Pattern Energy Expands Potential ROFO Projects as Pattern Development Forms a Partnership With GPI of Japan, Adding Up to 1,000 MW to Its Pipeline
Pattern Energy Group Inc. (Nasdaq:PEGI) (TSX:PEG) (the "Company" or "Pattern Energy"), todays announcement
PEGI announced that Pattern Energy Group LP ("Pattern Development") has acquired a majority stake in Green Power Investment Corporation (GPI), based in Tokyo, Japan. Terms of the deal were not disclosed.
- Pattern Development acquires majority stake in GPI
- Expands wind and solar project development in Japan
- Adds up to 1,000 MW of near and longer term projects in development
- Pattern Development's interests in the GPI projects are subject to Pattern Energy's ROFO rights
"Partnering with GPI, a company led by Toshio Hori, a well-recognized Japanese pioneer in renewable power development, provides Pattern Development with an exciting new platform in Japan that has significant growth potential," said Mike Garland, President and CEO of Pattern Energy. "Pattern Development will combine its resources and support with GPI to continue its strong commitment to helping Japan meet its renewable energy goals and reduce reliance on imported fossil fuels. GPI has a number of projects in various stages of development and we look forward to providing more detail in the coming months."
"Along with access to capital, Pattern Development brings a great wealth of experience and expertise," said Toshio Hori, founder and CEO of GPI. "But apart from those factors, I specifically chose Pattern Development because of their knowledge, understanding and openness to conducting business in a manner mindful of the nuances of doing business in Japan. We had a pipeline ripe for implementation and the timing could not have been better. We are very excited about our future together."
Pattern Development owns approximately 35% of Pattern Energy, which has the right of first offer (ROFO) to acquire projects developed by Pattern Development. Pattern Energy maintains a list of identified ROFO projects, which represent near-term acquisition opportunities. The ROFO list represents a portion of Pattern Development's 3,500 MW pipeline of development projects, all of which are subject to Pattern Energy's right of first offer.
Green Power Investment Corporation is headquartered in Tokyo, Japan and was founded in 2004 by Toshio Hori, its current CEO. After having spent a number of years co-managing a fund and developing renewable energy projects in Europe, GPI is now focused on further expanding its development and investment activities in Japan.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 3,500 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication in working closely with communities to create premier renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 12 wind power projects, with a total owned interest of 1,636 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit website.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability of GPI to develop its pipeline and the ability of Pattern Development to support GPI.
These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the documents filed with the SEC and applicable Canadian securities regulatory authorities, including the Company's annual report on Form 10-K. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.