A consortium led by Dutch pension fund manager APG Asset Management and superannuation fund Australian Retirement Trust (ART) has acquired Riverstone’s stake in Pattern Energy, a renewable energy and transmission infrastructure company.
The consortium is investing an unspecified amount to own Pattern Energy alongside existing shareholders Canada Pension Plan Investment Board (CPP Investments) and Pattern management.
CPP Investments and Riverstone acquired Pattern Energy in a $6.1bn (€5.8bn) take-private deal in 2019.
Pattern Energy said it expects that the APG and ART investment will help progress its development pipeline of more than 25GW of renewable energy and transmission projects, as well as support its operating facilities and nearly 10GW in-construction portfolio across North America. The company is also on track to complete SunZia Wind and Transmission, the largest renewable-energy infrastructure project in the US.
Bill Rogers, MD and head of sustainable energies at CPP Investments, said that, since its acquisition of Pattern Energy alongside Riverstone, management has developed 5.7GW of renewable energy projects, including the SunZia Wind and Transmission project.
Steven Hason, head of Americas real assets at APG Asset Management in the US, said: “This investment reflects the shared commitment of APG and its client, ABP, in driving meaningful progress towards a cleaner, more resilient energy future.
“The investment in Pattern Energy alongside our new partners is designed to generate sustainable, long-term returns, while also delivering tangible climate solutions and societal benefits.”
Michael Weaver, head of global real assets at ART, said: “Australian Retirement Trust is always looking for new investment opportunities to deliver strong returns for our almost 2.4 million members, which is why we see such value in Pattern Energy and advancing its renewable energy infrastructure projects.
“The acquisition of Pattern Energy adds to Australian Retirement Trust’s growing investments in renewables. We take our responsibility as a leading global investor seriously and we are confident this acquisition will provide strong returns for our members, while supporting our net-zero 2050 roadmap.”
Hunter Armistead, CEO at Pattern Energy, said: “APG’s and ART’s financial strength and commitment to the business will strengthen Pattern’s position as we rise to the challenge of meeting North America’s rapidly growing energy needs.
“Adding partners of this calibre that are aligned with Pattern’s vision and bring supplemental growth capital to help scale our platform is a testament to the quality of Pattern’s culture, projects and team.”
Yakov Tsveig, principal at Riverstone, said: “We have realised remarkable achievements and created long-lasting value for renewable power customers, local stakeholders, financing partners, and our shareholders through Pattern’s several evolutions.”
To read the latest IPE Real Assets magazine click here.
