SAN FRANCISCO, Jan. 28, 2015 (GLOBE NEWSWIRE) -- Pattern Energy Group Inc. (Nasdaq:PEGI) (TSX:PEG) (the "Company" or "Pattern Energy"), today announced that Pattern Energy Group LP ("Pattern Development") has acquired a majority stake in Green Power Investment Corporation (GPI), based in Tokyo, Japan. Terms of the deal were not disclosed. Highlights
- Pattern Development acquires majority stake in GPI
- Expands wind and solar project development in Japan
- Adds up to 1,000 MW of near and longer term projects in development
- Pattern Development's interests in the GPI projects are subject to Pattern Energy's ROFO rights
About GPIGreen Power Investment Corporation is headquartered in Tokyo, Japan and was founded in 2004 by Toshio Hori, its current CEO. After having spent a number of years co-managing a fund and developing renewable energy projects in Europe, GPI is now focused on further expanding its development and investment activities in Japan. About Pattern Development Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 3,500 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication in working closely with communities to create premier renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com. About Pattern Energy Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 12 wind power projects, with a total owned interest of 1,636 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com. Cautionary Statement Regarding Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability of GPI to develop its pipeline and the ability of Pattern Development to support GPI. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the documents filed with the SEC and applicable Canadian securities regulatory authorities, including the Company's annual report on Form 10-K. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
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