Pattern Energy Group Inc. has closed the acquisition of 147 megawatts (MW) of owned interest in the 182 MW Panhandle 2 Wind facility from Pattern Development for a total cash consideration of US$123.8 million.
The Panhandle 2 Wind facility, located in Carson County, Texas, is now fully operational. The project consists of 79 Siemens 2.3 MW wind turbines. Approximately 80% of the expected output is contracted under a long-term energy price hedge, with an A-/Baa2 credit-rated affiliate of Morgan Stanley, with the balance sold at ERCOT's spot market prices.
Mike Garland, President and CEO of Pattern Energy stated:
"Panhandle 2 was completed on schedule and on budget, growing our operating fleet to 10 wind facilities with an 11th project on track to be completed this quarter. This facility is an excellent addition to our portfolio and will increase our revenue and cash available for distribution. We now have two premier wind facilities in the Panhandle, located on one of the best wind sites in the U.S., with a net capacity factor of approximately 50%."
The facility will generate clean, renewable electricity for more than 56,000 Texas homes each year without using any of the region's limited water supplies, according to statistics from the U.S. Energy Information Agency. Construction of the project was managed by Mortenson Construction.
On 7 July 2014 we reported that Pattern Energy Group Inc. acquired 172 MW of Panhandle 1 Wind, a 218 MW facility adjacent to Panhandle 2 Wind. Together, the two wind power facilities total 400 MW in the Texas Panhandle region.