Pattern Energy Group LP, a leading player in renewable energy and transmission infrastructure, has announced that a consortium led by APG Asset Management N.V., on behalf of the largest Dutch pension fund ABP, and Australian Retirement Trust will acquire Riverstone Holdings LLC’s equity stake in the company. The consortium will join existing owners, Canada Pension Plan Investment Board and Pattern management. The transaction, which remains subject to regulatory approvals and customary closing conditions, is expected to finalise in the first half of 2025. Financial details were not disclosed.
“APG’s and ART’s financial strength and commitment to the business will strengthen Pattern’s position as we rise to the challenge of meeting North America’s rapidly growing energy needs,” said Hunter Armistead, CEO at Pattern Energy. “Adding partners of this calibre who are aligned with Pattern’s vision and bring supplemental growth capital to help scale our platform is a testament to the quality of Pattern’s culture, projects, and team.”
Steven Hason, head of Americas real assets at APG Asset Management US Inc., highlighted the alignment of values and goals: “This investment reflects the shared commitment of APG and its client, ABP, in driving meaningful progress toward a cleaner, more resilient energy future. The investment in Pattern Energy alongside our new partners is designed to generate sustainable, long-term returns, while also delivering tangible climate solutions and societal benefits.”
Michael Weaver, head of global real assets at Australian Retirement Trust, added: “Australian Retirement Trust is always looking for new investment opportunities to deliver strong returns for our almost 2.4 million members, which is why we see such value in Pattern Energy and advancing its renewable energy infrastructure projects. The acquisition of Pattern Energy adds to ART’s growing investments in renewables, supporting our Net Zero 2050 Roadmap.”
Pattern Energy will use the investment to further advance its substantial development pipeline of over 25 gigawatts of renewable energy and transmission projects. This includes supporting its current operating facilities and in-construction portfolio, which totals nearly 10,000 megawatts (MW) across North America. A major highlight of its work is the SunZia Wind and Transmission project, the largest renewable energy infrastructure initiative in U.S. history. Once completed, it will supply clean, reliable electricity to over 3 million Americans.
Bill Rogers, MD and head of sustainable energies at CPP Investments, praised Pattern Energy’s progress since the 2020 acquisition: “Since our acquisition of Pattern Energy in 2020 alongside Riverstone, management has successfully developed 5.6 GW of renewable energy projects, including the historic SunZia Wind and Transmission project. We look forward to supporting the next chapter of growth in the company with our new partners.”
Founded in 2009 by Riverstone, its affiliates, and members of the Pattern management team, Pattern Energy has grown into one of the world’s largest privately-owned developers and operators of advanced clean energy and transmission projects.
Reflecting on Riverstone’s role in Pattern’s success, Yakov Tsveig, principal at Riverstone, remarked: “It has been an honour to have invested alongside Hunter and the entire Pattern team since the company’s formation, and CPP Investments since 2020. We have realised remarkable achievements and created long-lasting value for renewable power customers, local stakeholders, financing partners, and shareholders through Pattern’s several evolutions.”
Armistead added: “We will forever appreciate Riverstone’s backing that facilitated the founding of Pattern more than 15 years ago – they have been true partners who have consistently made us better. Riverstone has been integral to Pattern’s success, and we thank them for their unwavering support and strong partnership.”
Evercore Group L.L.C. acted as the exclusive financial advisor, and Vinson & Elkins served as legal counsel to Riverstone for the transaction. Sidley Austin LLP served as legal counsel to the buyer consortium.
For more information visit www.patternenergy.com
