SAN FRANCISCO, CALIFORNIA, October 27, 2014 – Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy"), today announced it 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.
"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," said Mike Garland, President and CEO of Pattern Energy. "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.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of eleven wind power projects, including one project it has agreed to acquire, with a total owned interest of 1,472 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the cost savings over the life of the loan from the refinancing and the number of homes the Ocotillo Wind facility can power each year.
These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the documents filed with the SEC and applicable Canadian securities regulatory authorities, including the Company's annual report on Form 10-K. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
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