Pattern Energy Group Inc announced that it completed the sale of the Company`s 90 megawatt minority owned interest in the K2 Wind power facility in Ontario for a purchase price of CAD 216.0 (USD 160.0 million1), to a consortium of investors led by Axium Infrastructure. The transaction closed on December 31, 2018.
Mr Mike Garland, CEO of Pattern Energy said that "The sale of K2 at a 15.0x ten-year average CAFD multiple2 demonstrates the intrinsic value of our wind power assets and highlights our ability to selectively recycle assets in order to redeploy capital into more accretive opportunities. We have now sold two assets, El Arrayn and K2, at significant premiums to the multiple at which we trade in the markets. We will continue as operator of K2 after the sale. Pattern Energy is the largest operator of wind power facilities in Canada with more than 1,500 MW under operation across the country."
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