Pattern Energy Completes Sale of Operations in Chile

Pattern Energy (NASDAQ:PEGI;TSX:PEGI) announced that it completed the sale of company’s operations in Chile to affiliates of Arroyo Energy Investors for US$70.5 million.

The company said that its Chile operations consist of 81 MW owned interest in the 115 MW EI Arrayan Wind Project. Further, Pattern Energy noted that transaction related expenses were US$2 million.

Pattern Energy has a portfolio of 24 wind and solar power facilities with a total owned interest of 2860 MW in United States, Canada and Japan.

As quoted in the press release:

This price represents a cash available for distribution (“CAFD”) multiple that is greater than the CAFD multiple for projects the Company has acquired in the past.

“This is an excellent result that underscores the value of our portfolio and demonstrates a key part of our strategy, which is to recycle non-strategic holdings and use the capital to reinvest in accretive assets, repurchase stock or make other beneficial investments,” said Mike Garland, CEO of Pattern Energy. “Due to changes in the Chilean power market, we felt it was better for the Company to focus on its core business areas and reduce overhead. We continue to see excellent growth opportunities in the United States, Canada, Mexico, and Japan.”

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