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Pattern Development to sell share of 79.75-MW Mont. wind project

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Essential Energy Insights - November 2021


Pattern Development to sell share of 79.75-MW Mont. wind project

Pattern Energy Group 2 LP, which does business as Pattern Development, will sell upstream ownership interests in the 79.75-MW Stillwater wind project currently under development in Stillwater County, Mont., to Vertuous Energy LLC and Pattern Energy Group Inc.

Under the proposed transaction, Vertuous Energy will own 49% of the membership interests, and Pattern Energy Group will own the remaining 51% of the membership interests in a newly formed company which will own 100% of the class B membership interests in Stillwater. One or more tax equity investors will acquire passive, Class A interests in the newly formed company.

Pattern Development is an affiliate of Pattern Energy Group. Vertuous Energy is a subsidiary of Public Sector Pension Investment Board, a Canadian Crown corporation.

The wind project will sell its output to NorthWestern Corp. under a 25-year power contract.

According to an Oct. 4 application with the Federal Energy Regulatory Commission, the proposed transaction will not affect Stillwater's horizontal or vertical market power. The applicants are asking the commission to approve the deal by Nov. 19. (FERC docket EC19-4)