Wind energy company launches $320 million IPO

September 10, 2013 by  
Filed under Green Energy News

A San Francisco-based wind power company with an operations control center in Houston is reaching out to public markets with a $320 million initial public offering.

Pattern Energy Group is looking to collect $288 million in net proceeds from its IPO launched Monday, a move to repay debt and use new capital for other corporate purposes. The four-year-old company, which owns eight wind projects in North America and Latin America, said it is offering 16 million shares between $19 per share to $21 per share.

In the second quarter 2013, the company took in $58.7 million in revenue, a 136 percent climb from the same period last year. The renewable power producer made $44.3 million in net income during the second quarter, a giant leap from the $2.4 million it collected in the same period last year.

Last month, the company said it started construction on a 218-megawatt wind power facility in the Texas Panhandle, a project that could power 60,000 homes in Texas when its completed next year.

Seven of the company’s 41 employees are based in San Francisco, and 19 reside at other offices, including at the operations control center in Houston, according to regulatory filings.

The company expects to trade on the NASDAQ Global Market under the symbol “PEGI.”

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