Pattern Energy confirms takeover interest
Aug 14, 2019 01:07 PM ET
Energy developer Pattern Energy confirmed on Tuesday that it is courting potential takeover suitors, but that so far no agreement or arrangement had been reached.
In a tightlipped statement the San Francisco-based firm said it had “drawn interest from third parties".
The statement was in response to a Bloomberg report on Monday that claimed Toronto-based Brookfield Asset Mangement has shown interest in merging Pattern Energy with its majority-owned renewable arm, TerraForm Power.
Pattern’s shares rose 8% following the news, its largest gain since December 2015, according to Bloomberg.
The company said that a transaction “may or may not be agreed", and that it will not make any further public announcements regarding "rumours or speculation” unless disclosure is necessary or legally warranted.
Pattern Energy, which went public in 2013, has 26 wind and solar energy projects in the US, Canada and Japan, with a total operating capacity of 4GW.
In February, the company signed off on a number of transactions to acquire 206MW of PV and wind projects from Pattern Energy Development and Green Power Investments in Japan.
TerraForm Power is headquartered in New York City. It owns and operates a 3.7GW portfolio of solar and wind.