Pattern Energy Announces Equity Investment from Consortium Headed by APG and ART

Buyer group to acquire Riverstone equity stake in Pattern
Transaction expected to close in the first half of 2025

SAN FRANCISCO, December 16, 2024 - 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) will acquire Riverstone Holdings LLC's (Riverstone) equity stake in the company, becoming owners alongside Canada Pension Plan Investment Board (CPP Investments) and Pattern management. The transaction is expected to close in the first half of 2025, subject to receipt of required regulatory approvals and other customary closing conditions. Financial details were not disclosed.

"APG's and ART's financial strength and commitment to the business will strengthen Pattern's position as we rise to the challenge of meeting North America's rapidly growing energy needs," said Hunter Armistead, CEO at Pattern Energy. "Adding partners of this caliber that are aligned with Pattern's vision and bring supplemental growth capital to help scale our platform is a testament to the quality of Pattern's culture, projects and team."

"This investment reflects the shared commitment of APG and its client, ABP, in driving meaningful progress toward a cleaner, more resilient energy future," said Steven Hason, Head of Americas Real Assets at APG Asset Management US Inc. "The investment in Pattern Energy alongside our new partners is designed to generate sustainable, long-term returns, while also delivering tangible climate solutions and societal benefits."

ART Head of Global Real Assets, Michael Weaver, said, "Australian Retirement Trust is always looking for new investment opportunities to deliver strong returns for our almost 2.4 million members, which is why we see such value in Pattern Energy and advancing its renewable energy infrastructure projects."

"The acquisition of Pattern Energy adds to Australian Retirement Trust's growing investments in renewables. We take our responsibility as a leading global investor seriously and we are confident this acquisition will provide strong returns for our members, while supporting our Net Zero 2050 Roadmap."

Pattern Energy will leverage this new investment to advance its market-leading development pipeline of over 25-gigawatts (GW) of renewable energy and transmission projects and support its operating facilities and in-construction portfolio of nearly 10,000-megawatts (MW) across North America. The company is also on track to complete SunZia Wind and Transmission - the largest renewable energy infrastructure project in U.S. history - that will generate enough clean, reliable electricity to meet the needs of more than 3 million Americans.

"Since our acquisition of Pattern Energy in 2020 alongside Riverstone, management has successfully developed 5.6 GW of renewable energy projects, including the historic SunZia Wind and Transmission project," said Bill Rogers, Managing Director, Head of Sustainable Energies, CPP Investments. "We look forward to supporting the next chapter of growth in the Company with our new partners."

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.

"It has been an honor to have invested alongside Hunter and the entire Pattern team since the Company's formation, and CPP Investments since 2020," said Yakov Tsveig, Principal of Riverstone. "We have realized remarkable achievements and created long lasting value for renewable power customers, local stakeholders, financing partners, and our shareholders through Pattern's several evolutions."

"We will forever appreciate Riverstone's backing that facilitated the founding of Pattern more than 15 years ago - they have been true partners who have consistently made us better," added Armistead. "Riverstone has been integral to Pattern's success, and we thank them for their unwavering support and strong partnership."

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 wind, solar, transmission, and energy storage projects. Its operational portfolio includes more than 30 renewable energy facilities that use proven, best-in-class technology with an operating capacity of nearly 6,000 MW across North America. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment, and strengthen communities. For more information, visit www.patternenergy.com.

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 €577 billion (June 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.

Australian Retirement Trust was formed through the merger of QSuper and Sunsuper in February 2022.

Public link

Please use the above public link if you want to share this noodl on another website.