CPPIB completes purchase of stake in renewable energy company

The Canada Pension Plan Investment Board has completed its purchase of all outstanding common shares of Pattern Energy Group Inc.

Pattern is no longer traded on the NASDAQ and will shortly be de-listed from the Toronto Stock Exchange. The CPPIB bought each outstanding share for $26.75 in cash.

Read: CPPIB buying U.S.-based renewable energy developer

“Pattern Energy has a high-quality operating portfolio of contracted assets and an ownership interest in a strong development business, which align well with CPP Investments’ renewable energy investment strategy,” said Bruce Hogg, managing director and head of power and renewables at the CPPIB, in a press release.

“We look forward to working with Pattern Energy’s management team to grow the company by capturing opportunities presented by the increasing global demand for low-carbon energy.”

Pattern comprises of a portfolio of 28 renewable energy projects, operating in Canada, Japan and the U.S.