Pattern Energy Group Inc. has completed a repricing of the commercial bank tranche of the existing term debt on its Ocotillo Wind facility, a 265 megawatt (MW) wind power facility in Imperial Valley, California that began operating in December 2012.
The interest rate on the existing commercial bank tranche was reduced by 100 basis points to reflect current market pricing.
Mike Garland, President and CEO of Pattern Energy commented:
"The successful completion of this transaction, including the addition of two new lenders into the bank club, is a testimony to the quality of Pattern Energy's assets, as well as our ability to capitalize quickly on improving market conditions. The repricing will result in significant cost savings over the life of the loan."
The transaction involved 10 lenders, including two new financial institutions. Expenses related to the repricing will be realized over the life of the loan.
The Ocotillo Wind facility utilizes 112 Siemens 2.37 MW turbines with American-made Siemens wind towers, blades and nacelles. The 265 MW wind power facility generates enough clean energy to power up to 125,000 homes in Southern California each year, based on the average annual energy use of SDG&E residential customers.