Pattern Energy completes financing for Ocotillo wind project

Pattern Energy Group LP has closed the financing of its Ocotillo Wind project, a 265 MW wind power project that will utilize 112 Siemens (NYSE: SI) 2.37 MW turbines.

The financing is structured as a construction loan with a seven-year commercial bank tranche co-led by Deutsche Bank and RBC Capital Markets and a 20-year tranche funded by the North American Development Bank. The commercial tranche financing also included The Royal Bank of Scotland, Société Générale, NORD/LB and KeyBank.

The Ocotillo Wind project is currently under construction and most of the project will be placed into commercial operation in 2012, with a small portion reaching commercial operation in early 2013. Most of the road and civil work has been completed, including a majority of the turbine foundations, and over 30 wind turbines are assembled. The American-made Siemens wind towers, blades and nacelles continue to arrive daily. The towers are made in California, manufactured by Ameron International, while the blades are made in Iowa and the nacelles are made in Kansas.

Ocotillo Wind will be the first renewable energy project to interconnect into the newly constructed Sunrise Powerlink, a 500-kv transmission line that was developed to bring renewable power from the Imperial Valley to San Diego.

Pattern entered into a 20-year power purchase agreement with San Diego Gas & Electric (SDG&E) for the sale of energy produced by the project. Blattner Energy is managing construction of the project.

Ocotillo Wind will be Pattern Energy’s fifth operating wind project in North America and upon completion it will bring the Company’s total to more than 900 MW of installed wind power capacity.

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