isplanning to purchase a 90-MW stake in the 180-MW Armow wind project in Kincardine, Ontario, for$132 million.
The proposedacquisition, with a purchase price stated in U.S. currency, will boost PatternEnergy's wind portfolio to 18 facilities and its total generating capacity to2,644 MW, according to a Sept. 22 company release. The company will useavailable liquidity to fund the deal.
Accordingto S&P Global Market Intelligence data, Pattern Energy currently holds0.50% stake in the facility and at deal close, the wind power plant will bejointly owned by Pattern Energy and SamsungRenewable Energy Inc. The portion it is acquiring is currently heldby Pattern affiliate PatternEnergy Group LP, known as Pattern Development.
The Armowwind farm has been in service since December 2015 and its output is sold toOntario's grid operator, the IndependentElectricity System Operator under a 20-year power contract.
"Weanticipate closing another acquisition from our identified [right of firstoffer] list in the coming months. Looking ahead, our identified ROFO listincludes 11 projects totaling 942 MW, providing clear visibility to 36% growthon our existing portfolio," Pattern Energy President and CEO Mike Garlandsaid in the news release. The company holds rights of first offer to PatternDevelopment's project pipeline including an estimated 5,900 MW of wind andsolar projects.