Private equity group Riverstone Holdings LLC has purchased the wind development portfolio from Babcock & Brown LP to form Pattern Energy Group LP.This is Riverstone's first foray into wind power.
The project pipeline exceeds 4,000 megawatts (MW) of wind power spanning 11 states and 4 countries in addition to several power transmission projects.
Financial terms of the deal were not disclosed, but Riverstone, which has approximately $17 billion under management across six investment funds, said it is committing $400 million to expand and support Pattern Energy’s renewable energy business.
Pattern Energy is set up as an independent energy company to develop, construct, own, and operate renewable energy and transmission assets across North America and parts of Latin America. It will retain the 80 staff members that put into operation more than 2000 MW of wind for Babcock & Brown's North American group.
“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.”
Pattern's first wind project is expected to be the 103-MW Hatchet Ridge Wind Farm in northern California, will begin construction in the next few months.
Australia-based Babcock & Brown, which was founded in 1977, is divesting all assets after failing to renegotiate debt in March 2009 and being declared insolvent.
Website: www.riverstonellc.com
No comments:
Post a Comment