Pattern Energy Group Inc. (Pattern Energy) and the Public Sector Pension Investment Board (PSP Investments) announced the acquisition of the 147-MW Mont Sainte-Marguerite Wind power facility from Pattern Energy Group LP. Mont Sainte-Marguerite Wind is located approximately 50 kilometers south of Québec City, in the Chaudière-Appalaches region.
“This is our first wind power facility in Québec and our third project under the joint venture agreement with PSP Investments, underscoring the strategic value of our partnership,” said Mike Garland, CEO of Pattern Energy. “With strong CAFD contributions and a 25-year PPA, Mont Sainte-Marguerite is a fantastic addition to our growing portfolio that expands our Canadian footprint and further diversifies our portfolio.
“We now have a total of seven operational wind facilities across Canada with a total capacity to power more than 450,000 Canadian homes each year.”
Mont Sainte-Marguerite Wind is fully operational and has been jointly acquired pursuant to a prior-agreed purchase-and-sale agreement. Pattern Energy acquired a 51% interest in Mont Sainte-Marguerite for a total investment of approximately USD $40 million, which represents a CAFD multiple of 10x of the five-year average CAFD1, and was funded using available liquidity. PSP Investments acquired a 49% interest in Mont Sainte-Marguerite. Pattern Energy will operate the facility.
“Mont Sainte-Marguerite Wind is an ideal investment from any angle, including everything from its long-term potential, to its locally sourced construction and positive local impact,” said Patrick Samson, Managing Director and Head of Infrastructure Investments, PSP Investments. “We are proud to once again partner with Pattern Energy, to support its continued growth and its ability to increasingly provide renewable energy to clients throughout the world.”
The Mont Sainte-Marguerite Wind facility operates under a 25-year power purchase agreement (PPA) with Hydro-Québec Distribution. Mont Sainte-Marguerite Wind facility is expected to generate enough power for approximately 28,000 Québec homes annually, according to power use statistics from Hydro-Québec. The facility site, located on one of the higher elevations in Southern Québec, has one of the strongest wind resources in the region.