Pattern Energy today announced the completion of approximately $205 million in project financing and the start of full construction on its Conejo Solar photovoltaic (PV) power project in Chile. The 122 megawatt (MW) Conejo Solar PV power project is being constructed approximately 18 miles east of Taltal in Chile's Atacama Desert.
"We are expanding into the solar power market with one of the largest solar projects in Latin America," said Mike Garland, President and CEO of Pattern Development. "Conejo Solar was originated by Pattern Development, demonstrating that solar power is an excellent fit with our wind business that allows us to leverage our extensive development expertise."
Conejo Solar has a 22-year power purchase agreement with Minera Los Pelambres, an affiliate of Antofagasta Minerals, for approximately 65 percent of the project's output over the term of the agreement. The project will connect to the Sistema Interconectado Central (SIC) transmission system and is located on public lands owned by the government of Chile, under a long-term concession.
Construction of the project is expected to be completed in the summer of 2016.