Pattern Energy Celebrates Five-year Anniversary of Initial Public Offering

Pattern Energy (NASDAQ:PEGI;TSX:PEGI) announced the five year completion of its initial public offering on the NASDAQ and Toronto Stock Exchange.

The company said that it has grown to 24 wind and solar power facilities around the world with a capacity of 3,866 MW. Further, the company said that it is the largest wind power operator in Canada.

As quoted in the press release:

Highlights

• Grew owned capacity 175% to 2.9 gigawatts (“GW”)
• Expanded operational capacity 272% to 3.9 GW
• Increased cash available for distribution (“CAFD”) 242%
• Raised $10.9 billion in capital, including project debt and tax equity
• Established a dividend and grew it by 35%, returning a total of $7.55 per share in dividends since the IPO

“Five years ago we completed the first U.S. listing of a wind power company and since then we have grown significantly, increasing our operational capacity to nearly 4 GW, from a standing start since inception in 2009,” said Mike Garland, CEO of Pattern Energy. “The renewable energy landscape has evolved significantly since that time and it looks stronger than ever – the cost of wind power is now more affordable, installed capacity is going up, and America’s leading corporations are increasingly powering their businesses with clean energy. We have built a 29% ownership stake in Pattern Development 2.0, which provides us with secure access to a 10 GW development pipeline and puts us in an excellent position to continue growing our operational capacity by 500-1,000 MW of owned assets each year.”

Pattern Energy has a strong commitment to Environmental, Social and Governance (ESG) practices. The Company’s portfolio has the capacity to power more than one million homes annually, while avoiding approximately 12 metric tons of carbon dioxide emissions and conserving seven billion gallons of water compared to traditional energy sources. A new Sustainability web page, in the Invest section of the Company’s website, provides further detail on its ESG practices.

The Company remains committed to the communities where it develops and operates its renewable energy projects. Pattern Energy’s wind and solar power facilities are projected to contribute more than $1 billion in total benefits to their respective communities over the next 20 years, including landowner payments, taxes, and community benefits programs.

Click here for the full text release.