California based Pattern Energy files for IPO to $345 million – Wind Power

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(Reuters) – Renewable power producer Pattern Energy Group Inc filed with U.S. regulators on Friday to raise up to $345 million in an initial public offering of common shares.


Duane Tilden‘s insight:

>The California-based company owns and operates wind power projects and has an interest in eight wind power projects located in the United States, Canada and Chile, representing a combined capacity of 1,041 megawatts.



Pattern Energy said it expects to benefit from growing demand for renewable sources of energy, amid increasing concerns related to greenhouse gas emissions and increasing prices of fossil fuels.



Pattern Energy reported net income of $44.3 million and revenue of $58.7 million in the quarter ended June 30.  The filing did not reveal how many Class A shares the company planned to sell or their expected price.  The company listed BMO Capital Markets, RBC Capital Markets, Morgan Stanley as underwriters to its offering. <


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