Proceeds will be used to refinance a hydroelectric portfolio and build new assets from Brookfield Asset Management’s second infrastructure fund.
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The board for the century-old power producer approved a strategy to shut down or convert to gas generation a number of its coal-fired plants.
The purchase comes a month after the Canadian pension manager sold its 50% stake in a UK-based water firm.
Anbaric Development Partners will focus on building clean energy transmission and micro-grid projects in North America.
The project is Pattern’s latest development in Canada, with support from The Manufacturers Life Insurance Company, CDPQ and German bank Bayerische Landesbank.
Northland Power’s acquisition of the €1.2bn Deutsche Bucht project gives the company its first full ownership of an offshore wind farm following majority investments in the Gemini and Nordsee One sites.
The acquisition of the 44MW wind farm in northern France received debt financing from a French infrastructure fund.
The Labourers’ Pension Fund of Central and Eastern Canada has also made up to C$200m available to develop NRStor Inc’s project pipeline.
The acquisitions set a precedent for potential future deals between Fengate and one of North America’s largest solar developers.
Michael Sabia and Mark Wiseman believe a national lender focused on infrastructure could help ‘multiply the impact of every federal dollar’.