Pattern Energy closes public offering

On May 14, 2014, Pattern Energy Group Inc. (Pattern) announced the closing of its offering of 21,117,171 Class A common stock, including 2,754,413 common shares purchased by the underwriters upon the exercise in full of their over-allotment option, at a price of US$27.75 per share, for total gross proceeds of US$586 million.

Pattern sold 10,810,810 shares of Class A common stock for total gross proceeds of US$300 million and Pattern Energy Group LP (Pattern Development), the selling shareholder, sold 10,306,361 shares of Class A common stock for total gross proceeds of US$286 million.

The offering was sold through an underwriting group led by BMO Capital Markets, Morgan Stanley & Co. LLC and RBC Capital Markets, who acted as joint book-running managers of the offering and the representatives of the underwriters.

The company intends to use the proceeds of the offering for working capital and general corporate purposes, including the acquisition of the Panhandle 1 wind power project from Pattern Development and potentially including certain other wind power projects.

Pattern is an independent power company, which owns and operates eleven wind power projects in the United States, Canada and Chile for a total owned capacity of 1,434 MW.

Further information can be found on Pattern Energy's website.