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Pattern Energy may weigh options after receiving interest: Bloomberg
Posted on Tuesday, 13 August 2019 10:08
US-based Pattern Energy Group is exploring strategic alternatives including a potential sale after a number of potential buyers expressed interest in the wind and solar farms operator, Bloomberg reported. Citing people familiar with the matter, the news provider observed that Brookfield Asset Management may be among the possible suitors and has even suggested merging the San Francisco-headquartered group with majority subsidiary TerraForm Power. Shares in Pattern Energy closed up 7.9 per cent to USD 25.15 following the report yesterday, giving the business a market capitalisation USD 2.48 billion. The company has hired an advisor to help solicit offers from potential bidders; however, sources cautioned that discussions are ongoing, and no decision has been made at this time. Pattern Energy is a leading independent renewable energy group with a portfolio of 26 renewable energy projects with an operating capacity of around four gigawatts in the US, Canada and Japan. Last week, the group reported its second quarter and first half financial results, recording total revenue of USD 275.00 million in the six months to 30th June 2019, up 9.1 per cent to USD 252.00 million in the corresponding period of 2018. Adjusted earnings before interest, taxes, depreciation and amortisation declined 6.1 per cent to USD 200.00 million in H1 2019 (H1 2018: USD 213.00 million). The Bloomberg report comes nearly 12 months after Pattern Energy sold its operations in Chile to Arroyo Energy for USD 70.00 million. Zephyr, the M&A database published by Bureau van Dijk, shows there have been 125 deals targeting wind electric power generators announced worldwide in 2019 to date. The largest of these involved Green Investment Group, via Bilbao Offshore Holding, agreeing to buy East Anglia One of the UK for GBP 1.63 billion. Other targets have included Duke Energy Renewables’ 37 operating wind, solar and battery storage assets and 11 operating solar assets, NovEnergia Holding Company and Ocean Breeze Energy. © Zephus Ltd