Pattern Energy Closes Financing of Largest Wind & Solar Energy Fund in Japan
$515 million fund will invest in Japanese clean power projects
SAN FRANCISCO, Jan. 19, 2021 /PRNewswire/ -- Pattern Energy Group LP (Pattern Energy) today announced that it has closed financing of a $515 million fund, Green Power Renewable No. 1 Investment LP (the fund), the largest fund in Japan focused on wind and solar energy investments. Pattern Energy's affiliate in Japan, Green Power Investment Corporation (GPI), will manage the fund and is also one of its largest investors. Investors in the fund comprise some of the largest and most respected financial institutions in Japan, including the Development Bank of Japan Inc., which will serve as the anchor investor.
The fund will invest in five renewable energy facilities that were developed, constructed and are now owned and operated by GPI, including Futtsu Solar, Kanagi Solar, Ohorayama Wind, Otsuki Wind, and Tsugaru Wind. The 122 MW Tsugaru Wind power facility is the largest operating wind farm in Japan.
"This pioneering new fund will help us expand our growth in Japan through partnering with these major Japanese institutions on some exciting new onshore and offshore wind projects," said Mike Garland, CEO of Pattern Energy. "The strong investor demand for this new fund demonstrates both the confidence in our business model and the compelling future development opportunities in our Japanese pipeline. Together with our partner, GPI, we have built one the best development pipelines in Japan consisting of more than 2.4 gigawatts of renewable energy projects."
Pattern Energy has seven renewable energy facilities in Japan, including five in operations and two in construction, totaling 432 MW of capacity.
About GPI
Green Power Investment Corporation (GPI) is a Japanese developer, owner and operator of renewable energy assets. The founder of GPI, Toshio Hori, was one of the earliest pioneers in renewable energy, having built some of the first large scale wind power projects in Japan, the United States and Europe. GPI is headquartered in Tokyo and has a team of more than 100 professionals covering all areas of expertise necessary to operate and manage a full-scale renewable energy business. GPI's development portfolio totals more than 2.4 gigawatts of wind capacity, including approximately 1 GW MW of wind projects that have FiT certifications. Pattern Energy holds a majority interest in GPI.
About Pattern Energy
Pattern Energy is one of the world's largest privately-owned developers and operators of wind, solar, transmission, and energy storage projects. Its operational portfolio includes 28 renewable energy facilities that use proven, best-in-class technology with an operating capacity of 4.4 GW in the United States, Canada and Japan. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment, and strengthen communities. For more information, visit www.patternenergy.com.
Contacts:
Matt Dallas
Pattern Energy
917-363-1333
[email protected]
SOURCE Pattern Energy Group Inc.
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