Latest news with #PatternEnergy
National Post
7 hours ago
- Business
- National Post
Pattern Energy Announces Closing of Equity Investment from Consortium Headed by APG and ART
Article content 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. Article content '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.' Article content '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.' Article content '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.' Article content '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. Article content 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. Article content 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. Article content About Pattern Energy Article content 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 Article content About APG Article content 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. 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. Article content Article content Article content Article content Contacts Article content Matt Dallas Pattern Energy 917-363-1333 Jennifer Bainbridge APG Asset Management US Inc. 973-842-1391
Yahoo
8 hours ago
- Business
- Yahoo
Pattern Energy Announces Closing of Equity Investment from Consortium Headed by APG and ART
Consortium including APG Asset Management and Australian Retirement Trust, establish ownership position alongside Canada Pension Plan Investment Board SAN FRANCISCO, June 09, 2025--(BUSINESS WIRE)--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. "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." "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." "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." "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. 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. 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. About Pattern Energy 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 About APG 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. 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. Australian Retirement Trust was formed through the merger of QSuper and Sunsuper in February 2022. View source version on Contacts Matt DallasPattern Jennifer BainbridgeAPG Asset Management US Joseph OgilvieART Media Relations Lead0429 275 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
5 days ago
- Business
- CTV News
As hydrogen hype meets reality in Newfoundland, companies eye markets closer to home
Frank Davis, an assistant vice-president with Pattern Energy, tells reporters that his company would be a competitive supplier of wind energy to Newfoundland and Labrador Hydro, June 4, 2025, in St. John's, N.L. THE CANADIAN PRESS/Sarah Smellie ST. JOHN'S — The global green hydrogen industry is lagging behind its own hype, but executives from six companies vying to build wind-powered hydrogen operations in Newfoundland and Labrador say it's too soon give up. They told an energy industry conference in St. John's, N.L., on Wednesday that it has been difficult to find big enough buyers — or 'offtakers' — to make the projects viable. But economic uncertainty in the United States could create opportunities in Canada, some said. And there may be a chance to supply wind power to the local grid in Newfoundland and Labrador. 'None of the audience, none of the members, should think for a second that, 'Oh boy, renewable energy in Newfoundland is on hold for a little while, while Europe figures out what it wants to do,'' said Frank Davis, an associate vice-president with Pattern Energy. 'My message to some of the folks in the room is, 'Get your engineering teams ready,'' said Jeff Murphy, vice-president of capital projects with North Atlantic. The race to launch a green hydrogen industry in Canada's easternmost province began in earnest in 2022 when Olaf Scholz, the former chancellor of Germany, visited western Newfoundland in 2022. He signed a memorandum of understanding with former prime minister Justin Trudeau to develop a transatlantic green hydrogen corridor, with the first shipments hoped to begin this year. That no longer seems possible. 'In 2021, 2022 the world thought everything was going to be running on hydrogen,' Karlis Povisils, with Copenhagen Infrastructure Partners, told reporters after the event. 'I think the hype has boiled off, and that's a healthy thing. The players that are left are the ones that are serious and committed.' The local green energy industry will ultimately rely largely on exports, Povisils said. But in the meantime, he has his eye on the local power grid in Newfoundland and Labrador. The province's Crown utility company is expected to post a call this year for companies interested in supplying the grid with wind-generated power. It's the most important 'near-term opportunity' on the horizon, Povisils said. Davis agreed. 'If Newfoundland and Labrador Hydro wants to be a buyer of wind energy, we'd certainly consider ourselves to be a low cost, very competitive supplier of that wind energy,' he told reporters. In western Newfoundland, World Energy GH2 remains the only company that has cleared the province's environmental assessment process. It is also exploring other options as the global market develops, including data centres and a 'renewable energy campus.' The idea is to invite industries to set up shop in Stephenville, N.L., and use clean power supplied by World Energy GH2, a spokesperson explained. 'We are under threat,' said Richard Hugh, the company's chief executive, referring to Canada's tense relationship with United States President Donald Trump. 'We do need to figure out how we capitalize on our position as a global superpower, and our global superpower currency is our renewable natural resources.' Hugh said the company has already invested more than $100 million into the project. Most of the companies have proposed erecting wind turbines in select areas across the island of Newfoundland to power plants to produce ammonia. That ammonia would then be shipped across the Atlantic to be converted to hydrogen and used for fuel. North Atlantic is looking at using liquid organic hydrogen carriers, which absorb and release hydrogen through chemical reactions, rather than ammonia, Murphy said. Ultimately, the goal is to reduce the costs of shipping in order to attract buyers, he said. Buyers will move the project toward a final investment decision. 'We're trying to do something that no one's ever done before,' Murphy said. 'Moving large amounts of hydrogen across an ocean is hard and it's expensive, and we are working through those challenges.' This report by The Canadian Press was first published June 4, 2025
CBC
5 days ago
- Business
- CBC
