SAN FRANCISCO, Oct. 18, 2016 /CNW/ -- Pattern Energy Group
Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy") today announced
it has completed the acquisition of a 90 MW interest in the 179 MW
Armow Wind power facility in Ontario,
Canada from Pattern Energy Group LP ("Pattern Development").
Pattern Energy acquired the interest in Armow Wind for a total cash
consideration of approximately US$133
million, representing a 9.5-10.5x multiple on the 5-year
average annual cash available for distribution (CAFD)1
contribution from the project. The purchase price was funded from
cash available and draws under the Company's revolving credit
facility on October 17, 2016.
Subsequent to the transaction, $308
million remains available under the revolving credit
facility.
"The acquisition of Armow Wind is immediately accretive,
providing us with increased cash flow and growing the portfolio to
2.6 GW of owned capacity," said Mike
Garland, President and CEO of Pattern Energy. "With an
identified ROFO list of 942 MW of wind and solar projects – and a
right of first offer on Pattern Development's pipeline of 5,900 MW
of development projects – we are confident in expanding our growth
outlook to achieve our 5,000 MW target by the end of 2019."
Located in Kincardine, Ontario,
Armow Wind consists of 91 Siemens 2.3 MW wind turbines and is
jointly owned by Pattern Energy and Samsung Renewable Energy, Inc.
The facility reached commercial operation in December 2015 and operates under a 20-year power
purchase agreement with the Independent Electricity System Operator
(IESO) in Ontario.
About Pattern Energy
Pattern Energy Group Inc. is an
independent power company listed on The NASDAQ Global Select Market
and Toronto Stock Exchange. Pattern Energy has a portfolio of 18
wind power facilities, including one it has agreed to acquire, with
a total owned interest of 2,644 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.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements contained in this press
release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of Canadian
securities laws. These forward-looking statements, including
statements regarding the annual CAFD contribution of Armow Wind,
portfolio growth based on the identified ROFO list, and ability to
achieve its owned interest target by the end of 2019, represent
Pattern Energy's expectations or beliefs concerning future events,
and it is possible that the results described in this press release
will not be achieved. These forward-looking statements are subject
to risks, uncertainties and other factors, many of which are
outside of Pattern Energy's control, which could cause actual
results to differ materially from the results discussed in the
forward-looking statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, Pattern Energy
does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for Pattern Energy to predict all such
factors. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements in Pattern Energy's annual report on Form 10-K and any
quarterly reports on Form 10-Q. The risk factors and other factors
noted therein could cause actual events or Pattern Energy's actual
results to differ materially from those contained in any
forward-looking statement.
(1) This forward looking measure of five-year average annual
purchase price multiple of Cash Available for Distribution (CAFD)
contribution from the Armow Wind Facility is a non-GAAP measure
that cannot be reconciled to net cash provided by operating
activities as the most directly comparable GAAP financial measure
without unreasonable effort primarily because of the uncertainties
involved in estimating forward-looking changes in working capital
balances which are added to earnings to arrive at cash provided by
operations and subtracted therefrom to arrive at CAFD. A
description of the adjustments to determine CAFD can be found on
page 67 of Pattern Energy's 2015 Annual Report on Form
10-K.
Contacts:
Media
Relations
Matt
Dallas
917-363-1333
matt.dallas@patternenergy.com
|
Investor
Relations
Sarah
Webster
415-283-4076
sarah.webster@patternenergy.com
|
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SOURCE Pattern Energy Group LP