Wind energy project breaks ground in Nevada

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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