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Pattern Energy acquires two wind power projects in US

CTBR Staff Writer Published 19 May 2015

Pattern Energy has acquired two operational wind power projects in the US from Wind Capital Group, which have a power generation capacity of 351MW.

Pattern paid $242m and assumed $102m in debt to buy the 201MW Post Rock Wind project in Kansas and the 150MW Lost Creek wind farm in Missouri.

The company plans to divest 81MW of capacity to tax-equity investors and retain 270MW.

Post Rock Wind and Lost Creek Wind facilities, which have been operational for about four years, are selling power under long-term contracts to Westar Energy and Associated Electric Cooperative, respectively.

The average remaining life of the contracts is 16 years, Pattern said.

Pattern holds interests in 16 wind farms with 2,112MW of capacity in the US, Canada and Chile.

The company has contracts to sell all of its output, or a majority of it, through a long-term, fixed-price power sale agreement with a creditworthy counterparty.

About 92% of the energy to be generated by the plants will be sold under the agreements that have a weighted average remaining contract life of about 17 years.

Earlier this month, Pattern Energy acquired the 150MW Amazon wind farm (Fowler Ridge) project in Indiana from Pattern Development.