Pattern Energy Group LP began construction on the 150 MW Spring Valley Wind Project in Nevada, one of the state’s first wind projects.
Siemens Financial Services Inc., Credit Agricole Corporate & Investment Bank and Union Bank NA are providing a secured construction loan that will later convert into an 18-year term loan. Other terms of the loan were not disclosed.
The project is expected to take a year to build and will use 66 Siemens (NYSE: SI) 2.3 MW wind turbines and an existing 230 kV transmission line. NV Energy (NYSE: NVE) signed a 20-year power purchase agreement for energy from the project.
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