Pattern Energy has acquired 147 megawatts (MW) capacity in the 182 MW Panhandle 2 Wind facility from Pattern Development for a total cash consideration of US$123.8 million.
Panhandle 2 Wind facility, located in Carson County, Texas, is now fully operational.
The acquisition adds the number of operating fleets of Pattern Energy Group to 10, with an 11th project on track to be completed this quarter, said Mike Garland, president and CEO of Pattern Energy.
The project utilizes Siemens 2.3 MW turbines. Approximately 80% of the expected output is contracted under a long-term energy price hedge, with an A-/Baa2 credit-rated affiliate of Morgan Stanley, with the balance sold at ERCOT’s spot market prices.
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“This facility is an excellent addition to our portfolio and will increase our revenue and cash available for distribution. We now have two premier wind facilities in the Panhandle, located on one of the best wind sites in the U.S., with a net capacity factor of approximately 50%.”
In July, Pattern Energy acquired 172 MW of Panhandle 1 Wind, a 218 MW facility adjacent to Panhandle 2 Wind. Together, the two wind power facilities total 400 MW in the Texas Panhandle region.
The Panhandle 2 Wind project created more than 200 construction jobs and 9 permanent operations and maintenance positions. The facility will provide clean energy to more than 56,000 Texas homes each year. Construction of the facility was managed by Mortenson Construction.
Rajani Baburajan
editor@greentechlead.com