Pattern Energy

Pattern Energy Group Inc is an American company that develops, owns and operates utility scale wind and solar power facilities in the United States, Canada, and Japan. It is headquartered in San Francisco, California with an operations center in Houston, Texas. Since its initial public offering in October 2013, Pattern Energy has grown from 1,041 megawatts (MW) of owned generating capacity to over 2,800 MW in 2018.[1] With the 2018 acquisition of the Mont Sainte-Marguerite wind farm project in Quebec, Canada, Pattern Energy became the largest wind energy operator in Canada.[2] In March 2020, all outstanding shares of the company were purchased by the Canada Pension Plan Investment Board and it was delisted from Nasdaq[3]

Pattern Energy Group Inc
Public (2013-2020)
Private (2020-current)
IndustryElectricity generation
Energy development
Renewable energy
Founded2013 (2013)
Headquarters
San Francisco, California, California
,
United States
Area served
United States
Canada
Japan
Key people
Michael M. Garland, CEO
Michael Lyon, President
Esben Pedersen, CFO
Hunter Armistead, Executive VP, Business Development
ProductsElectricity
Total assetsUS$5.3 Billion (FY 2018)[1]
OwnerCanada Pension Plan Investment Board
Websitepatternenergy.com

History

Pattern Energy was incorporated in October 2012 and completed its initial public offering (IPO) in October 2013, with simultaneous listings on the NASDAQ Stock Market and the Toronto Stock Exchange.[4] The company used the proceeds of its IPO to acquire operating assets from its sibling company, Pattern Energy Group LP, also known as Pattern Development. The company's initial owned capacity of 1,041 MW consisted of six operating projects and two projects that were then under construction.[4] The initial slate of facilities included the following:

Pattern Energy has experienced rapid growth, largely through acquisitions from Pattern Development. Pattern Energy has a right of first offer for projects developed by Pattern Development. Since its IPO, Pattern Energy has acquired some or all of the ownership of the following projects:

2014

2015

2016

2017

2018

In May 2018 Pattern Energy announced the sale of its ownership interest in the El Arrayán Wind facility in Chile.[18] In August 2019 Pattern Energy completed its sale of its ownership interest in K2 Wind in Ontario, Canada.[19]

Pattern Development

Pattern Energy Group LP (Pattern Development) was formed in 2009 by Riverstone Holdings. It and its newer sibling company, Pattern Energy Group 2 LP (Pattern Development 2) are privately held. Both companies seek out new opportunities for the development of renewable energy generation and transmission assets, from greenfield projects to pre-construction acquisitions. Pattern Energy has a right of first offer (ROFO) for projects developed by Pattern Development and Pattern Development 2.   

In February 2018, Pattern Energy acquired a minority interest in Pattern Development 2.[15]   

References
  1. Pattern Energy Group Inc. — United States Securities and Exchange Commission Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, Form 10-K (March 1, 2019), Pattern Energy Group Inc. Retrieved June 24, 2019.
  2. ”Pattern Energy and PSP Investments Acquire 147 MW Mont Sainte-Marguerite Wind Facility in Quebec” (2018), CISION PR Newswire. Retrieved June 24, 2019.   
  3. "CPPIB wraps up takeover of Pattern Energy". Renewables Now. March 16, 2020. Retrieved March 18, 2020.
  4. Pattern Energy Group Inc. — United States Securities and Exchange Commission Registration Statement, Form S-1 (2013), Pattern Energy Group Inc. Retrieved June 15, 2018.
  5. “Pattern Energy Acquires Panhandle 1 Wind Project in Texas as it Reaches Completion” (2014), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  6. “Pattern Energy Acquires Panhandle 2 Wind Power Facility in Texas as it Reaches Commercial Operation” (2014), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  7. “Pattern Energy Acquires Logan's Gap Wind Project in Texas” (2014), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  8. “Pattern Energy Acquires Amazon Wind Farm (Fowler Ridge) Project from Pattern Development” (2015), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  9. “Pattern Energy Completes Acquisition of Two Wind Power Facilities Totaling 351 MW from Wind Capital Group” (2015), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  10. “Pattern Energy Acquires a One-Third Interest in 270 MW K2 Wind Power Facility” (2015), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  11. “Pattern Energy Acquires Remaining Capacity in 283 MW Gulf Wind Power Facility” (2015), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  12. “Pattern Energy Completes Acquisition of Armow Wind Power Facility” (2016), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  13. “Pattern Energy Acquires 324 MW Broadview Wind in New Mexico as it Begins Operations” (2017), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  14. “Pattern Energy Completes Acquisition of 51% of 179 MW Meikle Wind Power Facility” (2017), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  15. “Pattern Energy to Enter Japan Market with Acquisition of Projects and a Modest Investment in Development” (2018), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  16. "Pattern Energy and PSP Investments Acquire 147 MW Mont Sainte-Marguerite Wind Facility In Quebec" (2018), Pattern Energy Group Inc. Retrieved August 22, 2019.
  17. "Pattern Energy Acquires Interest in Stillwater Wind Facility in Montana as it Begins Operations" (2018), Pattern Energy Group Inc. Retrieved August 22, 2019.
  18. “Pattern Energy Completes Sale of Operations in Chile” (2018), Pattern Energy Group Inc. Retrieved June 15, 2018.   
  19. "Pattern Energy Completes Sale of K2 Wind Facility" (2019), Pattern Energy Group Inc. Retrieved August 22, 2019.

Official website

    • Historical business data for Pattern Energy Group Inc.:
    • SEC filings
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