Global Bioenergy Industry News
Riverstone Acquires Babcock and Brown's Wind Unit
Pattern Energy will be one of the most experienced and best-capitalized development companies in the US renewable energy and transmission industry.
Pattern Energy is an independent, fully-integrated energy company that develops, constructs, owns, and operates renewable energy and transmission assets across North America and parts of Latin America.
Riverstone is providing the capital required to expand and support Pattern Energy’s renewable energy business, which will be an important growth platform for Riverstone in North America.
Pattern Energy retains its entire staff, which has successfully developed, financed and placed into operation 2,000 MW of wind power across 11 states.
Pattern Energy also maintains a current development pipeline that exceeds 4,000 MW of wind power spanning 11 states and four countries in addition to several power transmission projects.
Riverstone, an energy and power-focused private equity firm with the world’s largest renewable energy private equity fund, is committing $400 million to expand and support Pattern Energy’s renewable energy business.
“Our team of highly-experienced renewable energy and transmission experts is excited about continuing our business under a new and well capitalized Pattern Energy,” said Mike Garland, Chief Executive Officer of Pattern Energy.
“Pattern Energy will continue using our in-depth industry experience, combined with innovation and science, to deliver the utmost value for our partners and the communities where we work. The combination of experience, capital, and opportunities create a tremendous outlook for our company.”
“Pattern Energy will continue to be on the leading edge of developing efficient financial structures for renewable energy and transmission projects,” said Hunter Armistead, Executive Director of Pattern Energy.
“It is exciting to be well capitalized in this current market, which puts the company in a terrific position to grow. We look forward to continuing to develop premier renewable energy projects.”
“We are highly impressed with the extensive renewable energy and transmission experience of the Pattern Energy team and are fully committed to Pattern,” said Chris Hunt, Managing Director of Riverstone Holdings.
“We welcome the Pattern Energy team as an important new part of our renewable energy platform in North America.”
TheBioenergySite News Desk
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