Pattern begins construction on Texas wind energy project

Pattern Energy Group closes financing begins cosntruction Panhandle Wind project in Texas Competitive Renewable Energy Zone CREZ Electric Reliability Council of Texas ERCOT GE Citigroup Global Markets

Pattern Energy Group closed financing and started construction on the 218 MW Panhandle Wind project in Texas. The project will utilize Texas’ Competitive Renewable Energy Zone (CREZ) transmission infrastructure that connects to the state’s power grid operator, the Electric Reliability Council of Texas (ERCOT).

The Panhandle project will use 118 GE (NYSE: GE) 1.85 MW turbines, as well as construction of a 345 kV substation, transmission line and operations facility. Citigroup Energy Inc. will buy the output under a long-term hedge offtake agreement. GE Energy Financial Services and Citigroup Global Markets Inc. will invest structured equity in the project. The project is scheduled for completion in August 2014.

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