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Pattern Energy Group - Q1-2019 Earnings & Price Target Update

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Pattern Energy Group Inc. (PEGI- TSX, NAQ) has a portfolio of 24 wind power facilities comprising 4,000 MW acquired from the Pattern Energy Group LP. Facilities are primarily located in the US(75%), and also Canada, Japan and Chile. Pattern Energy Group LP is controlled by Riverstone Investments. Riverstone is a multinational private equity firm based in New York City focused on leveraged buyout, growth capital, and credit investments in the energy industry and electrical power industry sectors. Pattern Energy Group has a joint venture agreement with the Public Sector Investment Board (PSP) to co-invest in wind power projects up to a total of $500M. The average age of facilities is 5 years, power purchase agreements have an average term of 13.5 years. PSP Investments owns approximately 10% of Pattern Energy Group.

Pattern Energy Group is related to the Pattern Development Companies (Pattern Energy Group LP (Pattern Development 1.0), Pattern Energy Group 2 LP(Pattern Development 2.0) who are developers of renewable energy and transmission projects. This includes a 29% interest in Pattern Development 2.0, which provides access to a pipeline of acquisition opportunities. Riverstone Holdings controls the Pattern Development group.

The Public Sector Investment Board is one of Canada's largest pension investment managers, with $140B of assets under management. They invest funds for the pension plans of the Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force.

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