Pattern Energy closes public offering of Class A common stock

On August 12, 2016, Pattern Energy Group Inc. ("Pattern Energy") announced that it closed the previously announced underwritten public offering of shares of its Class A common stock, par value US$0.01 per share. Pursuant to the underwriting agreement, Pattern Energy sold 10,000,000 shares of its Class A common stock to a syndicate of underwriters, led by RBC Capital Markets, BMO Capital Markets and Morgan Stanley, at a public offering price of US$23.90 per share.

In connection with the offering, Pattern Energy also granted the underwriters an option to purchase up to an additional 1,500,000 shares on the same terms and conditions as the offering, solely to cover over-allotments. On August 22, 2016, the underwriters elected to partially exercise its over-allotment option, resulting in a total of 11,300,000 shares being issued for total gross proceeds of approximately US$270 million.

Pattern Energy intends to use the net proceeds from the offering, including the net proceeds of the over-allotment option, to fund potential acquisition opportunities from Pattern Energy Group LP and repay its revolving credit facility.

Pattern Energy is an independent power company with a portfolio of 17 wind power facilities, including one it has committed to acquire, with a total owned interest of 2,554 MW in the United States, Canada and Chile that use proven, best-in-class technology.

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