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PEGI

Pattern Energy

$26.83

-0.11 (-0.41%)

08:02
10/11/19
10/11
08:02
10/11/19
08:02

Pattern Energy to acquire Henvey Inlet and Grady Wind Facilities

Pattern Energy Group announced agreements to acquire ownership interests in two operating wind power facilities, the Henvey Inlet Wind facility in Ontario and the Grady Wind facility in New Mexico. The company has also entered into an agreement for a $260M private placement of perpetual preferred stock with certain institutional investors and intends to use a portion of the net proceeds to finance the two acquisitions. Pattern Energy is committing to pay C$242.4M at closing to acquire 100% of PEG LP's 50% equity ownership interest (equating to a 50% owned interest or 150 MW of owned capacity) in the 300 MW Henvey Inlet Wind facility. Following purchase price adjustments to be made at term conversion, the estimated economic cost to the company for such interest will be C$252M. Nigig Power owns the remaining 50% interest in the facility. Henvey Inlet Wind is located on the northeast shore of the Georgian Bay in Ontario and commenced commercial operations in September 2019. The facility utilizes 87 Vestas 3.45 MW turbines and has a 20-year PPA with the Independent Electricity System Operator for 100% of its production. The acquisition is expected to close in the next 15 days. As part of the acquisition, Pattern Energy is purchasing from PEG LP a C$97M loan outstanding with Nigig Power. The loan was made to Nigig Power to allow the partner to fund a portion of the construction cost and is expected to be repaid in less than 12 months. Prior to the refinancing, Pattern Energy will receive all distributions from Nigig Power's ownership interest until the loan is repaid. The loan pays an interest rate of 10% per annum. Pattern Energy acquired 51% of Pattern Development's Class B member interest in the 220 MW Grady Wind facility for $99.45M for an owned interest of 101 MW. Grady Wind is located in Curry County, New Mexico and commenced commercial operations in the third quarter of 2019. The Public Sector Pension Investment Board is acquiring the remaining Class B member interest. The facility utilizes 84 Siemens Gamesa 2.625 MW turbines and has a 25-year PPA with Sacramento Municipal Utility District for 100% of its production up to 200 MW.

  • 04

    Dec

PEGI Pattern Energy
$26.83

-0.11 (-0.41%)

04/30/19
MSCO
04/30/19
NO CHANGE
MSCO
Clearway, Pattern Energy could see boost on Atlantica news, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that Atlantica Yield (AY) has announced plans to explore strategic options and while he has no knowledge of any talks involving any of the companies he covers in the space he believes that the market could begin to price in potential strategic optionality at other YieldCos. If so, he sees the potential for modest upside for Clearway Energy (CWEN) and Pattern Energy (PEGI), depending on a what assumptions the market makes, Byrd tells investors. He also points to NextEra Energy Partners (NEP) as a "special case" among YieldCos, stating that its dividend yield is much lower, but its growth prospects are significantly better. In the case of NextEra, though, Byrd said he sees potential downside given the relatively high amount of non-amortizing leverage at parent NextEra Energy (NEE).
08/14/19
WELS
08/14/19
DOWNGRADE
Target $26
WELS
Market Perform
Pattern Energy downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Neil Kalton downgraded Pattern Energy to Market Perform from Outperform while raising his price target for the shares to $26 from $24. After the company confirmed it has drawn interest from third parties, the analyst believes Pattern's current valuation reflects some amount of a takeout premium.
08/14/19
08/14/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Avedro (AVDR) downgraded to Neutral from Overweight at JPMorgan with analyst Robbie Marcus saying another suitor emerging to compete with Glaukos's (GKOS) buyout offer is unlikely. 2. Myriad Genetics (MYGN) downgraded to Neutral from Overweight at Piper Jaffray with analyst William Quirk saying the company reported "disappointing" fiscal Q4 results with revenue, adjusted earnings and FY20 guidance well below consensus. 3. Pattern Energy (PEGI) downgraded to Market Perform from Outperform at Wells Fargo with analyst Neil Kalton saying after the company confirmed it has drawn interest from third parties, the analyst believes Pattern's current valuation reflects some amount of a takeout premium. 4. Advance Auto Parts (AAP) downgraded to Neutral from Buy at Guggenheim with analyst Ali Faghri citing the company's weaker than expected Q2 results and sees risk to its fiscal 2019 guidance. 5. Equity Commonwealth (EQC) downgraded to Market Perform at JMP Securities with analyst Mitch Germain citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/19
RBCM
08/22/19
NO CHANGE
Target $28
RBCM
Outperform
Pattern Energy price target raised to $28 from $24 at RBC Capital
RBC Capital analyst Shelby Tucker raised his price target on Pattern Energy (PEGI) to $28 and kept his Outperform rating after the company has recently confirmed press speculation that it is working with a financial adviser to respond to acquisition interest from third parties that include Brookfield Asset Management (BAM). The analyst contends that a buyer could "uncover hidden value" in the company's Pattern Development pipeline investment, though he notes that the limited public disclosure makes it hard to value. Tucker still believes that a take-out price on Patter Energy at $28-$30 per share is "achievable".

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