Pattern Energy to buy interests in two New Mexico wind projects for $269M

|About: Pattern Energy Group Inc. (PEGI)|By:, SA News Editor

Pattern Energy (NASDAQ:PEGI) agrees to acquire interests in the two wind projects that comprise the 324 MW Broadview Wind power facilities in New Mexico and the associated 35-mile Western Interconnect transmission line for $269M.

PEGI expects Broadview and Western Interconnect to generate ~$18M in cash available for distribution in 2018, increasing each year by ~$2.5M to generate an average of $23M/year in CAFD over the five years beginning in 2018, which results in a CAFD multiple of 9.3x.

Broadview has two 20-year power purchase agreements with Southern California Edison for sale of 100% of its output, up to a total of 297 MW.