33 MW Ohorayama wind project achieves financial close

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33 MW Ohorayama wind project achieves financial close

Pattern Energy Group LP and Green Power Investment Corporation (GPI) have announced the completion of financing of the 33 MW Green Power Otsuki GK (Ohorayama Wind) power project. Pattern Development and GPI are joint venture partners on the Ohorayama Wind project, which is located in Kochi Prefecture, Japan.

Ohorayama Wind has a 20-year power purchase agreement with Shikoku Electric Power Company for 100% of the output from the facility. The project is under construction and expected to reach completion in March of 2018.

Mike Garland, President and CEO of Pattern Development said:

"We are making steady progress on our commitment to develop 1,000 MW of new renewable energy sources in Japan, demonstrating the value of our partnership with GPI. Together with GPI we have completed two solar facilities in Japan and are moving forward on Ohorayama Wind. We also have a broad and deep pipeline of new wind and solar projects, including several in the advanced stages of development."

Toshio Hori, CEO and founder of GPI said:

"Ohorayama is our first wind project to reach financial close and start construction since we joined hands with Pattern in early 2014. This achievement is a reflection of the effectiveness of our partnership and we are excited about further executing on our portfolio of mature development assets. We expect our next project, a 126 MW wind farm in Aomori prefecture, to reach financial close and commence construction by mid-2017. It is anticipated to be the largest wind project in Japan."

In 2016, Pattern Development and GPI announced the completion of two solar power projects in Japan – the 14 MW Kanagi Solar PV facility, located in Shimane prefecture of Japan, and the 42 MW Futtsu Solar PV facility, located in Japan's prefecture of Chiba.

Affiliate company Pattern Energy Group Inc. has previously added the Ohorayama Wind facility to its list of identified Right of First Offer (ROFO) projects.

 

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