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PATTERN ENERGY GROUP INC (PEGI)
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Pattern Energy : completes sale of K2 wind facility

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01/11/2019 | 07:34am EST

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."

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 498 M
EBIT 2018 71,6 M
Net income 2018 141 M
Debt 2018 2 233 M
Yield 2018 8,42%
P/E ratio 2018 12,76
P/E ratio 2019 56,17
EV / Sales 2018 8,43x
EV / Sales 2019 7,78x
Capitalization 1 968 M
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Number of Analysts 14
Average target price 23,0 $
Spread / Average Target 14%
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Managers
NameTitle
Mike M. Garland President, CEO & Non-Independent Director
Alan R. Batkin Chairman
Christopher M. Shugart Senior Vice President-Operations
Michael J. Lyon CFO & Principal Accounting Officer
Dean S. Russell VP-Special Projects & SVP-Engineering/Consruction