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(Reuters) - Renewable power producer Pattern Energy Group Inc filed with U.S. regulators on Friday to raise up to $345 million in an initial public offering of common shares.
The California-based company owns and operates wind power projects and has an interest in eight wind power projects located in the United States, Canada and Chile, representing a combined capacity of 1,041 megawatts.
Renewable power relies on government subsidies to compete with fossil fuels such as coal and natural gas.
Pattern Energy said it expects to benefit from growing demand for renewable sources of energy, amid increasing concerns related to greenhouse gas emissions and increasing prices of fossil fuels.
The U.S. Energy Information Administration (EIA) estimates global net electricity generation to grow at an annual rate of 2.4 percent between 2008 and 2020, Pattern Energy said in a filing with the U.S. Securities and Exchange Commission. (http://r.reuters.com/qas32v)
The EIA estimates hydro power to contribute about 52 percent and wind power 32 percent to the net electricity generation.
Pattern Energy reported net income of $44.3 million and revenue of $58.7 million in the quarter ended June 30.
The filing did not reveal how many Class A shares the company planned to sell or their expected price.
The company listed BMO Capital Markets, RBC Capital Markets, Morgan Stanley as underwriters to its offering.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Neha Dimri and Kanika Sikka in Bangalore; Editing by Maju Samuel)