SAN FRANCISCO, CALIFORNIA, November 5, 2014 – Increasing its identified growth opportunities, Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (“Pattern Energy”), today announced the addition of 150 megawatts (MW) of the 300 MW Henvey Inlet Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP (“Pattern Development”).
“This is the third addition to our list of ROFO projects in the past month, demonstrating the increasing success of our partnership with Pattern Development,” said Mike Garland, President and CEO of Pattern Energy. “With eight projects in the pipeline totaling 874 MW, we have a clear path to growth beyond the next three years.”
The Henvey Inlet Wind project, to be built in Parry Sound County, Ontario, is a 50/50 joint venture partnership between Pattern Development and Nigig Power Corporation, which is wholly owned by Henvey Inlet First Nation. Pattern Development will own 150 MW of the project, which has a 20-year PPA with the Ontario Power Authority for 100% of its expected production.
Pattern Development expects to arrange both construction and long-term debt financing for Henvey Inlet in 2016. Upon completion, it will be the largest wind facility in Ontario.
The addition of Henvey Inlet Wind increases Pattern Energy’s ROFO list to eight projects with a total owned capacity of 874 MW. The list of identified ROFO projects represents a portion of Pattern Development’s 3,000 MW pipeline of development projects, all of which are subject to Pattern Energy’s right of first offer. The table below sets forth the list of identified ROFO projects:
|Meikle||British Columbia||185||Ready for financing|
|Logan’s Gap||Texas||160||Ready for financing|
|Conejo||Chile||73||Ready for financing|
|Belle River||Ontario||50||Securing final permits|
|Henvey Inlet||Ontario||150||Signed PPA; late stage development|
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 growth of Pattern Energy, the anticipated date to arrange construction and long-term financing, and the commercial operation date of the project.
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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