CPPIB completes acquisition of renewable energy company
BY Staff | March 17, 2020
The 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.