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Pattern Development Completes Financing For 180 MW Wind Project

Pattern Energy Group has announced the completion of financing for a 180 MW wind energy project set to be developed in British Columbia, Canada.

The 180 MW wind energy project, Meikle Wind, is set to be located approximately 33 kilometers north of Tumbler Ridge, and is expected to complete construction and begin commercial operation in late 2016.

PatternThe project is expected to be the largest wind power project in British Columbia upon completion, and will generate enough electricity to power approximately 54,000 homes. The Meikle Wind project will be powered by 61 GE wind turbines, and will provide electricity to local BC Hydro under a 25-year power purchase agreement.

“Once operational, Meikle Wind will increase the installed wind power capacity in British Columbia by 38%,” said Mike Garland, CEO of Pattern Development.

“This project was a successful collaboration with First Nations, the communities of Tumbler Ridge and Chetwynd, and BC Hydro. Meikle Wind will generate strong benefits for the province with an estimated $70 million in payments for property taxes, Crown lease payments, wind participation rent, and community benefits over the first 25 years of operations. We now have wind power projects in operation or development in four provinces throughout Canada.”

Financing for the project came to C$393 million (USD$311 million), and though Pattern declined to reveal its lenders, The Vancouver Sun reported an email from Pattern spokesman Matt Dallas saying that the financing involves commercial lenders including “the top project-finance banks.”

Earlier this year Pattern Development announced a 20-year power purchase agreement with the Independent Electricity System Operator in Canada for the 100 MW North Kent Wind project in Ontario, Canada.

“We appreciate the support we have received from Chatham-Kent for this project, which will provide many benefits in the Municipality including job creation, business for local contractors, property tax revenue, and a $4 million community benefits contribution,” stated Mike Garland, President and CEO of Pattern Development. “We look forward to continuing to work with the community on advancing this great project and helping Ontario reach its clean energy goals.”

 

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