Pattern Energy Group (Nasdaq: PEGI) will acquire interests in a 324 MW wind energy farm in New Mexico and an associated transmission line for $269 million from Pattern Energy Group LP (Pattern Development).
Pattern Energy will acquire from Pattern Development an 84 percent initial cash flow interest, or 272 MW, in the Broadview Wind power facility and a 99 percent ownership interest in the 345 kV Western Interconnect transmission line, which will be funded once commercial operations begin. Pattern Energy will fund the deal with currently available liquidity and up to $160 million of long-term project holding company debt financing commitments.
Pattern Development closed financing and is starting construction on the wind farm, which will use 141 Siemens (NYSE: SI) 2.3 MW wind turbines. The project is expected to be completed in early 2017. The farm has entered into two 20-year power purchase agreements with Southern California Edison up to a total of 297 MW of output.