Pattern completes acquisition of 351-MW wind projects

By Editor


Pattern Energy has completed the acquisition of two operational wind power facilities at Kansas and Missouri totaling 351 megawatts.

The assets were purchased for $242 million plus assumed net debt of $102 million from Wind Capital Group and its affiliates.

Pattern Energy is to maintain a combined owned interest of 270 MW in both projects — 201-MW Post Rock Wind facility in Kansas, and 150-MW Lost Creek Wind facility in Missouri.

Both projects have been operational for about four years and are under reliable power purchase agreements, according to Pattern. The average remaining life of the contracts of the projects is 16 years.

ALSO READ: Pattern Energy targets higher growth rate, asset expansion

Earlier this month, Pattern Energy completed the acquisition of 150-megawatt Amazon Wind Farm (Fowler Ridge) project in Benton County, Indiana, from Pattern Development.

Pattern Energy has spent $127 million for the acquisition, part of which is to be used to repay debt accrued from construction.

The company will own 116 MW interest in the project when it is completed and the balance shares will be owned by institutional tax equity investors, according to a statement issued by the company.

Amazon Wind Farm is expected to start generating power in the fourth quarter of 2015.

The project has 65 Siemens 2.3-MW wind turbines with ‘Made in America’ components — turbine blades, nacelles, towers, and transformers — are being installed on site.

With the acquisition, Pattern Energy took its total owned capacity to 2,112 MW from 16 wind power projects.

Also, Pattern Energy has signed a 13-year power purchase agreement — likely to be extended to 20 years — with Amazon to evacuate its entire output.

Ajith Kumar S

[email protected]

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