Pattern Energy Acquires a One-Third Interest in 270 MW K2 Wind Power Facility
The acquisition of K2 Wind expands Pattern Energy's operations in Canada to four wind power facilities.
SAN FRANCISCO, June 22, 2015 -- Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy") today announced it has closed the previously announced acquisition of a one-third interest in the 270 megawatt (MW) K2 Wind Power Facility in Ontario from Pattern Energy Group LP ("Pattern Development"). Pattern Energy will hold a 33% equity interest in the facility, which is equally co-owned by Samsung Renewable Energy, Inc. and Capital Power LP.
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"We are closing on our interest in K2 Wind on schedule, growing our operations in Canada to four facilities with a total of 430 owned MW," said Mike Garland, President and CEO of Pattern Energy.
One of the largest wind power facilities in Canada, the 270 MW K2 Wind has the capacity to generate clean energy for approximately 100,000 Ontario homes annually. Located in the Township of Ashfield-Colborne-Wawanosh (ACW) in southwestern Ontario, K2 Wind is comprised of 140 Siemens 2.3 MW wind turbines and operates under a 20-year PPA with the Independent Electricity System Operator (IESO).
The acquisition of K2 Wind expands Pattern Energy's operations in Canada to four wind power facilities.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 16 wind power facilities with a total owned interest of 2,112 MW, in the United States, Canada and Chile 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. For more information, visit www.patternenergy.com.
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