Pattern, Samsung clinch USD 517m loan for Ontario wind farm

Oct 28, 2014 - US-based Pattern Energy Group LP and Samsung Renewable Energy Inc have obtained a CAD-580-million (USD 517m/EUR 407m) construction and term loan for their 180-MW Armow wind project in Ontario, Canada.

Pattern Development, as the US renewable energy firm is also known, said in a statement on Tuesday that the pair has secured the financing from 10 financial institutions, without naming them. Construction of the park has begun.

The Armow wind project in Kincardine township will have 91 wind turbines of 2.3 MW each, manufactured in Ontario by Germany’s Siemens AG (ETR:SIE). Once completed in the final quarter of 2015, the power plant will be able to produce enough power for about 70,000 local households. All of the wind park’s output will be sold to the Ontario Power Authority (OPA) under a 20-year power purchase agreement (PPA).

The wind park is also expected to provide more than CAD 75 million in property taxes, landowner lease royalties and community benefits over 20 years.

Commenting on the news, Pattern Development’s CEO Mike Garland noted that the company has now successfully financed and commenced building four wind schemes in Ontario with a combined capacity of some 870 MW.

Samsung Renewable Energy is a unit of South Korean group Samsung C&T Corp (SEO:000830).

(CAD 1.0 = USD 0.891/EUR 0.702)

Choose your newsletter by Renewables Now. Join for free!