Investors

Pattern Energy mulls wind acquisition after raising $239m

The US firm is planning to use the proceeds from last week's stock offer to invest in a 180MW facility.

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Pattern Energy is in discussions to buy a 50 percent stake in an Ontario wind farm after raising $239 million in a stock offer last week.

The San Francisco-based power company said it is looking to purchase a 90MW interest in the 180MW Armow Wind facility from Pattern Energy Group, its development unit, and Samsung Renewable Energy. The wind farm began operating last December and has a 20-year power purchase agreement with Independent Electricity System Operator. 

Should the acquisition complete, it would be Pattern's first deal since raising $239 million through a 10 million Class A stock offer last week.

The Armow purchase would expand Pattern's portfolio to 17 operating projects and one asset currently under construction. Pattern chief executive Mike Garland said the company is planning another acquisition with its development company later this year.

Pattern owns and operates a wind portfolio generating a combined 2.5GW in the US, Canada and Chile. Last month, the company agreed to purchase the development rights of a 600MW wind project from SunEdison, as part of the bankrupt solar provider's efforts to shed assets.Â