Pattern Energy completes sale of interest in 115 MW wind project in Chile

Pattern Energy Group has announced that it has completed the sale of the its operations in Chile, which principally consist of an 81 MW owned interest in the 115 MW El Arrayán Wind project, to affiliates of Arroyo Energy Investors. Pattern Energy received a cash consideration of US$70.5 million before transaction related expenses of approximately US$2.0 million.

El Arrayán Wind is located approximately 400km north of Santiago on the coast of Chile. The facility commenced commercial operations in the second quarter of 2014 and approximately 70% of its production is contracted for sale through a long-term fixed-for-floating hedge with Minera Los Pelambres.

The company has attributed its exit from Chile to changes in the national power market, which motivated a focus on core business areas and reduction of overhead. The sale forms part of its strategy to recycle non-strategic holdings and use the capital to reinvest in accretive assets, repurchase stock or make other beneficial investments.