Pattern Energy Group LP (Pattern Development) (NASDAQ: PEGI) (TSX: PEG) announced it has entered into a joint venture partnership with Henvey Inlet First Nation to jointly develop, own and operate the 300 megawatt (MW) Henvey Inlet Wind project to be built in Parry Sound District, Ontario. Pattern Development will own a 50% joint venture interest in the 300 MW project, which has a 20-year Power Purchase Agreement with the Ontario Power Authority (OPA) for 100% of its expected production. Nigig Power Corporation, wholly owned by Henvey Inlet First Nation, will own the other 50% of the project.
"We're honored to partner with Henvey Inlet First Nation in Ontario on this exciting new project, which will take advantage of the strong and steady winds blowing across the Georgian Bay," said Mike Garland, CEO of Pattern Development. "This will be our eighth wind project in Canada and the largest on-reserve wind project to date, creating local jobs and providing a significant new source of revenue for the First Nation."
Pattern Development expects to arrange both construction and long-term debt financing for Henvey Inlet in 2016.
The Henvey Inlet Wind project has been added by affiliate company Pattern Energy Group Inc. to its list of identified Right of First Offer (ROFO) projects.
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