Pattern Energy

Pattern Energy invests US$60 million in Pattern Development and forms strategic relationship with PSP Investments

Client

Pattern Energy Group Inc.

Value

US$60 million

Service

Capital Markets

Date Closed

August 2018

Industry

Energy (Renewable)

Lead Office

Toronto


 

On June 19, 2017, Pattern Energy Group Inc. (“Pattern Energy”), Pattern Development 1.0 and Pattern Development 2.0 (together “Pattern Development”), Riverstone Holdings LLC, and the Public Sector Pension Investment Board (“PSP Investments”) announced a series of strategic initiatives to significantly increase Pattern Energy's long-term growth outlook and enhance its access to capital.

Pattern Development 2.0 secured US$724M in new long-term funding commitments, primarily from major institutional investors through a Riverstone managed investment entity, along with an initial investment of US$60M by Pattern Energy.

Pattern Energy and PSP Investments agreed to acquire the 179 MW Meikle and 143 MW Mont Sainte-Marguerite projects from Pattern Development 1.0, Pattern Energy agreed to sell an interest in the 182 MW Panhandle 2 project to PSP Investments, and Pattern Energy formed a strategic partnership for future co-investing with PSP Investments.

Pattern Energy is an independent power company with a portfolio of 20 wind power facilities that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business.

Pattern Development is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly experienced team has developed, financed, and placed into operation more than 4.5 GW of wind and solar power projects. 

PSP Investments is one of Canada's largest pension investment managers. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt.

Osler, Hoskin & Harcourt LLP represented Pattern Energy with a team consisting of John Groenewegen, Michael Grantmyre, Rebecca Wainstein, Tara Law, and Arielle Kaplan (Corporate), Danna Donald, Marissa Kirsh, and Richard Wong (Commercial/Energy), Shuli Rodal (Competition), and Greg Wylie (Taxation).


Team
John Groenewegen - Private Equity Lawyer
Key Contact

John Groenewegen

Partner, Corporate

Michael Grantmyre

Michael Grantmyre

Associate, Emerging and High Growth Companies

Tara  Law

Tara Law

Counsel, Corporate

Arielle Kaplan

Arielle Kaplan

Associate, Corporate

Danna Donald

Danna Donald

Partner, Commercial

Marissa Kirsh

Marissa Kirsh

Associate, Construction Law

Richard Wong - Energy, Construction, Infrastructure

Richard Wong

Partner, Commercial

Shuli Rodal - Competition Lawyer

Shuli Rodal

Partner, Competition/Antitrust & Foreign Investment

Gregory  Wylie

Gregory Wylie

Partner, Taxation