in News Departments > Projects & Contracts
print the content item

Pattern Energy Group Inc. has increased its interest in the 115 MW Arrayan Wind project, the company's first wind farm outside North America.

Pattern has acquired AEI's 38.5% net ownership interest in the recently commissioned project, located on the coast of Chile, for $45.25 million. The transaction boosts Pattern's stake to 70%, with Antofagasta Minerals SA owning the remaining 30% minority stake. According to Pattern, El Arrayan Wind is the largest wind power facility in Chile and all of South America.

"With this acquisition, we are increasing our cashflow from the project while expanding our platform in the Chilean market, which has a strong, stable economy and a growing demand for renewable resources," comments Mike Garland, CEO of Pattern Energy."By harnessing Chile's strong coastal winds, El Arrayan will be the largest producer of wind power in South America, helping Chile meet its goal of generating 20 percent of its energy from renewable sources by 2025."





Advertisement

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015