Pattern Development closes financing for Conejo Solar Project

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Pattern Development closes financing for Conejo Solar Project

Pattern Energy Group has announced the completion of approximately US$205 million in project financing and start of full construction on its 122 MW Conejo solar project in Chile.

Located roughly 30 km east of Taltal in Chile's Atacama Desert, the project will be a solar photovoltaic (PV) site with an expected generating capacity of 122 MW.

Construction of the project is currently underway and is expected to be completed in the summer of 2016.

Mike Garland, President and CEO of Pattern Development, has commented:

"We are expanding into the solar power market with one of the largest solar projects in Latin America. Conejo Solar was originated by Pattern Development, demonstrating that solar power is an excellent fit with our wind business that allows us to leverage our extensive development expertise."

"In addition to our El Arrayán wind facility, the largest in Chile, we now have a strong platform and an exciting pipeline of projects for future growth in the country. When combined with our recent Japanese solar project additions, we are making a significant step to diversify into solar on a global basis."

Conejo Solar has a 22-year Power Purchase Agreement (PPA) with Minera Los Pelambres, an affiliate of Antofagasta Minerals, for approximately 65% of the project's output.

The project will connect to the Sistema Interconectado Central (SIC) transmission system and is located on public lands owned by the government of Chile, under a long-term concession.

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