Pattern Energy strengthens wind portfolio to 12
Pattern Energy has acquired the 200 MW Logan’s Gap Wind project in Texas, which is currently under construction.
By Ritesh Gupta
The company acquired the project from Pattern Energy Group.
Upon completion of the project, Pattern Energy will have an owned interest of 164 MW and three institutional tax equity investors will acquire the balance.
Following construction, the project is structured to be financed with all equity and not with project debt.
The company acquired the Logan’s Gap Wind project for a total cash funding commitment of approximately US$113m, a portion of which will be used to pay down construction debt upon the completion of construction.
Pattern Energy has rights of first offer to Pattern Development’s project development pipeline, which includes more than 3,000 MW. Projects are added to Pattern Energy’s list of identified Right of First Offer (ROFO) projects when they reach identified milestones, such as when a project has executed a power purchase agreement.