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

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.

RELATED ARTICLES

Rooftop Solar Panels

Hypocrisy? While Buffett Champions Renewables, His Company Fights Rooftop Solar

Mark Chediak, Noah Buhayar and Margaret Newkirk, Bloomberg Warren Buffett highlights how his Berkshire Hathaway Inc. utilities make massive investments in renewable energy. Meanwhile, in Nevada, the company is fighting a plan that would encourage more residents to use green power.
Renewable Energy Finance

Clean Energy ETFs Are on a Tear

Eric Balchunas, Bloomberg Green investing used to be synonymous with losing money. But while the S&P 500 Index is up 2 percent this year, and the MSCI All-Country World Index is up 5 percent, clean energy ETFs have double-digit re...

Wheels, Towers and Trees: Unconventional Renewable Energy Technologies in the Pipeline

Andrew Williams, International Correspondent A number of companies around the world are developing novel technologies in an effort to grab a slice of the global renewable energy market.  Although many of these technologies are simple incremental improvements to e...
UK Parliament Clean Energy Leaders

UK Government Names Clean Energy Cabinet Members

David Appleyard, Contributing Editor With the UK general election now over and a majority Conservative Party government in place, the re-elected Prime Minister David Cameron has now named key members of the government charged with steering the UK’s clean energ...

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

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

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Doing Business in Brazil – in partnership with GWEC, the Global Win...

Brazil is one of the most promising markets for wind energy.  Ranke...

Energy Storage USA 2015

Energy Storage USA is the leading conference in the United States focuse...

Wind Power Central America

Wind power projects are expected to reach 46GW of total installed capaci...

COMPANY BLOGS

SunEdison Expands Residential Market Offerings with New PPA, Sales ...

SunEdison has largely focussed on the commercial and utility-scale solar...

Are You Ready for a Natural Disaster?

Guest post by Jenna Clarke  Living in the Shenandoah Valley of Virg...

Deadline for Inclusion in Solar Power World's Top Solar Contractors...

UPDATE: The official deadline for the Solar Power World T...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS