Pattern Energy closes buy of 182-MW wind farm in Texas

Nov 12, 2014 - US firm Pattern Energy Group Inc (NASDAQ:PEGI) said today it has finalised its acquisition of 147 MW of owned interest in the now fully-operational 182-MW Panhandle 2 wind farm in Texas.

The power producer has paid about USD 123.8 million (EUR 99.3m) to Pattern Energy Group LP, also known as Pattern Development, for the interest. Pattern Energy bought 172 MW of the 218-MW Panhandle 1 wind park in July 2014.

The Panhandle 2 wind park uses 79 Siemens turbines of 2.3 MW each, with the combined capacity to generate enough power for over 56,000 local households a year. About 80% of the estimated output will be sold to an affiliate of Morgan Stanley (NYSE:MS) under a long-term contract. The rest will be purchased by the Electric Reliability Council of Texas Inc (ERCOT) at spot market prices.

The construction process, managed by Mortenson Construction, was completed on schedule and on budget, Pattern Energy’s CEO Mike Garland noted.

Following this acquisition, the company has 10 operating wind parks in its portfolio and expects the 11th to be completed on track this quarter. These facilities, located in the US, Canada and Chile, represent a total owned interest of 1,472 MW.

(USD 1.0 = EUR 0.802)

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