Pattern Energy Closes Financing on Spring Valley Wind Project
Wind developer Pattern Energy Group LP has secured financing on its latest wind farm project in Nevada.
The company began construction on what will be the state's first utility-scale wind farm in June. Located on public land 30 miles east of the city of Ely, Nevada, the Spring Valley Wind Project will generate 152 MW of clean, renewable energy.
The financing which will convert from a construction loan to an 18 year loan term was led by energy development giant Siemens AG (NYSE: SI) through its investment arm Siemens Financial Services, Inc. Siemens is also providing the project's 66 wind turbines. Credit Agricole Corporate and Investment Bank and Union Bank, N.A. round out the financiers.
With funds secured, Pattern Energy hosted the official groundbreaking ceremony late last week. Mike Garland, CEO of Pattern Energy said the project is on schedule and will be complete within the next 12 months.
Once complete, Spring Valley Wind will be the company's fourth operating wind farm in North America. Since its inception in 2009 Pattern Energy has exceeded its own expectations of bringing 300-400 MW online in its first 18 months -- the company already boasts 520 MW of operational wind power.
The San Francisco-based company claims to have 1,000 MW in Noth American wind power projects that will enter construction phase in the next year. Two of these projects will break ground in Ontario -- the 270 MW South Kent Wind project and the 150 MW Grand Renewable Energy Park project. Earlier this month, with partner Samsung Renewable Energy Inc., Pattern Energy signed four separate power purchase agreements with the Ontario Power Authority (OPA) that will supply Ontario with 870 MW of wind energy.
Backed by a renewable energy investment fund managed by Riverstone Holdings LLC and growing partnerships with companies like Samsung, Pattern Energy seems to be picking up momentum and positioning itself to be a leader in the wind energy sector.
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