Pattern Energy has acquired the 150-megawatt Amazon Wind Farm (Fowler Ridge) project in Benton County, Indiana, from Pattern Development.
Amazon Wind Farm is expected to start generating power in the fourth quarter of 2015.
As many as 65 Siemens 2.3-MW wind turbines with ‘Made in America’ components — turbine blades, nacelles, towers, and transformers — are being installed on site.
Pattern Energy will own 116 MW interest in the project, when it is completed, and institutional tax equity investors will acquire the balance, according to a statement issued by the company.
Pattern Energy has spent $127 million for the acquisition, part of which is to be used to repay debt accrued from construction.
Funds for the acquisition are to be raised from available cash and credit.
With the acquisition, Pattern Energy will take its total owned capacity to 2,112 MW. Also, the project will expand the portfolio of the company to 16 wind power projects (three of these are at present only at the agreement level).
Pattern Energy has signed a 13-year power purchase agreement — likely to be extended to 20 years — with Amazon to evacuate its entire output.
Mike Garland, the president and CEO of Pattern Energy, has said the company’s portfolio has surpassed two gigawatts with the project. It is a growth of more than double since the issuance of its IPO.
“We have announced four acquisitions in the past month, demonstrating our commitment to grow the portfolio with high-quality, fully-contracted power facilities. We’re pleased to work with Amazon on our first wind project in Indiana,” Garland said.
When it goes into operation, Amazon Wind Farm will produce adequate clean energy to power 46,000 homes each year going by the average annual residential energy use data from the US Energy Information Administration.
Ajith Kumar S