U.S.-based renewable energy company Pattern Energy announced that it has entered into an agreement for the sale of its minority-owned interest in K2 Wind Power facility for a price of 216 million Canadian dollars ($165 million).
Pattern Energy said that the 90-megawatt wind facility would be sold to a consortium of investors led by Canadian investment firm Axium Infrastructure.
The company intends to use the net proceeds from the sale for general corporate purposes, which may include funding investments, acquisitions or the repayment of indebtedness.
Pattern Energy also said that the sale demonstrates the confidence of Canadian investors in the Ontario market and the proceeds provide it with an opportunity to redeploy capital into more accretive opportunities, improving its cash available for distribution without issuing common equity.