Pattern Energy announces strategic initiatives
Pattern Energy Group announced a series of strategic initiatives to significantly increase Pattern Energy's long-term growth outlook and enhance its access to capital. Collectively, these strategic initiatives position Pattern Energy to capture an increased share of the annual $250B global renewable energy market, and support its Pattern 2020 vision to double its portfolio to 5 gigawatts by 2020. The initiatives include a major increase in capital committed to Pattern Development 2.0, and a minority investment by Pattern Energy, as well as a significant expansion of the development pipeline. In addition, Pattern Energy has created a strategic relationship with PSP Investments, aligning it with one of the world's leading long-term institutional investors. PSP Investments will have a direct ownership stake in Pattern Energy and co-invest in projects. Highlights include: Pattern Development secures long-term funding commitments for expanded development business; Accretive acquisition of two new projects and sale of a minority interest in Panhandle 2; Strategic partnership with PSP Investments.