Pattern Energy Group Inc., a wind developer that had its initial public offering in September, agreed to buy two projects from its largest shareholder for $202.4 million.
The wind farms in Ontario and Texas will add 214 megawatts of power plants, boosting capacity by 21 percent, San Francisco-based Pattern Energy said today in a statement.
The purchases include a 45 percent stake in Grand Renewable, a 149-megawatt project in Haldimand County, Ontario, and about 80 percent of Panhandle 2, a 182-megawatt project in Carson County, Texas. Both wind farms will be completed in the fourth quarter 2014, the company said.
Pattern Energy Group LP is a wind-farm developer that holds a 47.5 percent stake in Pattern Energy Group Inc., which owns and operates plants that it builds.