Pattern Energy closes funding for wind project
LOS ANGELES, CALIFORNIA - Pattern Energy Group LP said that it finished more than $100 million in financing for a 101.2-megawatt wind project in California, citing an easing in the marketplace.
Six banks joined in the debt funding for construction costs, which converts to a term financing facility upon commercial operation.
The lenders include Natixis, Union Bank, LBBW, Calyon, Societe Generale, and WestLB.
Pattern Energy Chief Executive Mike Garland declined to give an exact amount of the lending, but said it was more than $100 million and less than $250 million.
"We think there is more capital in the marketplace than there had been six months ago. But the terms are tougher and the time it takes to put the transactions together takes longer," Garland said.
Pattern Energy is developing the 101.2-MW wind power project in Shasta County, California, and has a 15-year power purchase agreement with PG&E Corp's main unit, Pacific Gas & Electric, for the power.
Renewable Energy Systems Americas Inc will lead the construction, using 2.3 MW turbines made by Siemens AG. The project is expected to finish construction and reach commercial operation before the end of 2010.
In July, energy and power-focused private equity firm Riverstone Holdings acquired Babcock & Brown's North American wind energy group and its development pipeline.
Renamed Pattern Energy, the group has a pipeline of more than 4,000 MW of wind developments and power transmission projects and plans to build 400 to 500 MW of projects over the next 18 months, Garland said.
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