Canada Pension Plan buys solar and wind developer—Pattern Energy

Pattern Energy said it agreed to be taken private for US$2.63 billion

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.

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