Pattern Energy Group Inc. (PEGI) (PEG.TO) ("Pattern Energy") today announced it has completed the acquisition of the remaining 170 megawatt (MW) ownership interests in the 283 MW Gulf Wind power facility in Kenedy County, Texas from Pattern Energy Group LP ("Pattern Development") and MetLife Capital LP.
"We now own 100% of Gulf Wind, which is located in a unique site on the Gulf Coast where the winds blow strongest at the times of Texas' peak demand and pricing," said Mike Garland, President and CEO of Pattern Energy. "The acquisition of the Gulf Wind equity interests and recapitalization of the project debt provides us with increased cash flow and complete control of the facility. The acquisition of the Gulf Wind interests, along with our recently announced dividend increase, demonstrate our commitment to increasing value for our shareholders."
The Gulf Wind facility consists of 118 wind turbines and has the capacity to generate 283 MW of energy, the power equivalent to the annual energy usage of approximately 80,000 Texas homes.