CPPIB signs agreement to buy renewable power company Pattern Energy Group

TORONTO – The Canada Pension Plan Investment Board has signed a deal to buy renewable power producer Pattern Energy Group Inc.

The values the company at US$6.1 billion, including debt.

The Canadian investment manager says it will pay US$26.75 per share in cash for the company.

Pattern Energy has a portfolio of 28 renewable energy projects with an operating capacity of 4.4 gigawatts in the United States, Canada and Japan.

Once the deal closes, CPPIB has signed a deal with Riverstone Holdings LLC to combine Pattern Energy and Pattern Energy Group Holdings 2 LP (Pattern Development) to bring together the operating assets with the development firm.

The transaction is expected to close by the second quarter of 2020, subject to Pattern Energy shareholder approval, regulatory approvals and other customary closing conditions.

This report by The Canadian Press was first published Nov. 4, 2019.

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