Pattern Energy Completes Acquisition of 51% of 179 MW Meikle Wind Power Facility

Pattern Energy Group (NASDAQ:PEGI; TSX:PEGI) has announced it has completed the acquisition of 51 percent interest in the 179 MW Meikle Wind facility from Pattern Energy Group LP for $68 million.
As quoted in the press release:

The Public Sector Pension Investment Board (“PSP Investments”) acquired the remaining 49%.
“Completing the acquisition of Meikle Wind adds British Columbia’s largest wind power facility to our portfolio and is one of the first initiatives in our new strategic relationship with PSP Investments,” said Mike Garland, Chief Executive Officer of Pattern Energy. “Meikle is an excellent addition to our portfolio, providing a strong addition to our CAFD² with a long-term revenue stream from its 25-year PPA. PSP Investments’ acquisition of the remaining 49% stake in Meikle demonstrates their confidence in our business model and investment decisions.”
The purchase price of the Meikle Wind acquisition was funded from available cash and draws under the Company’s revolving credit facility.
Meikle Wind commenced commercial operations in the first quarter of 2017 and operates under a 25-year power purchase agreement with BC Hydro, which has a AAA/Aaa credit rating.

Click here to read the full press release.