Pattern Energy has agreed to sell its operations in Chile to private-equity firm Arroyo Energy Investors, including its majority stake in the 115MW El Arrayán wind farm, as the US-based wind yieldco looks to free up capital for growth without having to issue stock amid persistently challenging market conditions.

Pattern completed the El Arrayán project in 2014, with then-Chilean President Michelle Bachelet attending the inauguration, in what hinted at the start of a larger push into South America for the company.