Pattern closes $300m share sale

Pattern Energy's Spring Valley wind farm in Nevada.

Pattern Energy's Spring Valley wind farm in Nevada.

Pattern Energy, the pure-play US wind yieldco, has closed its follow-on stock offering announced last month, raising $300m – some of which will be used to acquire the Panhandle 1 wind farm in Texas.

Pattern, which went public last year in a high-profile IPO, sold 10.8 million shares at $27.75 each, offering investors a modest bargain on the company’s $28.33 closing share price on 8 May, the day before the offering was priced.

Pattern’s parent company – the developer Pattern Energy Group LP, which is owned by private-equity group Riverstone Holdings – also sold 10.3 million of its shares in the yieldco, raising an additional $286m.

San Francisco-based Pattern's shares currently trade at $29.16, and come with a 4.4% dividend.

Shortly after Pattern Energy announced the follow-on share offering last month, it said it would use some of the proceeds to buy 179MW of the 218MW Panhandle 1 wind project in Texas, which is slated for completion in June.

Doing so will lift Pattern's operational portfolio to 1.4GW, reinforcing its position as one of the largest wind farm owners in North America.

Chief executive Mike Garland told Recharge last month that in addition to the list of projects Pattern expects to buy from its parent company in the coming years, including the K2 project underway in Ontario, it is also on the hunt for projects from third-party developers.

Pattern’s IPO last year – part of the broader trend of renewable-energy yieldco listings – made it the first publicly-listed pure-play wind operator in the US.

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