The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Pattern Energy Acquires 283-MW Gulf Wind Project

Pattern Energy Group LP has acquired the 283-megawatt (MW) Gulf Wind project from Babcock & Brown. Gulf Wind includes 118 wind turbines and is located on the Gulf Coast in Kenedy County, Texas. The project is in close proximity to transmission lines that allow for the efficient delivery of power to nearby markets.

The majority of Gulf Wind’s output has been contracted to be sold to third-party, with its price secured under a long-term power purchase agreement. The Gulf Wind project has been operational for approximately one year and provides millions in tax benefits to the region, including paying nearly $3.5 million in local taxes for 2010.

“Gulf Wind is a premier wind energy project that implements leading scientific technology and solidifies Pattern Energy’s presence in the Gulf Coast renewable energy market,” said Mike Garland, CEO of Pattern Energy. “Gulf Wind is situated in a unique coastal location where the winds blow strongest at the times of the day, as well as the seasons of the year, when electricity demand and prices are highest—translating into strong revenue and the ability to better meet demand in the markets we serve.”

Pattern was formed as an independent company eight months ago and now has nearly 400 MW of premium wind projects in operation or under construction across North America, counting the addition of Gulf Wind.

Pattern executed financing agreements with leading wind project lenders to secure debt to fund a portion of the purchase price. The acquisition concludes a nearly one year, competitive sale process conducted by Babcock & Brown. The lenders include: Mizuho Corporate Bank LTD, Banco Espirito Santo S.A., Bayerische Landesbank, Commerzbank AG, HSH Nordbank AG, and ING Capital LLC.

Untitled Document

RELATED ARTICLES

Fresh blow for wind power in Australia

Diarmaid Williams

Another blow has been dealt to the wind power industry in Australia with the news that a Senate committee has advocated new limits to the subsidization of the technology.

World Moves Toward 100 Percent Renewable Energy – First Electricity, Then Heating/Cooling, and Finally Transportation

Junko Movellan, Correspondent The exclusive use of energy from renewable resources in at least one sector has now become a feasible goal for 8 countries. Diane Moss, Founding Director of Renewables 100 Policy Institute, discussed this remarkable develop...

How Wind Turbines are Becoming Photocopiers – and the Cost to Investors

Guy Auger, Greensolver We all know that the wind turbine market in Europe is an oligopoly. Power resides in the hands of very few players — and, in the offshore space, just five manufacturers (OEMs) account for 100 percent of the turbines that we...

Siemens receives onshore wind orders for UK and Ireland

Diarmaid Williams

Siemens Wind Power and Renewables Division has been awarded orders, which when in place, will be capable of delivering power to over 100,000 households across Britain and Ireland.

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Doing Business in South Africa – in partnership with GWEC, the Glob...

Wind Energy in South Africa has been expanding dramatically, growing fro...

2015 AREDAY Summit

The 12th Annual AREDAY Summit, August 8-13th in Snowmass Colorado. Engag...

StartUp Green

AREI, American Renewable Energy Institute, in partnership with ...

COMPANY BLOGS

Clean Energy Patents Maintain High Levels in First Quarter, Solar L...

U.S. patents for Clean Energy technologies from the first quarter of 201...

Fact Check: AWEA represents American wind power

The American Wind Energy Association (AWEA) is proud of its members for ...

Koch Professor drops his Koch title, still makes same errors plus s...

The Koch Professor’s title isn’t the only thing that’s...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS