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United States

Pattern launches IPO to raise $290 million

UNITED STATES: Pattern Energy Group has launched an initial public offering (IPO), with plans to raise $290 million by offering 16 million shares at a price range of $19-21.

The company has interests in 1,041MW of wind capacity in the US, Canada and Chile, consisting of eight projects. Two of these are still under construction and expected to start commercial operation in the second quarter of 2014.

According to Pattern’s preliminary prospectus, 95% of the power from the projects is sold under long-term contracts.

The company is planning on dual listing on both the Nasdaq exchange in the US and the Toronto Stock Exchange in Canada.

Pattern spokesman Matt Dallas declined further comment, saying the company is restricted from responding to questions about the IPO under US Securities and Exchange Commission (SEC) regulations.

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