Pattern Energy Group Inc is an American company that develops, owns and operates utility scale wind and solar power facilities in the United States, Canada, and Japan. It is headquartered in San Francisco, California with an operations center in Houston, Texas. Since its initial public offering in October 2013, Pattern Energy has grown from 1,041 megawatts of owned generating capacity to over 2,800 MW in 2018. With the 2018 acquisition of the Mont Sainte-Marguerite wind farm project in Quebec, Canada, Pattern Energy became the largest wind energy operator in Canada. In March 2020, all outstanding shares of the company were purchased by the Canada Pension Plan Investment Board, and it was delisted from Nasdaq.
History
Pattern Energy was incorporated in October 2012 and completed its initial public offering in October 2013, with simultaneous listings on the NASDAQ Stock Market and the Toronto Stock Exchange. The company used the proceeds of its IPO to acquire operating assets from its sibling company, Pattern Energy Group LP, also known as Pattern Development. The company's initial owned capacity of 1,041 MW consisted of six operating projects and two projects that were then under construction. The initial slate of facilities included the following:
Pattern Energy has experienced rapid growth, largely through acquisitions from Pattern Development. Pattern Energy has a right of first offer for projects developed by Pattern Development. Since its IPO, Pattern Energy has acquired some or all of the ownership of the following projects: 2014
In May 2018 Pattern Energy announced the sale of its ownership interest in the El Arrayán Wind facility in Chile. In August 2019 Pattern Energy completed its sale of its ownership interest in K2 Wind in Ontario, Canada.
Pattern Development
Pattern Energy Group LP was formed in 2009 by Riverstone Holdings. It and its newer sibling company, Pattern Energy Group 2 LP are privately held. Both companies seek out new opportunities for the development of renewable energy generation and transmission assets, from greenfield projects to pre-construction acquisitions. Pattern Energy has a right of first offer for projects developed by Pattern Development and Pattern Development 2. In February 2018, Pattern Energy acquired a minority interest in Pattern Development 2.
