Pattern Energy Group Inc (fka PEGI)

[eFinanceMarkets]

Pattern Energy lands deals to boost renewables; PSP becomes top shareholder

Pattern Energy (PEGI +2.7%) is higher after announcing strategic initiatives to increase its renewable energy business that will position it to capture an increased share of the annual $250B global renewable energy market and double its portfolio to 5 GW by 2020.

The deals include $724M in long-term funding from institutional investors, including pension funds, through an investment entity managed by P-E firm Riverstone Holdings for the development vehicle Pattern Development 2.

Canadian pension fund Public Sector Pension Investment Board also forms a strategic partnership with PEGI, acquiring 8.7M PEGI shares from Pattern Development 1 to become the company's largest shareholder.

The pension fund also will co-invest $500M in projects acquired by PEGI, including investments in the Meikle, Mont Sainte-Marguerite and Panhandle 2 wind projects.