Pattern Energy Announces Closing of Equity Investment from Consortium Headed by APG and ART
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SAN FRANCISCO — Pattern Energy Group LP (Pattern Energy), a leader in renewable energy and transmission infrastructure, today 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) closed on Riverstone Holdings LLC's (Riverstone) equity stake in the company. The previously announced investment has received all required approvals, and the consortium is now an owner in Pattern Energy alongside Canada Pension Plan Investment Board (CPP Investments) and Pattern management. Financial details were not disclosed.
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'Pattern is significantly strengthened by APG's and ART's financial backing and their supplemental growth capital, further positioning the company to meet critical and rapidly growing energy demand across North America,' said Hunter Armistead, CEO at Pattern Energy. 'Our new partners value Pattern's commitment to building reliable energy infrastructure while creating jobs and investing in rural communities as we advance our vision to Power the Future.'
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'This investment in Pattern supports our client's ambition to realize attractive, stable returns while making progress toward cleaner, more resilient energy infrastructure,' said Steven Hason, Head of Americas Real Assets at APG Asset Management US Inc. 'Partnering with Pattern and our new stakeholders reinforces our strategy to deliver long-term value while making a real difference day after day.'
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'Our partnership with Pattern demonstrates our efforts to advance renewable energy infrastructure,' said Michael Weaver, General Manager, Mid Risk Assets & UK at ART. 'This investment strengthens our expanding sustainable energy portfolio, aligning with our responsibility as a leading global investor. We are confident it will deliver lasting value for our 2.4 million members while supporting our Net Zero 2050 Roadmap.'
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'As one of the founding equity partners in Pattern, we take pride in fostering the tremendous growth and innovation at the company over the past 16 years, and we are confident that Pattern is well-positioned for continued success,' said Yakov Tsveig, Principal of Riverstone.
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Founded 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.
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Evercore Group L.L.C. served as exclusive financial advisor and Vinson & Elkins served as legal counsel to Riverstone in connection with this transaction. Sidley Austin LLP served as legal counsel to the buyer consortium.
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About Pattern Energy
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Pattern Energy is one of the world's largest privately-owned developers and operators of major clean energy and transmission infrastructure. With more than 30 facilities across North America, Pattern's operations use proven, best-in-class technology to deliver affordable, reliable power to millions of customers. Its nearly 10,000 MW operating and under construction portfolio is meeting critical energy needs and growing demand. Pattern Energy is guided by a long-term commitment to serve customers, strengthen communities and responsibly Power the Future. For more information, visit www.patternenergy.com.
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About APG
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As the largest pension services provider in the Netherlands APG looks after the pensions of 4.6 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €616 billion (December 2024) in pension assets. With approximately 4,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, and Singapore. www.apg.nl About ART Australian Retirement Trust is one of Australia's largest super funds. Close to 2.4 million Australians trust us to take care of over AUD 300 billion of their retirement savings. We're here to help our members retire well with confidence, focused on strong long-term investment returns, lower fees and the information and access to advice our members need to manage their super and retirement.
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Contacts
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Matt Dallas
Pattern Energy
917-363-1333
matt.dallas@patternenergy.com Jennifer Bainbridge
APG Asset Management US Inc.
973-842-1391
jennifer.bainbridge@apg.com
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