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PEGI

Pattern Energy

$21.95

0.12 (0.55%)

07:21
10/18/16
10/18
07:21
10/18/16
07:21

Pattern Energy sees acquisition of Armow Wind facility 'immediately accretive'

Pattern Energy announced it has completed the acquisition of a 90 MW interest in the 179 MW Armow Wind power facility in Ontario, Canada from Pattern Energy Group LP. Pattern Energy acquired the interest in Armow Wind for a total cash consideration of approximately $133M, representing a 9.5-10.5x multiple on the 5-year average annual cash available for distribution contribution from the project. The purchase price was funded from cash available and draws under the Company's revolving credit facility on October 17. Subsequent to the transaction, $308M remains available under the revolving credit facility. "The acquisition of Armow Wind is immediately accretive, providing us with increased cash flow and growing the portfolio to 2.6 GW of owned capacity," said Mike Garland, President and CEO of Pattern Energy. "With an identified ROFO list of 942 MW of wind and solar projects - and a right of first offer on Pattern Development's pipeline of 5,900 MW of development projects - we are confident in expanding our growth outlook to achieve our 5,000 MW target by the end of 2019."

PEGI Pattern Energy
$21.95

0.12 (0.55%)

10/29/15
10/29/15
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Ametek (AME) upgraded to Buy from Neutral at BofA/Merrill... AutoNation (AN) upgraded to Buy from Hold at Gabelli... Centrica (CPYYY) upgraded to Buy from Neutral at Citi... Crescent Point Energy (CPG) upgraded to Overweight from Equal Weight at Barclays... CytoSorbents (CTSO) upgraded to Buy from Speculative Buy at WBB Securities... Diageo (DEO) upgraded to Outperform from Neutral at Credit Suisse... Domino's Pizza (DPZ) upgraded to Conviction Buy from Buy at Goldman... Echo Global (ECHO) upgraded to Buy from Hold at BB&T... EverBank (EVER) upgraded to Buy from Hold at Maxim... Federal-Mogul (FDML) upgraded to Buy from Hold at Gabelli... Garmin (GRMN) upgraded to Neutral from Sell at Citi... Generac (GNRC) upgraded to Neutral from Underperform at BofA/Merrill... LifeLock (LOCK) upgraded to Buy from Hold at Wunderlich... Melco Crown (MPEL) upgraded to Equal Weight from Underweight at Morgan Stanley... Novadaq (NVDQ) upgraded to Overweight from Equal-Weight at First Analysis... Pattern Energy (PEGI) upgraded to Buy from Neutral at BofA/Merrill... SCANA (SCG) upgraded to Outperform from Neutral at Macquarie... Signet Jewelers (SIG) upgraded to Conviction Buy from Buy at Goldman... Snyder's-Lance (LNCE) upgraded to Buy from Hold at BB&T... Sonus (SONS) upgraded to Outperform from Market Perform at Northland... Synchronoss (SNCR) upgraded to Strong Buy from Outperform at Raymond James.
04/13/16
GUGG
04/13/16
INITIATION
Target $26
GUGG
Buy
Pattern Energy initiated with a Buy at Guggenheim
Target $26.
09/07/16
OPCO
09/07/16
INITIATION
Target $36
OPCO
Outperform
Pattern Energy initiated with an Outperform at Oppenheimer
Oppenheimer analyst Colin Rusch initiated Pattern Energy with an Outperform rating and $36 price target.
09/27/16
UBSW
09/27/16
INITIATION
Target $24
UBSW
Neutral
Pattern Energy initiated with a Neutral at UBS
UBS analyst Julien Dumoulin-Smith started Pattern Energy with a Neutral rating and $24 price target.

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