Dutch pension fund manager APG and the Autralian Retirement Trust are due to acquire a significant stake in Pattern Energy, one of North America’s largest clean energy firms.

The two investors are set to acquire Riverstone Holdings’ stake in Pattern, which currently owns some 35% of the firm. The remainder is held by Canada Pension Plan Investment Board (CPP Investments) and Pattern’s management team. The transaction is expected to close in the first half of 2025, pending regulatory approvals.

“This investment reflects the shared commitment of APG and its client, ABP, in driving meaningful progress toward a cleaner, more resilient energy future,” said Steven Hason, head of Americas Real Assets at APG Asset Management US Inc, the US office of the Dutch investor. “The investment in Pattern Energy alongside our new partners is designed to generate sustainable, long-term returns, while also delivering tangible climate solutions and societal benefits.”

ART’s head of Global Real Assets, Michael Weaver added: “The acquisition of Pattern Energy adds to Australian Retirement Trust’s growing investments in renewables. We take our responsibility as a leading global investor seriously and we are confident this acquisition will provide strong returns for our members, while supporting our Net Zero 2050 Roadmap.

Pattern Energy plans to use this backing to advance its 25 GW renewable energy development pipeline and support its operating portfolio of 10,000 MW. The company is also on track to complete the SunZia Wind and Transmission project, the largest renewable energy initiative in U.S. history, set to power over three million homes.