Pattern Energy, under its corporate credit facility agreement has extended the commitments to US$350 million.
The credit facilities will be utilized for general corporate purposes like financing future asset acquisitions.
Increasing the capacity of credit facilities provides the company with additional liquidity, proving the increasing growth.
During the first year since the IPO, the company has developed assets by 41 percent in net owned capacity, reaching up to 431 MW.
In addition, the company has identified 874 MW of ROFO projects planning to be acquired in next 12 -18 months, more than double of the last year’s growth.
As of September 30, 2014, the Company had US$97.4 million available under its US$145 million revolving credit agreements.
As part of its increasing operating capacity, Pattern Energy has closed the acquisition of 147 megawatts of owned interest in the 182 MW Panhandle 2 Wind facilities from Pattern Development for a total cash consideration of US$123.8 million in November.
The Panhandle 2 Wind facility, located in Carson County, Texas, is now fully operational.
In another development, Pattern Energy announced the addition of 150 megawatts of the 300 MW Henvey Inlet Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Development.
Sabeena Wahid
[email protected]