Acquirer: Public Sector Pension Investment Board (Canada); Pattern Energy Group Inc. (US)
Acquired: Stillwater Wind, LLC (US)
Value: Approximately US$45 Million
On November 20, 2018, Pattern Energy Group Inc. and Vertuous Energy LLC, a wholly owned subsidiary of the Public Sector Pension Investment Board, a Canadian pension investment manager overseeing public funds, “entered into and consummated” an agreement with Pattern Energy Group 2 LP, the selling entity, “to purchase certain indirect ownership interests in Stillwater Wind, LLC,” for an aggregate purchase price of $45 million. (Pattern Energy Group Inc. Form 8-K, November 27, 2018, SEC Filing.) “Stillwater Wind, LLC owns an approximate 80 megawatt (“MW”) wind project (the “Wind Project”) located in Stillwater County, Montana, which achieved commercial operations in late October.” (Id.; see also Pattern Energy Group Press Release, Pattern Energy Group Inc. Form 8-K, Ex-99.1, November 27, 2018, SEC Filing.) CFIUS clearance was a requirement in the agreement. (See Section 3.5, Schedule 3.5, Purchase and Sale Agreement, Pattern Energy Group Inc., Form 8-K, Ex-10.10, November 27, 2018, SEC Filing.)
The Public Sector Pension Investment Board previously notified CFIUS of a transaction with the Pattern Energy Group that was successfully consummated (see our blog post).