Pattern Energy has sold its 81MW stake in the 115MW El ArrayƔn Wind project to affiliates of Arroyo Energy Investors for $70.5m.

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Image: Pattern Energy sells stake in Chilean operations cristina miguel/FreeImages.com

This price represents cash available for distribution (CAFD) multiple that is greater than the CAFD multiple for projects the Company has acquired in the past.

Pattern Energy CEO Mike Garland said: “This is an excellent result that underscores the value of our portfolio and demonstrates a key part of our strategy, which is to recycle non-strategic holdings and use the capital to reinvest in accretive assets, repurchase stock or make other beneficial investments.

“Due to changes in the Chilean power market, we felt it was better for the Company to focus on its core business areas and reduce overhead. We continue to see excellent growth opportunities in the United States, Canada, Mexico, and Japan.”

Source: Company Press Release