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Pattern Energy enters Japanese renewables market with solar, wind deal

Pattern Energy Group Inc. is acquiring a 206-MW portfolio of renewable energy assets in Japan including solar and wind facilities.

As part of the deal with Japanese renewable developer Green Power Investments, Pattern Energy will pay $194.0 million for the 122-MW Tsugaru wind project, which is expected to begin commercial operations in mid-2020 and will operate under a 20-year power purchase agreement with Tohoku Electric Power Co. Inc.

Pattern is also acquiring four other solar and wind facilities in Japan from Green Power for approximately $131.5 million, including the 29-MW Futtsu solar facility, the 10-MW Kangai solar facility, the 12-MW Otsuki wind farm and the in-development 33-MW Ohorayama wind project.

Furthermore, Pattern Energy will invest $27 million in Pattern Energy Group 2 LP's acquisition of controlling interest in Green Power from Pattern Energy Group LP, according to a Feb. 26 press release.