Pattern Energy has inked agreement to acquire stakes in three wind-power projects with a combined capacity of 440 megawatts for US$372 million.
Pattern Energy will also assume US$320 million in net debt and tax equity non-controlling interests. The purchase price will be funded with available cash and Pattern Energy’s revolving credit facility.
The company acquired stakes in the 200-MW Post Rock and 150 MW Lost Creek wind projects from Wind Capital Group for US$244 million plus assumed net debt of US$102 million. The Post Rock project in Kansas and Lost Creek project in Missouri both use GE turbines. Pattern Energy expects to acquire a total combined owned interest of 270 MW in these two facilities.
The projects have been operating for an average of three years and are fully contracted under power purchase agreements. The average remaining life of the contracts is 17 years.
Pattern Energy also entered into an agreement to acquire a stake in the 90-MW K2 wind farm in Ontario, Canada, from Pattern Development for US$128 million plus assumed debt of US$218 million. Pattern Energy will hold a 33% equity interest in the facility, which is equally co-owned by Samsung Renewable Energy Inc. and Capital Power.
K2 Wind is expected to reach commercial operation in the second quarter of 2015 and has a 20-year power-purchase agreement with the Independent Electricity System Operator and uses Siemens turbines.