Canada

Canada

Pension fund acquires Pattern project stake

CANADA: A Canadian pension investment manager and Pattern Energy Group have acquired a 147MW wind farm in Quebec from Pattern's development fund.

Mont Sainte-Marguerite (above) was commissioned in the first quarter of 2018
Mont Sainte-Marguerite (above) was commissioned in the first quarter of 2018

The Public Sector Pension Investment Board (PSP Investments) now owns 49% of the Mont Sainte-Marquerite wind farm, while Pattern Energy Group owns the 51% remainder.

Pattern Energy Group acquired the majority stake from Pattern Development for approximately $40 million, which was funded using available liquidity, and will operate the facility.

Mont Sainte-Marguerite comprises 46 of Siemens Gamesa’s SWT-3.2-113 direct drive turbines and was commissioned in the first quarter of the year.

Utility Hydro-Quebec Distribution buys electricity from the site, which is located about 50km south of Quebec City in Canada under a 25-year power purchase agreement (PPA).

PSP Investments now has stakes in seven operational wind farms in Canada, including the 179MW Meikle project in British Columbia.

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