First U.S. Wind Company IPO Signals a Shift in the Energy Breeze
What a difference three years can make. In 2010, First Wind tried to do an initial public offering, but never made it out of the gate. Last Friday, in a sign of wind power’s now-entrenched place on the U.S. energy landscape, Pattern Energy Group had a successful IPO, raising $352 million.
Of course, there was more that was different about this IPO than the date it took place; as Reuters pointed out, “Pattern has solid cash flow and has been largely profitable, factors that may have helped the company get a better pricing and drive the stock up on debut.”
Still, the success of the Pattern IPO does say something about the state of the larger industry.
Utilities like wind because it’s a