Pattern Energy Increases Annual CAFD Per Share Growth Target - Quick Facts

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO) announced it has increased its growth target for cash available for distribution per share to a compound annual growth rate of 12-15% for the next three years. The company also stated that its first quarter 2015 production at wind power facilities in the western U.S. and Texas have been adversely affected by the El Niño weather, resulting in a reduction in expected production of approximately 5% of the company's total annual expected production.

The company announced it has entered into definitive agreements to acquire three wind power facilities for a total combined equity purchase price of $372 million together with the assumption of $320 million in net debt and certain tax equity non-controlling interests.

"We are increasing our CAFD per share growth target to 12-15% due to several key factors that give us added confidence in achieving or exceeding our growth objectives, including today's three acquisitions, advancement of our nearly 1,000 megawatts (MW) in identified ROFO projects and the expansion of our development pipeline, including visibility to more than 500 MW of projects that will be ready to be added to the identified ROFO list over the next 12 months," said Mike Garland, President and CEO of Pattern Energy.