Pattern Energy Group LP – a leader in renewable energy and transmission infrastructure – announced that a consortium, headed by APG Asset Management N.V. (APG), on behalf of the largest Dutch pension fund, ABP, and Australian Retirement Trust (ART), will acquire Riverstone Holdings equity stake in the company, becoming owners alongside Canada Pension Plan Investment Board (CPP Investments) and Pattern management. The transaction is expected to close in the first half of 2025, subject to receipt of required regulatory approvals and other customary closing conditions. The financial details were not disclosed.
Pattern Energy will utilize this new investment to advance its market-leading development pipeline of over 25 gigawatts (GW) of renewable energy and transmission projects and support its operating facilities and in-construction portfolio of nearly 10,000 megawatts (MW) across North America. And the company is also on track to complete SunZia Wind and Transmission – the largest renewable energy infrastructure project in U.S. history – that will generate enough clean, reliable electricity to meet the needs of more than 3 million Americans.
Launched in 2009 by Riverstone, its affiliates, and current and former members of the Pattern management team, Pattern Energy has become one of the world’s largest privately-owned developers and operators of some of the most sophisticated clean energy and transmission projects in North America.
Evercore Group served as the exclusive financial advisor, and Vinson & Elkins served as legal counsel to Riverstone in connection with this transaction. And Sidley Austin served as legal counsel to the buyer consortium.
KEY QUOTES:
“APG’s and ART’s financial strength and commitment to the business will strengthen Pattern’s position as we rise to the challenge of meeting North America’s rapidly growing energy needs. Adding partners of this caliber that are aligned with Pattern’s vision and bring supplemental growth capital to help scale our platform is a testament to the quality of Pattern’s culture, projects and team.”
“We will forever appreciate Riverstone’s backing that facilitated the founding of Pattern more than 15 years ago – they have been true partners who have consistently made us better. Riverstone has been integral to Pattern’s success, and we thank them for their unwavering support and strong partnership.”
- Hunter Armistead, CEO at Pattern Energy
“This investment reflects the shared commitment of APG and its client, ABP, in driving meaningful progress toward a cleaner, more resilient energy future. The investment in Pattern Energy alongside our new partners is designed to generate sustainable, long-term returns, while also delivering tangible climate solutions and societal benefits.”
- Steven Hason, Head of Americas Real Assets at APG Asset Management US
“Australian Retirement Trust is always looking for new investment opportunities to deliver strong returns for our almost 2.4 million members, which is why we see such value in Pattern Energy and advancing its renewable energy infrastructure projects.”
“The acquisition of Pattern Energy adds to Australian Retirement Trust’s growing investments in renewables. We take our responsibility as a leading global investor seriously and we are confident this acquisition will provide strong returns for our members, while supporting our Net Zero 2050 Roadmap.”
- ART Head of Global Real Assets, Michael Weaver
“Since our acquisition of Pattern Energy in 2020 alongside Riverstone, management has successfully developed 5.7 GW of renewable energy projects, including the historic SunZia Wind and Transmission project. We look forward to supporting the next chapter of growth in the Company with our new partners.”
- Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments
“It has been an honor to have invested alongside Hunter and the entire Pattern team since the Company’s formation, and CPP Investments since 2020. We have realized remarkable achievements and created long lasting value for renewable power customers, local stakeholders, financing partners, and our shareholders through Pattern’s several evolutions.”
- Yakov Tsveig, Principal of Riverstone
