A Dutch-Australian consortium of pension funds has agreed to acquire US private equity firm Riverstone Holdings’ equity stake in renewables giant Pattern Energy.
APG Asset Management and Australian Retirement Trust expect to acquire Riverstone’s stake in Pattern in the first half of 2025 subject to regulatory approvals.
Financial details of the transaction were not disclosed.
Pattern CEO Hunter Armistead said the new investors will “bring supplemental growth capital to help scale our platform”.
Riverstone founded Pattern Energy in 2009 in order to acquire assets from Babcock & Brown’s North American wind business.
Today, Canada Pension Plan Investment Board is Pattern’s majority owner. The developer’s management team also owns shares in the company.
Pattern is developing a 25GW-plus pipeline of renewable energy and transmission projects, and has nearly 10GW in operation or under construction.
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