Pattern Energy is an independent renewable energy company. Credit: Zhang Fengsheng.

Canada Pension Plan Investment Board (CPP Investments) has completed the acquisition of US-based renewable energy company Pattern Energy Group.

The deal is valued at $6.1bn and was first announced last November, after CPP Investments agreed to pay $26.75 per share in cash to Pattern Energy shareholders.

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Pattern Energy CEO Mike Garland said: “This is an exciting day for Pattern Energy. We are proud of everything we accomplished and are pleased that our stockholders have reaped the benefit of the growth of our company into a multinational operator of world-class wind and solar assets.

“With the completion of the transaction, we are moving forward with strong partners in CPP Investments and Riverstone and are better positioned to advance our mission of transitioning the world to renewable energy.”

Pattern Energy’s management team and the combined business will be led by Garland.

With the completion of the deal, Pattern Energy’s common shares will no longer be traded on NASDAQ and are expected to be delisted from the Toronto Stock Exchange shortly.

For this deal, Evercore and Goldman Sachs acted as independent financial advisers to Pattern Energy’s special committee. Paul, Weiss, Rifkind, Wharton & Garrison served as independent legal counsel.

CPP Investments Power and Renewables head Bruce Hogg said: “Pattern Energy has a high-quality operating portfolio of contracted assets and an ownership interest in a strong development business, which align well with CPP Investments’ renewable energy investment strategy.

“We look forward to working with Pattern Energy’s management team to grow the company by capturing opportunities presented by the increasing global demand for low-carbon energy.”