Pattern Energy Group Inc. has acquired the 150-megawatt Amazon Wind Farm (Fowler Ridge) project in Indiana from Pattern Energy Group LP.
Upon completion of the project, Pattern Energy will have an owned interest of 116MW and it is expected that institutional tax equity investors will acquire the balance. Pattern Energy acquired the project for a total cash funding commitment of approximately US$127 million, a portion of which will be used to pay down construction debt upon the completion of construction. The acquisition will be funded from available cash and credit facilities.
The project has entered into a long-term power purchase agreement with Amazon to supply electricity to the electric grids that service Amazon Web Services datacenters. The Amazon Wind Farm (Fowler Ridge), which is being built in Benton County is expected to start generating power in the fourth quarter of 2015. The project consists of 65 sets of Siemens’ 2.3-MW wind turbines. The turbine blades, nacelles, towers, and transformers are all being manufactured in the United States.
“We have now surpassed the two gigawatt milestone in our portfolio, achieving growth of more than 100% in our owned capacity since the IPO,” said Mike Garland, President and CEO of Pattern Energy. “We have announced four acquisitions in the past month, demonstrating our commitment to grow the portfolio with high-quality, fully-contracted power facilities. We’re pleased to work with Amazon on our first wind project in Indiana.”
Pattern Energy has rights of first offer to Pattern Development’s project development pipeline, which includes approximately 4,500MW of wind and solar projects. Projects are added to Pattern Energy’s list of identified Right of First Offer projects when they reach identified milestones, such as when a project has executed a power purchase agreement.