Pattern Energy has closed the C$216m ($160m) divestment of its 90MW minority-owned interest in the K2 Wind power facility in Ontario, Canada, to a consortium of investors led by Axium Infrastructure.

K2 is a 270MW windpower facility in the township of Ashfield-Colborne-Wawanosh.

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The deal was announced in November 2018 and completed on 31 December.

Pattern Energy CEO Mike Garland said: “The sale of K2 at a 15.0x ten-year average CAFD multiple demonstrates the intrinsic value of our windpower assets and highlights our ability to selectively recycle assets in order to redeploy capital into more accretive opportunities.

“We have now sold two assets, El Arrayán and K2, at significant premiums to the multiple at which we trade in the markets. We will continue as operator of K2 after the sale. Pattern Energy is the largest operator of windpower facilities in Canada with more than 1,500MW under operation across the country.”

Pattern Energy will report a pretax gain of around $71m on the divestment.

“We have now sold two assets, El Arrayán and K2, at significant premiums to the multiple at which we trade in the markets.”

In November 2018, Pattern Energy acquired a 35MW owned interest in the Stillwater Wind (Stillwater) facility from Pattern Energy Group 2 LP (Pattern Development 2.0) for $23m.

Pattern Energy acquired 51% of the class B interests in Stillwater, while Public Sector Pension Investment Board purchased 49% of the class B interests in the facility. Pattern Energy will operate the facility.

Stillwater began commercial operations in late-October. The facility is in Stillwater County, Montana.

Stillwater has a 25-year power purchase agreement for its total energy produced.

The facility uses 31 Siemens Gamesa wind turbines comprising five 2.3MW turbines with 108m rotors and 26 2.625MW turbines with 120m rotors.

The 80MW facility produces enough power for the annual requirements of approximately 23,000 Montana homes.

Pattern Energy has a portfolio of 24 wind and solar power facilities with a total ownership interest of 2,806MW across the US, Canada, and Japan.