Pattern Energy Group LP (Pattern Energy), a major player in renewable energy and transmission infrastructure, has confirmed that a consortium led by APG Asset Management N.V. (APG) and Australian Retirement Trust (ART) will acquire Riverstone Holdings LLC’s (Riverstone) equity stake. The transaction is expected to close in the first half of 2025, pending necessary regulatory approvals and customary closing conditions.
Hunter Armistead, CEO of Pattern Energy, indicated that the financial input from APG and ART will allow the company to strengthen its operations to meet the increasing demand for energy infrastructure. According to Armistead, this collaboration aims to support the company’s growth through partners aligned with its development strategy.
A supported growth strategy
With this investment, Pattern Energy plans to expand its development portfolio, which currently accounts for over 25 gigawatts of renewable energy and transmission projects in North America. The company already manages nearly 10,000 megawatts of operational or under-construction capacity.
One of the major projects under development is SunZia Wind and Transmission, announced as the largest ongoing energy infrastructure project in the United States, with a capacity to support electricity needs across several states.
A strategic investment for APG and ART
Steven Hason, Head of Americas Real Assets at APG Asset Management, explained that this investment aligns with APG’s strategy of investing in infrastructures that provide stable, long-term returns for pension funds. APG represents the interests of the Dutch pension fund ABP.
Meanwhile, Michael Weaver, Global Head of Real Assets at ART, indicated that ART’s entry into Pattern Energy’s capital aligns with a global investment approach aimed at strengthening the organization’s portfolio of real assets.
The transition since 2020
Since its acquisition by CPP Investments and Riverstone in 2020, Pattern Energy has developed an additional 5.6 gigawatts of energy projects. Bill Rogers, Head of Sustainable Energies at CPP Investments, stated that this investment has enabled the company to achieve significant milestones, consolidating its position in the North American market.
Yakov Tsveig, representative of Riverstone, noted that Riverstone’s participation has generated substantial value for stakeholders throughout their engagement with Pattern Energy.
A strategic turning point for Pattern Energy
Founded in 2009, Pattern Energy has evolved to become a major private player in the development and operation of energy and transmission projects in North America. With this new investment, the company intends to continue its growth by focusing on the development of strategic projects and the management of existing assets.
