Copyright : Pedro Antonio Salaverría Calahorra

The Public Sector Pension Investment Board is acquiring a 49 per cent interest in a U.S. wind facility through its existing stake in renewable energy company Pattern Energy Group Inc.

Pattern Energy Group has agreed to pay $23 million to private affiliate Pattern Energy Group 2 LP for a 35 megawatt-owned interest in a wind farm based in Stillwater County, Montana. This is the fourth project Pattern Energy has undertaken as part of its joint venture arrangement with the PSP, said Mike Garland, chief executive officer at Pattern Energy, in a press release.

Read: PSP to become largest shareholder of U.S. renewable energy company

The PSP is the energy company’s largest shareholder after it bought 10 per cent of company equities and committed US$500 million in 2017. Pattern Energy will gain 51 per cent interest from the transaction and increase current operations spanning Canada, Japan and the United States.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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