Canada-Pension-Plan
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. Located in Toronto, it forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS)

Pattern Energy is a renewable energy company with headquarters in San Francisco, California and an operations center in Houston, Texas.

The company owns and operates wind and solar energy generation facilities in the United States, Canada, and Japan.

What Happened?

The Canada Pension Plan has agreed to acquire Pattern Energy in a deal valued at $2.6 billion.

The Toronto-based pension giant will pay $26.75 a share for Pattern, a 3.8 percent discount to Friday’s closing price, according to a statement.

Why It Matters!

Pattern has 28 wind and solar projects in the U.S., Canada, and Japan, as well as development projects in Mexico.

The San Francisco-based company on Monday reported $119 million in revenue in the third quarter, meeting average analyst estimates.

Pension and infrastructure funds like the CPP have been investing in the renewable energy space, given the steady returns, that such assets generate.

Editorial Team
The Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with data and insights to deliver useful news updates. We are experts with the mission to inform, educate and inspire the industry. We are passionately curious, enthusiastic, and motivated to positively impact the world. Send us a tip via hello @ pvbuzz [dot] com.

Thousands of scientists declared a climate emergency, outline steps to address it

Previous article

A program in Canada’s Nova Scotia, aims to add solar energy to buildings

Next article

You may also like

Comments

Comments are closed.

More in News