Pattern Development has acquired a majority stake in Green Power Investment (GPI), based in Tokyo, Japan.
The acquisition is expected to promote the expansion of wind and solar project assets in Japan.
Moreover, the acquisition will add up 1,000 MW of near and longer term projects going through various stages of development.
Terms of the deal are yet to be disclosed.
Pattern Development will combine its resources and support with GPI to continue its strong commitment to helping Japan meet its renewable energy goals and reduce reliance on imported fossil fuels.
Pattern Development’s interests in the GPI projects will be subject to the right of first offer (ROFO) rights of Pattern Energy.
The ROFO list represents a portion of Pattern Development’s 3,500 MW pipeline of development projects, all of which are subject to Pattern Energy’s right of first offer.
Pattern Development owns 35 percent of Pattern Energy, which has the ROFO to acquire projects developed by Pattern Development.
Pattern Energy maintains a list of identified ROFO projects, which represent near-term acquisition opportunities.
Last week, Pattern Energy agreed to develop 150 MW Fowler Ridge IV Wind project in Indiana.
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The generated power will be supplied for 13 years to a subsidiary of Amazon.com, known as Amazon Web Services Wind Farm.
The construction will begin in April and the project will reach commercial operation in late 2015 or early 2016.
The wind farm will generate 500,000 MWh annually, equivalent to electricity used by 46,000 US homes.
Earlier this month, Samsung and Pattern Energy jointly developed the 149 megawatt Grand Renewable Wind project in Ontario, under an equity partnership with an elected council of Six Nations.
The Six Nations community owns 10 percent of the Grand Renewable Wind project.
Sabeena Wahid
[email protected]