In response to the evolving situation with Silicon Valley Bank, Signature Bank and First Republic, Pattern Energy proactively initiated a full review of our banking relationships.
As a result, we can confirm that Pattern does not have any direct exposure to the affected banks across any Pattern entities. The analysis included the following steps and results:
- Searched our systems of record for all payments, both inbound and outgoing
- Confirmed there is no direct exposure across any Pattern entities
- Confirmed that there are some vendors that have bank accounts at SVB and, at their request, are making alternative forms of payments.
- Analyzed our potential exposures for other banks, including smaller or regional banks where there may be similar risks, and we believe that we are not exposed.
Pattern will continue to evaluate the situation as it evolves and conduct similar reviews if necessary.