Pattern Energy completes financing on Nevada’s first wind power project

Source: Pattern Energy Group LP

Pattern Energy Group LP (Pattern) has completed the financing of Spring Valley Wind, the first wind energy project in the state of Nevada. The financing is a secured construction loan that converts into an 18-year term loan. The lenders are Siemens Financial Services, Inc., Credit Agricole Corporate and Investment Bank, and Union Bank, N.A.

"The successful financing of Nevada's first wind power project is an historic event for Pattern and the great state of Nevada," said Mike Garland, CEO of Pattern Energy. "This long-term financing will allow us to complete the development and construction of Spring Valley Wind and bring Nevada's first wind project into operation. We greatly appreciate the significant support we have received both from the local community and the state, as well as the strong support of Senator Harry Reid. We also appreciate the support from our financial partners providing this facility." 

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"As a leader and pioneer in minimizing the environmental impacts of wind development, Pattern is proud to implement industry-leading mitigation measures at the Spring Valley project that minimize impacts on the environment and wildlife," added Garland. "We expect to complete construction of the Spring Valley project within the next 12 months, creating a homegrown source of clean energy that can power 45,000 local homes each year with zero emissions." 

Pattern also announced that it held a groundbreaking ceremony today at the project site, located in northern Spring Valley, approximately 30 miles east of Ely, Nevada. Speaking at today's ceremony were representatives from Sen. Reid's office, the U.S. Bureau of Land Management, NV Energy, and local officials. 

The 150 megawatt (MW) Spring Valley Wind project will create approximately 225 jobs during construction and 13 permanent positions once operational. The project is expected to generate more than $20 million in tax revenue for White Pine County and the state of Nevada's Renewable Energy Fund over the next 20 years.
Pattern entered into a 20-year power purchase agreement with NV Energy for the sale of energy produced by Spring Valley Wind. Pattern selected Mortenson Construction to manage construction of the project, which will use 66 Siemens 2.3 MW wind turbines and will connect to an existing 230 kilovolt transmission line. 

Spring Valley Wind will be Pattern Energy's fourth operating wind project in North America and is one of a number of projects that Pattern expects to bring into construction over the next 12 months, consisting of more than 1,000 MW of new installed capacity. Pattern Energy currently operates 520 MW of wind power projects in North America.

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