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.

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