CPPIB completes acquisition of renewable energy company

Share:
  • Facebook
  • Twitter
  • Print
  • Email
  • Comment

Copyright : Pedro Antonio Salaverría Calahorra // 123RFThe Canada Pension Plan Investment Board has completed a transaction to purchase all outstanding common shares of Pattern Energy Group Inc.

No longer traded on the NASDAQ and shortly to be de-listed from the Toronto Stock Exchange, each outstanding share of Pattern went for $26.75 in cash.

“Pattern Energy has a high-quality operating portfolio of contracted assets and an ownership interest in a strong development business, which align well with CPP Investments’ renewable energy investment strategy,” said Bruce Hogg, managing director and head of power and renewables, at the CPPIB, in a press release. “We look forward to working with Pattern Energy’s management team to grow the company by capturing opportunities presented by the increasing global demand for low-carbon energy.”

Pattern comprises of a portfolio of 28 renewable energy projects, operating in Canada, Japan and the United States.

Add a Comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Canadian Investment Review admins. Thanks!

Contex Group Inc.