation more than 4,000 MW of wind and solar power projects. The Canada Pension Plan Investment Board invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan (CPP) and at arm's length from governments. At June 30, 2019, the CPP Fund totalled CAD 400.6 billion. Riverstone Holdings is an energy and power-focused private investment firm with over $39 billion of equity capital raised to date and has committed more than 180 investments in North America, South America, Europe, Africa, Asia, and Australia.