Public Sector Pension Investment Board (PSP Investments) has entered into an agreement to acquire 8.7 million shares (9.9%) of Pattern Energy Group Inc. (NASDAQ/TSX: PEGI) stock from Pattern Energy Group LP, an affiliate of Riverstone Holdings LLC.
Pattern Energy Group LP, currently Pattern Energy Group’s largest shareholder, through Pattern Renewables LP and Pattern Development Finance Company LLC, owns 16,962,546 Pattern Energy Group stock (19.4%).
Upon closing of the secondary transaction, PSP Investments will become the largest shareholder and Riverstone Holdings LLC will continue as second largest shareholder with 9.5% stake.
In addition, PSP Investments has agreed to co-invest $500 million in projects acquired by Pattern Energy Group under the company’s ROFO with Pattern Development, including investments in the Meikle, Mont Sainte-Marguerite and Panhandle 2 projects and PSP Investments will have an indirect investment interest in Pattern Development 2.0.
Full release is here
photo credit: Pattern Energy Group