Davis Polk is advising Pattern Energy Group Inc.’s (Pattern Energy) Conflicts Committee of independent directors in connection with Pattern Energy’s acquisition of the Panhandle 1 wind power project from its majority shareholder, Pattern Energy Group LP, for a consideration of $125 million in cash. Panhandle 1 is being built in Carson County, Texas, and consists of 118 General Electric 1.85 MW wind turbines. Panhandle 1 will, when completed, add 179 MW (or 14%) in owned capacity to Pattern Energy’s portfolio. The acquisition is expected to close upon commencement of commercial operations in June 2014. (more…)