in News Departments > New & Noteworthy
print the content item

Pattern Energy Group has closed on its commitment to acquire 172 MW of owned interest in the 218 MW Panhandle 1 wind project from Pattern Energy Group LP for $124.4 million. The balance of the project has been acquired from Pattern Development by three institutional tax equity investors.

Panhandle 1, located in Carson County, Texas, consists of 118 GE 1.85 MW wind turbines. And due to the build-out of the Competitive Renewable Energy Zone (CREZ) transmission infrastructure, the wind farm interconnects with grid operator Electric Reliability Council of Texas (ERCOT).

Approximately 77% of the expected output of Panhandle 1 is contracted under a 13-year energy price hedge, with an A-/Baa2 credit-rated affiliate of Citibank, with the balance sold at ERCOT’s spot market prices.

"This acquisition adds 16 percent to our operating capacity and marks our third project to successfully reach completion this year," says Mike Garland, Pattern Energy's president and CEO. "It is the second project we have acquired from Pattern Development that has gone into operation since our IPO - again demonstrating the value of that strategic partnership - and we anticipate their extensive pipeline will create more opportunities that will help us meet or exceed our growth plans."

"Panhandle 1 is located on one of the best wind sites in the U.S. with a strong wind resource and excellent access to transmission," Garland notes. "The strength and reliability of the wind, coupled with an unleveraged finance structure, will result in stable, steady cash flows from the project."


Trachte Inc._id1770
Latest Top Stories

Despite 2013 Challenges, U.S. Wind Power Reaches All-Time Low Price

In a new report, the U.S. Department of Energy details the highs and lows of the country's wind industry last year, and the agency maintains that the U.S. sector remains strong.


Mexico On Pace To Set New Renewables Investment Record

A new report says the country has spent $1.3 billion on clean energy in the first half of 2014 and could end up seeing a record year. Furthermore, wind power is slated for significant growth in the region.


IRS Issues More PTC Guidance, Easing Some Wind Industry Concerns

The Internal Revenue Service (IRS) addresses how much work is needed on a wind farm to satisfy production tax credit (PTC) eligibility.


Embryonic No More: U.S. Offshore Wind Industry Gaining Momentum

After a decade of fits and starts, the industry is moving closer to installing the first generation of wind projects off the country's shores.


AWEA: U.S. Installs 853 MW Of Wind In First Half Of 2014

The American Wind Energy Association (AWEA) reveals the U.S. industry's progress thus far this year and underscores the importance of policy certainty.

Canwea_id1984
Renewable NRG_id1934
Tower Conference_id1965