Riverstone Holdings LLC and the management team of Babcock & Brown's North American Energy Group jointly announced the purchase of the wind development portfolio from Babcock & Brown LP to form Pattern Energy Group LP.
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Pattern Energy is an independent, fully integrated energy company that develops, constructs, owns, and operates renewable energy and transmission assets across North America and parts of Latin America. Riverstone is providing the capital required to expand and support Pattern Energy's renewable energy business. Pattern Energy retains the Babcock & Brown North American energy development team. Pattern Energy also maintains the current Babcock & Brown development pipeline that exceeds 4,000MW of wind power in 11 states and 4 countries in addition to several power transmission projects. Riverstone is committing US$ 400 million to expand and support Pattern Energy's renewable energy business.
