US-based yieldco Pattern Energy has sold its operations in Chile to private-equity firm Arroyo Energy Investors, principally its 81MW stake in the 115MW El Arrayan wind farm, amid a broader pullback from the Latin American market.
The deal, first announced in May, will net $70.5m for Pattern before $2m of transaction-related expenses.
Chief executive Mike Garland calls the sale an “excellent result”, saying that it represents a cash available for distribution (CAFD) multiple higher than what Pattern itself has paid for other projects in the past.
