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Pattern sells Chile project stake

CHILE: US developer Pattern Energy has agreed a $67 million deal to sell its Chilean operations and the 70% stake it holds in the 115MW El Arrayán project.

The 115MW El Arrayán project in Chile was completed in 2014
The 115MW El Arrayán project in Chile was completed in 2014

Pattern will sell the stake in the El Arrayán wind project, 400km north of Santiago, to Texas-based Arroyo Energy Investors.

"The sale of El Arrayán Wind is an excellent result for us. The price represents a 30% uplift over El Arrayán Wind’s contribution to the company’s current value," said Mike Garland, CEO of Pattern Energy.

"While the purchase price demonstrates material embedded value in our assets, the primary reason for the sale was strategic.

"Chile was a good candidate for sale as it was one of the higher cost operations in our fleet because of the distance from the rest of our operations and the different legal, tax and regulatory environments.

"The proceeds of the sale will go either to make further accretive investments, pay down debt, buy back stock or other corporate purposes," Garland added.

The four-year-old project uses 50 Siemens Gamesa SWT-2.3-101 turbines. It is the country’s largest operating wind project to-date.

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