Pattern Development Completes C$393 Million Financing of 180 MW Meikle Wind Project in British Columbia
Construction of British Columbia's largest wind project is now in full swing, creating jobs for 275 workers
SAN FRANCISCO, July 2, 2015 /PRNewswire/ -- Pattern Energy Group LP ("Pattern Development") today announced the completion of C$393 million in financing of its 180 megawatt (MW) Meikle Wind power project located in British Columbia, approximately 33 km north of Tumbler Ridge. Meikle Wind, which is expected to commence commercial operation in late 2016, is the largest wind power project in British Columbia with the capacity to generate clean energy for up to 54,000 homes in the province.
"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."
The Meikle Wind project is utilizing 61 GE wind turbines. The project has a 25-year power purchase agreement with BC Hydro. The Meikle Wind project will employ approximately 275 skilled workers on-site at the peak of construction activity and create up to nine permanent positions once operational, in addition to the use of local subcontractors.
The Meikle Wind project was thoughtfully designed and planned, incorporating input from First Nations, the Tumbler Ridge and Chetwynd communities, and the provincial government. The project area is a location that was significantly impacted by pine beetle kill and previous forestry activity. Meikle Wind received its Environmental Assessment Certificate in June 2014.
Meikle Wind is one of the projects on the identified right of first offer (ROFO) list, on which Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy") holds the right to purchase.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the company's dedication in working closely with communities to create renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
Contact:
Matt Dallas
Pattern Development
917-363-1333
[email protected]
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SOURCE Pattern Energy Group LP
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