Dwindling hype over hydrogen not a bad thing for industry's serious players, energy reps say
While much of the hype about wind-hydrogen projects in Newfoundland and Labrador has blown over, company representatives say it's a welcomed development, arguing that now only serious contenders to kickstart the sector remain. In the past few months, many of the projects proposed in Newfoundland and Labrador have downsized or are exploring alternative business cases for a wind energy farm. "A little bit of the hype and noise [have been] taken out of the conversation in the last year as a lot of realities [are] setting in. And it's the rubber hitting the road," EVREC co-founder Ravi Sood told reporters at the second day of the annual Energy N.L. conference in downtown St. John's. Sood says he's more confident than ever about his proposed wind farm and ammonia plant in Botwood, specifically pointing to data emerging from Europe on green hydrogen pricing. He's also watching a shake-up caused by U.S. President Donald Trump's move away from supporting clean energy initiatives — which Sood says is a boon for companies like EVREC, calling clean energy projects in the U.S. "dead. And that takes a lot of noise out of the market." As a result, Sood says he's facing far less competition when trying to reach future buyers. He added the U.S. was never going to be a buyer, but was EVREC's competition. "We now have our biggest, baddest, nastiest competitor taken off the board," said Sood. 'Policy turmoil' Frank Davis, assistant vice-president with Pattern Energy, says he's also confident about the future wind project at the Port of Argentia, but says its development has to be timed to the pace of the global market, which isn't ready yet. "We made significant progress with potential global partners on this, in Germany and beyond," said Davis. Davis says there is a "lot of policy turmoil" in the as a result, he's seen support for green energy policies decline significantly. "That's obviously going to have a ripple effect out into the broader market," he said. Davis says this is an opportunity for Canada to step into that space to be a leader in the sector and become an "even more attractive destination for renewable energy investment capital." Davis added he hopes all six companies looking to establish wind-hydrogen projects in the province — Everwind Fuels, Pattern Energy, World Energy GH2, North Atlantic, EVREC and ABO — have staying power. "Perhaps this will slow down to more of a marathon, not a sprint," said Davis. Karlis Povisils with Copenhagen Infrastructure Partners — which is working with ABO on its Toqlukuti'k wind and hydrogen project — says convincing buyers to commit to purchasing has caused delays. "It's all about the off-take," he said. "Trying to bring a new industry about requires building a huge ecosystem." He also says diminishing excitement over the industry is an overall positive development. "Let's be honest, there was a lot of hype in 2021, 2022, when the world thought … everything's going to be running on hydrogen," said Povisils. "And now I think the hype has boiled off. And that's a healthy thing. The players that are left are the ones that are serious and committed."
Yahoo
13-05-2025
- Business
- Yahoo
Newfoundland mayor says town in transition after oil project phase completed
ST. JOHN'S — A Newfoundland and Labrador mayor says his region is facing a transition period after a massive concrete platform was towed out of the town last week, on its way to an offshore oilfield. Keith Pearson, mayor of Placentia, N.L., said the labourers who've spent years building the structure for Cenovus Energy are looking for new jobs now that it's nearly complete. And in the town of about 1,300 people, there are few options on the horizon, he said. "You don't replace those jobs overnight," Pearson said in a recent interview. "It's the boom and bust ... You go from very high point to (low), if there's nothing on the back end of it. And right now, we're not seeing anything on the back end of it." Calgary-based Cenovus is the majority owner of the White Rose oilfield, which is about 350 kilometres off the coast of St. John's, N.L. The concrete gravity structure built in Argentia, N.L., which was amalgamated with Placentia and other neighbouring towns decades ago, is part of a development Cenovus calls West White Rose. The project involves a new drilling rig that will be connected to the main production and storage vessel in the White Rose field. Employment for the West White Rose project has fluctuated over the years, from a high of 2,421 people in the spring of 2023, to a low of 406 people in the beginning of 2022, according to the province's offshore oil regulator. Cenovus did not respond to emails asking how many people were currently employed for the development, nor would the company say if any West White Rose workers had been laid off. During a call with shareholders last week, chief executive Jon McKenzie said he would not discuss job losses at any of the company's operating sites, "out of respect for the families and respect for the employees." "We are getting to the end of an investment cycle in this business, and our capital spending is decreasing," McKenzie said. "Consistent with that, the amount of work that we have to do is decreasing, and that means we've got to readjust our labour force, to make it fit for purpose." Pearson said he last heard there were a few hundred people left working at the site. "Once the site is cleaned up and done, I mean, it'll be phased out to zero." The 145-metre-tall concrete gravity structure was towed out of Argentia on Friday, according to a social-media post by the company. Officials said during the call last week that it will stop in nearby Arnold's Cove for ballasting, and then be towed to the oilfield next month. Drilling is expected to begin before the end of the year, with first oil anticipated in 2026. Pearson said there may be work opportunities when the rig is out at sea, but they'll require different skills than the jobs that kept so many people in his region employed over the years. There may be jobs with the Port of Argentia, which is planning a $100-million dock expansion, the mayor said. And there is hope that Pattern Energy's plans for a wind-energy development will go ahead in the region, he added. But in the meantime, residents and businesses alike are facing an adjustment. The Cenovus project employed locals and brought people into the community who spent money at grocery stores and restaurants, he said. "It's certainly a transition period for now," Pearson said. This report by The Canadian Press was first published May 13, 2025. Sarah Smellie, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
