ROFO list increased to 14 projects with 1,346 MW of total owned capacity
San Francisco, June 24, 2015 /CNW/ — Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (“Pattern Energy”) today announced the addition of four wind power projects and two solar power projects to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP (“Pattern Development”). The six projects total 723 megawatts (MW). A total owned interest of 526 MW is being added to the ROFO list.
- Expands Pattern Energy’s presence into New Mexico and Japan
- Adds 526 MW to identified ROFO list, including 128 MW in Japan and 398 MW in New Mexico
- Six new projects include two solar projects and four wind projects
- All projects will have long-term power purchase agreements (PPAs)
- Increases identified ROFO list to 14 projects with 1,346 MW of total owned capacity
“Since the IPO we have expanded the ROFO list by 182%, offering investors detailed visibility into our growth plans,” said Mike Garland, President and CEO of Pattern Energy. “Between our operational facilities and our ROFO projects, we have also significantly expanded our reach, which now encompasses Chile, Japan, four provinces in Canada, Puerto Rico, and seven states across the United States.”
“Included in the ROFO list is a large multi-phase project in New Mexico, which will deliver very attractively priced wind power directly into California,” added Garland. “Our five new Japanese projects, which include two solar projects, demonstrate the progress that Pattern Development has made in its partnership with GPI in Japan.”
“Because of the great success of the relationship with Pattern Development, and given the dramatic expansion of its activities, we have agreed not to reintegrate the employees into Pattern Energy when the company hits the $2.5 billion market capitalization,” said Garland.
Pattern Development has recently expanded its project pipeline to 5,900 MW.
The six new projects being added to Pattern Energy’s ROFO list, including total MW and the anticipated owned MW, include:
|Asset||Location||Total MW||Owned MW|
|New Mexico/California||New Mexico||497||398|
New Mexico/California is a 497 MW wind power project based in Curry County, New Mexico. The project, which is being built in multiple phases, will deliver wind power directly into California. The project is at an advanced stage of development, has completed the necessary transmission rights for multiple phases and is finalizing permitting. Terms of the PPAs for multiple phases have been agreed upon and are in final documentation.
Tsugaru is a 125 MW wind power project located in Aomori, Japan. The project, which is in late-stage development, has qualified for a 20-year PPA. Ohorayama is a 33 MW wind power project located in Kochi, Japan. The project has also qualified for a 20-year PPA with Shikoku Electric Power Company.
Futtsu Solar is a 42 MW solar power project under construction in Chiba, Japan. The project has a 20-year PPA with Tokyo Electric Power Company. Kanagi Solar is 14 MW and under construction in Shimane, Japan. The project has a 20-year PPA with Chugoku Electric Power Company. Otsuki is a 12 MW wind power facility in Kochi, Japan. The operational facility has a 12-year PPA with Shikoku Electric Power Company.
The addition of these six projects increases Pattern Energy’s ROFO list to 14 projects with a total owned capacity of 1,346 MW. The list of identified ROFO projects represents a portion of Pattern Development’s 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy’s right of first offer. The table below sets forth the current list of identified ROFO projects:
|Meikle||British Columbia||180||Ready for financing|
|Conejo Solar||Chile||84||Ready for financing|
|Belle River||Ontario||50||Securing final permits|
|Henvey Inlet||Ontario||150||Signed PPA; late stage development|
|Mont Sainte-Marguerite||Québec||147||Signed PPA; late stage development|
|North Kent||Ontario||43||Signed PPA; late stage development|
|New Mexico/California||New Mexico||398||Late stage development|
|Tsugaru||Japan||63||Late stage development|
|Ohorayama||Japan||31||Late stage development|
|Kanagi Solar||Japan||5||In construction|
|Futtsu Solar||Japan||17||In construction|
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 16 wind power facilities with a total owned interest of 2,112 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 ability to consummate PPAs with all projects being added to the ROFO list, the ability for Pattern Energy to acquire projects on the ROFO list to achieve its growth plans, the ability of Pattern Development to complete the large multi-phase project in New Mexico and for such project to deliver energy into California, and the ability to achieve other opportunities in lieu of not reintegrating Pattern Development employees into Pattern Energy at $2.5 billion market capitalization. These forward-looking statements represent Pattern Energy’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 Pattern Energy’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, Pattern Energy 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 Pattern Energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Pattern Energy’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 Pattern Energy’s actual results to differ materially from those contained in any forward-looking statement.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pattern-energy-expands-rofo-list-with-526-mw-of-projects-in-japan-and-new-mexico-300103866.html
SOURCE: Pattern Energy Group Inc.
News Provided by Acquire Media