The California-based yieldco Pattern Energy has acquired a majority stake in the Tokyo-based renewable energy project developer & operator Green Power Investment Corporation, according to recent reports.
Along with the purchase of this majority stake, Pattern Energy will be given “right of first offer” on the more than 1000 megawatts (MW) of solar energy projects that are currently in the development pipeline of Green Power Investment.
This 1000 MW (1 gigawatt) “project development pipeline” refers to projects set to be completed on both near-term and long-term timeframes. Beyond this, the exact details of the recent majority-stake purchase haven’t been disclosed publicly, but Green Power Investment chief executive Toshio Hori noted that he “specifically chose Pattern Development because of their knowledge, understanding and openness to conducting business in a manner mindful of the nuances of doing business in Japan.” So, there’s that.
A note to make here: roughly 35% of Pattern Energy’s stock is held by Pattern Development, and the two companies deal with each other via an existing agreement that stipulates that Pattern Energy is given right of first offer on projects developed by Pattern Development. Pattern Development currently possesses a renewable energy project pipeline consisting of over 3500 MW of infrastructure.
Hori continued: “We had a pipeline ripe for implementation and the timing could not have been better. We are very excited about our future together.”
That almost sounds like someone talking about a marriage proposal doesn’t it? Wonder how that bodes for the partnership’s future?
Image Credit: Pattern Energy/Pattern Development