The Canada Pension Plan Investment Board (CPPIB) has reached an agreement with the US renewable power group Pattern Energy to take over the company for US$26.75 per share (a 4% discount to the stock's close on 1 November 2019), valuing Pattern Energy at approximately US$6.1bn, including net debt.
Pattern Energy is an independent power company, holding a portfolio of 28 renewable energy projects with an operating capacity of 4.4 GW in the United States, Canada and Japan. The acquisition by CPPIB will improve financing for growth and new developments. The transaction is expected to close by the second quarter of 2020, pending regulatory approvals and Pattern Energy shareholder approval. CPPIB has also entered into an agreement with Riverstone Holdings to combined Riverstone's Pattern Development - an US developer of renewable projects and transmission assets - and Pattern Energy into an integrated renewable group under common ownership.
Over the last few years, CPPIB has been investing in energy projects. The group acquired Canadian assets from NextEra Energy Partners in 2018 and reached an agreement with Enbridge to acquire interests in power projects in North America and Germany and to set up a joint venture for future investments in Europe.
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