{"id":17395,"date":"2019-11-04T15:00:01","date_gmt":"2019-11-04T20:00:01","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/cppib-buying-u-s-based-renewable-energy-developer-138293"},"modified":"2019-11-04T15:00:01","modified_gmt":"2019-11-04T20:00:01","slug":"cppib-buying-u-s-based-renewable-energy-developer","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/11\/04\/cppib-buying-u-s-based-renewable-energy-developer\/","title":{"rendered":"CPPIB buying U.S.-based renewable energy developer"},"content":{"rendered":"\n<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"> <img decoding=\"async\" loading=\"lazy\" width=\"316\" height=\"190\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2017\/10\/renewables.jpg\" class=\"attachment-feature size-feature wp-post-image\" alt title=\"CPPIB buying U.S.-based renewable energy developer\"> <\/div>\n<\/p><\/div>\n<p class=\"byline\"> <span>Staff<\/span>&nbsp;|&nbsp;November 4, 2019 <\/p>\n<div class=\"headline-details\">\n<p>The Canada Pension Plan Investment Board is acquiring renewable energy company Pattern Energy Group Inc. in an all-cash deal.<\/p>\n<p>The purchase of the&nbsp;San Francisco-based company is valued at&nbsp;$26.75 per share, which implies the company has a value of&nbsp;$6.1 billion, including all debt. The offer represents a 14.8 per cent premium to&nbsp;Pattern Energy\u2019s closing share price on Aug. 9, 2019.<\/p>\n<p>Provided the&nbsp;deal goes through, the CPPIB has entered an agreement with&nbsp;Riverstone Holdings, which invested in&nbsp;the company 10 years ago. Under the agreement, Riverstone will&nbsp;combine&nbsp;Pattern Energy and Pattern Energy Group Holdings 2 LP, also known as Pattern Development, under a common ownership.<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/investments\/equities\/cppib-to-purchase-ontario-based-renewable-energy-projects-112691\">CPPIB to purchase Ontario-based renewable energy projects<\/a><\/strong><\/p>\n<p>\u201cPattern Energy is one of the most experienced renewables developers in North America and Japan with a high-quality, diversified portfolio of contracted operating assets, aligning well with CPPIB\u2019s renewable energy investment strategy and the increasing global demand for low-carbon energy,\u201d said Bruce Hogg, managing director and head of power and renewables at the CPPIB, in a press release.<\/p>\n<p>\u201cThe Pattern Energy management team has a proven track record of identifying and executing development strategies with differentiated competitive advantages. We look forward to working with Pattern Energy and Riverstone to grow the company.\u201d<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/psp-alberta-teachers-to-buy-canadian-natural-gas-and-renewables-company-137694\">PSP, Alberta Teachers\u2019 to buy Canadian natural gas and renewables company<\/a><\/strong><\/p>\n<\/div>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/cppib-buying-u-s-based-renewable-energy-developer-138293\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;November 4, 2019 The Canada Pension Plan Investment Board is acquiring renewable energy company Pattern Energy Group Inc. in an all-cash deal. The purchase of the&nbsp;San Francisco-based company is valued at&nbsp;$26.75 per share, which&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17395"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17395"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17395\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}