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The 147-MW wind farm facility has a 25-year PPA and is set to bring in C$775,000 annually to the municipalities of Sacre-Coeur-de-Jesus, Saint Sylvestre and Saint-Severin.

Pattern Energy Group (TSX:PEGI,NASDAQ:PEGI) along with the Public Sector Pension Investment Board (PSP Investments) announced on Tuesday (August 14) the acquisition of the 147-MW Mont Sainte-Marguerite wind power facility from Pattern Development.

Located 50 kilometers south of Quebec City, the Mont Sainte-Marguerite wind farm is up and running and is a joint acquisition by the two parties. Pattern Energy has a 51-percent stake for a total investment of US$40 million, while PSP Investments has a 49-percent interest.

According to the release, Pattern Energy will operate the facility.

“Mont Sainte-Marguerite Wind is an ideal investment from any angle, including everything from its long-term potential, to its locally sourced construction and positive local impact,” Patrick Samson, managing director, infrastructure investments, at PSP Investments, said in the release.

The wind facility has a 25-year power purchase agreement (PPA) with Hydro-Quebec Distribution and uses Canadian-manufactured wind turbines from Siemens Gamesa (BME:SGRE). The facility is expected to generate power for 28,000 homes in Quebec annually.

“With strong CAFD contributions and a 25-year PPA, Mont Sainte-Marguerite is a fantastic addition to our growing portfolio that expands our Canadian footprint and further diversifies our portfolio,” Mike Garland, CEO of Pattern Energy, said in the release.

The turbine hubs used at the facility were provided by FabDelta, and the facility will host 10 employees to support ongoing operations. It will also utilize a number of local contractors.

The companies said that the wind farm brings in strong economic benefits of CS$775,000 annually to the municipalities of Sacre-Coeur-de-Jesus, Saint Sylvestre and Saint-Severin. They are the all stakeholders in the facility and are community partners.

Following the announcement, shares of Pattern Energy were up 2.24 percent and closed the trading period on Tuesday at US$19.18 on the NASDAQ. On TipRanks, the stock has a analyst target price of US$22 with a high estimate of US$28 and a low of US$17. The stock has a “buy” ranking on TradingView with 14 verticals in favor, three against and nine in neutral.

Meanwhile, Pattern Energy closed the trading session on TSX at CS$25.06 and was up 1.58 percent over the one-day trading period. The stock has a “buy” ranking on TradingView with 15 verticals in favor, nine in neutral and two against.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.

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