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.