In a story brought to our attention by LAVCA, Pattern Energy Group announced that its Chilean operations were to be acquired by Arroyo Energy Investors for US$67M. Pattern Energy’s interests in Chile were concentrated in the El Arrayán Wind project, of which they owned 81MW of the 115MW project. El Arrayán Wind was the largest wind energy farm in Chile when it was built.
In the press release, Pattern Energy’s CEO, Mike Garland, stated:
“While the purchase price demonstrates material embedded value in our assets, the primary reason for the sale was strategic. Chile was a good candidate for sale as it was one of the higher cost operations in our fleet because of the distance from the rest of our operations and the different legal, tax and regulatory environments.”
This acquisition will remove an estimated US$1M from Pattern’s yearly overhead costs. El Arrayán Wind is located in the north of Chile, around 400 miles north of Santiago, and operates in close partnership with Minera Los Pelambres mines.
Read more in the original press release for LAVCA.