Pattern Energy sells K2 wind facility to Axium for $160mn

San Francisco-based wind power facility owner and operator, Pattern Energy Group announced this week the sale of the company’s 90MW minority interest in the K2 Wind Power Facility in the Canadian township of Ashfield-Colborne-Wawanosh, Ontario.

A consortium of investors, led by Toronto-based Axium Infrastructure, has purchased the stake for a total purchase value of US$160mn.

The sale will result in Pattern Energy generating a pre-tax premium of $71mn.

SEE ALSO: 

• T-Mobile Goes Green: John Legere Challenges AT&T and Verizon to Choose Renewable Energy | T-Mobile

• Coca-Cola exploring production of its own energy drinks

• T-Mobile makes renewable energy deal with Puget Sound Energy for US headquarters

• Click here to read the latest issue of North American Business Chief

"The sale of K2 at a 15.0x ten-year average CAFD multiple2 demonstrates the intrinsic value of our wind power assets and highlights our ability to selectively recycle assets in order to redeploy capital into more accretive opportunities," said Mike Garland, CEO of Pattern Energy.

He continued: "We have now sold two assets, El Arrayán and K2, at significant premiums to the multiple at which we trade in the markets. We will continue as operator of K2 after the sale. Pattern Energy is the largest operator of wind power facilities in Canada with more than 1,500 MW under operation across the country."

Pattern Energy group has a portfolio of 24 wind and photovoltaic power facilities, with a total owned interest of 2.8GW in United States, Canada and Japan.