Pattern Energy acquires majority share in Green Power Investment in Japan

28 January 2015 (Last Updated January 28th, 2015 18:30)

Pattern Energy Group, alternatively known as Pattern Development, has purchased majority share in Green Power Investment (GPI), thereby expanding its portfolio with nearly 1GW of wind and solar power developments.

Pattern Energy Group, alternatively known as Pattern Development, has purchased majority share in Green Power Investment (GPI), thereby expanding its portfolio with nearly 1GW of wind and solar power developments.

Financial details of the deal have not yet been disclosed.

Tokyo-based GPI, which was established in 2004 by the current CEO Toshio Hori, intends to spread out its development and investment activities in Japan.

Pattern Energy president and CEO Mike Garland said: "Pattern Development will combine its resources and support with GPI to continue its strong commitment of helping Japan meet its renewable energy goals, and reduce reliance on imported fossil fuels.

"Pattern Development will combine its resources and support with GPI to continue its strong commitment of helping Japan meet its renewable energy goals."

"GPI has a number of projects in various stages of development and we look forward to providing more detail in the coming months."

Pattern Energy, in which Pattern Development has 35% stake, has the right of first order (ROFO) to acquire projects set up by the latter.

Pattern Energy’s ROFO list, which upholds the near-term acquisition opportunities for the company, will include the new GPI projects.

Nearly 3500MW of wind energy developments are a part of Pattern Development’s portfolio.

With projects spread across North America, South America, the Caribbean, and Japan, the firm presently has more than 3GW of wind, solar, and several transmission projects under development.