December 5, 2017
SAN FRANCISCO, Dec. 5, 2017 /PRNewswire/ -- Pattern Energy Group Inc. (Nasdaq & TSX: PEGI) ("Pattern Energy") announced its Meikle Wind power facility received the Project Excellence Award from Clean Energy BC. The 179 megawatt (MW) Meikle Wind facility is located near Tumbler Ridge in British Columbia.
"Pattern Energy's Meikle Wind facility is an outstanding example of how to bring together zero-carbon energy generation, local economic development and sustainable business. We are honored to have this project in British Columbia and we look forward to many more," said Jae Mather, Executive Director of Clean Energy BC.
"Meikle Wind was one of our most challenging projects to build due to its location deep in a beautiful mountainous region of BC that often experiences extreme weather conditions," said Mike Garland, CEO of Pattern Energy. "It was also a unique project because during construction we discovered rare fossilized dinosaur tracks, which we donated to the Tumbler Ridge Museum. Now BC's largest wind power facility, Meikle Wind is generating economic benefits for First Nations and the community and clean power for 54,000 homes in the province, every year for the next quarter century. We'd like to thank the community for their support and the First Nations construction workers that helped build this project."
The 179 MW Meikle Wind facility consists of 61 GE wind turbines, including 35 3.2 MW turbines and 26 2.75 MW turbines. The facility's innovative layout, developed in collaboration with GE, incorporates two different turbine models consisting of varying rotor sizes and hub heights. This design was developed to capture the most energy from the ridgelines, accounting for varying wind speeds, wind shear, turbulence and inflow angles.
During construction, Meikle Wind utilized more than 500,000 person-hours of labor with in excess of 30% of the value of contracts awarded to First Nation-affiliated contractors and other regional firms. The facility is managed by 16 operations and maintenance personnel, and utilizes a variety of local subcontractors.
Meikle Wind is generating strong benefits for the province with an estimated $70 million in payments for property taxes, Crown lease payments, wind participation rent, and community benefits over the first 25 years of operations. The facility commenced commercial operations in the first quarter of 2017 and operates under a 25-year power purchase agreement with BC Hydro.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 20 wind power facilities, including one project it has agreed to acquire, with a total owned interest of 2,736 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities 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 benefits of the Meikle Wind project for the province and estimated payments to be made over the first 25 years of operations. 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. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
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 Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. 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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