Pattern Energy Group Inc. closed its acquisition of a 51% interest in the 179-MW Meikle Wind Energy Project from Pattern Energy Group LP, or Pattern Development 1.0, for $68 million.
The purchase price is based on a Canadian dollar to U.S. dollar exchange rate of $1.27 and represents a 10x multiple of the five-year average cash available for distribution. Pattern Energy Group funded the acquisition with available cash and draws from its revolving credit facility.
Meikle started operating in British Columbia in the first quarter of 2017 and sells its output under a 25-year contract with BC Hydro and Power Authority. As part of its partnership with Pattern Energy, Canadian pension fund Public Sector Pension Investment Board also acquired the remaining 49% stake in the facility.