Pattern Energy acquires Panhandle 1 wind project for US$124.4 million

Pattern Energy Group has acquired 172 MW of the Panhandle 1 wind project from Pattern Development for a total of US$124.4 million.

Highlights of the acquisition include a fully operational 218 MW project, nine operating wind facilities, two construction projects and 118 GE 1.85 MW wind turbines.

Mike Garland, president, CEO, Pattern Energy said, “This acquisition adds 16 percent more to company’s operating capacity. Panhandle 1 is located in Carson County, Texas, a natural wind site in U.S, with an access to transmissions. The strength of the wind, coupled with smooth finance structure will ensure cash flow.”

The facility will use new Competitive Renewable Energy Zone (CREZ) transmission infrastructure, which connects to the state’s main power grid operator, Electric Reliability Council of Texas (ERCOT).

The Panhandle 1 project created more than 275 construction jobs, eleven permanent operations and maintenance positions. This project will generate renewable electricity for up to 60,000 homes each year without using any of the water supply sources.

Approximately 77 percent of the output of Panhandle 1 is contracted for thirteen years energy price hedge with Citibank affiliate and the balance sold at ERCOT’s market price.

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