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PEGI

Pattern Energy

$18.76

-0.01 (-0.05%)

06:13
08/14/18
08/14
06:13
08/14/18
06:13

Pattern Energy, PSP Investments acquire 147 MW Mont Sainte-Marguerite facility

Pattern Energy and the Public Sector Pension Investment Board, or PSP Investments, announced the acquisition of the 147 megawatt, or MW, Mont Sainte-Marguerite Wind power facility from Pattern Energy LP. Mont Sainte-Marguerite Wind is located approximately 50 kilometers south of Quebec City, in the Chaudiere-Appalaches region. Mont Sainte-Marguerite Wind is fully operational and has been jointly acquired pursuant to a prior-agreed purchase-and-sale agreement. Pattern Energy acquired a 51% interest in Mont Sainte-Marguerite for a total investment of approximately $40M, which represents a CAFD multiple of 10x of the five-year average CAFD1, and was funded using available liquidity. PSP Investments acquired a 49% interest in Mont Sainte-Marguerite. Pattern Energy will operate the facility. The Mont Sainte-Marguerite Wind facility operates under a 25-year power purchase agreement with Hydro-Quebec Distribution. Mont Sainte-Marguerite Wind facility is expected to generate enough power for approximately 28,000 Quebec homes annually, according to power use statistics from Hydro-Quebec. The facility site, located on one of the higher elevations in Southern Quebec, has one of the strongest wind resources in the region. More than 350 skilled workers were employed on site at the peak of construction activity and Mont Sainte-Marguerite Wind has approximately 10 permanent employees for ongoing operations and maintenance, in addition to utilizing a number of local contractors. Mont Sainte-Marguerite Wind is bringing strong economic benefits to the local community, including more than $775,000 annually to our community partners, the municipalities of Sacre-Coeur-de-Jesus, Saint-Sylvestre and Saint-Severin, which are stakeholders in the facility and were active participants in its development.

PEGI Pattern Energy
$18.76

-0.01 (-0.05%)

07/13/18
BOFA
07/13/18
DOWNGRADE
BOFA
Underperform
Pattern Energy downgraded to Underperform from Neutral at BofA/Merrill
07/13/18
07/13/18
DOWNGRADE
Target $17

Underperform
Pattern Energy downgraded to Underperform at BofA/Merrill
As previously reported, BofA/Merrill downgraded Pattern Energy to Underperform from Neutral and trimmed its price target to $17 from $18. Analyst Julien Dumoulin-Smith sees a substantially challenged outlook as the company looks for ways to reduce high leverage and meets its target dividend payout ratio of 80%. Dumoulin-Smith believes more aggressive cost reduction actions need to be taken and said it will be difficult for the company to reduce its dividend payout ratio to sustainable levels without cutting the dividend.
07/16/18
WELS
07/16/18
NO CHANGE
Target $21
WELS
Outperform
Pattern Energy selloff on Ontario concerns overdone, says Wells Fargo
Wells Fargo analyst Neil Kalton notes that shares of Pattern Energy took a tumble late last week on concerns over the safety of its FIT contracts with Ontario's IESO in light of the Progressive Conservative government's promise to tackle electric rates. The analyst views the selloff as a buying opportunity as he considers it highly unlikely that existing FIT contracts will be amended. He reiterates an Outperform rating and $21 price target on the shares.
07/16/18
GSCO
07/16/18
NO CHANGE
Target $22
GSCO
Buy
Pattern Energy projects not on list of Ontario cancellations, says Goldman Sachs
Goldman Sachs analyst Brian Lee noted that Pattern Energy shares had traded down 8% previously following news that Ontario's new government issued a directive to cancel 758 green energy projects and he expects the stock to rally now that Ontario published the official list of impacted projects, which included none that were associated with Pattern and only five wind projects total out of the 758 being cancelled. He reiterates a Buy rating and $22 price target on Pattern Energy shares.

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