Pattern Energy Enters Agreement to Sell Japanese Assets

Sale includes its directly owned assets and 100% of its interest in Green Power Investment Corp

TOKYO, May 18, 2023 /PRNewswire/ -- Pattern Energy Group LP (Pattern Energy), a leader in renewable energy and transmission infrastructure, announced it has entered an agreement for the sale of its directly owned Japanese assets and 100% of its interest in its affiliate in Japan, Green Power Investment Corp. (GPI), to NTT Anode Energy Corporation and JERA Co., Inc. The transaction is expected to close by the end of 2023, following the necessary regulatory review process in Japan. Terms of the transaction were not disclosed.

The sale is the culmination of a successful investment into the Japanese renewable market and partnership between Pattern and GPI. Pattern's directly owned assets include Sumita Tono Wind, Ishikari Offshore Wind and Storage, and Fukaura Wind. Sumita Tono Wind began operation earlier this month and is providing power to 47,000 households in Japan.

Since Pattern acquired majority ownership in 2015, GPI has grown into one of the largest independent renewable platforms in Japan with a team of over 200 professionals with extensive experience and knowledge of renewable energy operations. GPI owns and operates six renewable energy facilities totaling 337 MW, two projects under construction totaling 192 MW, including the largest combined offshore wind and storage project in Japan.

"Our partnership with GPI was a tremendous success and has grown into a leading renewables business in Japan," said Hunter Armistead, CEO of Pattern Energy. "As the Japanese market continues to evolve, we saw the need for more of a local force, with deep connections, to partner with GPI and drive the business forward. The timing was right for all parties to make this happen. NTT Anode and JERA are ideal partners for GPI that can continue to build upon the strong foundation we've worked together to establish."

"We would like to thank Pattern for its continued support over the years," said GPI President Mitsuru Sakaki.  "We look forward to our new partnership with NTT Anode and JERA and are excited about the potential for continued growth and expansion of our business."

About GPI
Green Power Investment Corporation (GPI) is a Japanese developer, owner and operator of renewable energy assets. The founder of GPI, Toshio Hori, was one of the earliest pioneers in renewable energy, having built some of the first large scale wind power projects in Japan, the United States and Europe. GPI is headquartered in Tokyo and has a team of more than 200 professionals covering all areas of expertise necessary to operate and manage a full-scale renewable energy business. GPI's development portfolio totals more than 4 gigawatts of wind capacity, including approximately 1.4 GW MW of wind projects that have FiT certifications. Pattern Energy holds a majority interest in GPI.

About Pattern Energy
Pattern Energy is one of the world's largest privately-owned developers and operators of wind, solar, transmission, and energy storage projects. Its operational portfolio includes 36 renewable energy facilities that use proven, best-in-class technology with an operating capacity of nearly 6,000 MW in the United States, Canada, Japan, and Mexico. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment, and strengthen communities. For more information, visit www.patternenergy.com.

Contacts:

Matt Dallas    
Pattern Energy     
917-363-1333  
[email protected]       

SOURCE Pattern Energy Group LP