San Francisco, Sept. 30, 2014 (GLOBE NEWSWIRE) — Increasing its identified growth opportunities, Pattern Energy Group Inc. (Nasdaq:PEGI) (TSX:PEG) (“Pattern Energy”), today announced the addition of two projects to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP (“Pattern Development”). The additions include 50 megawatts (MW) of the 100 MW Belle River Wind project in Ontario and at least 73 MW of the 104 MW Conejo Solar photovoltaic power project in Chile.
- Increases identified ROFO list to seven potential project acquisitions
- Broadens growth platform into solar power
- Expands footprint in Ontario and Chile, following recent commencement of operations at South Kent Wind, Ontario’s largest wind facility, and El Arrayán Wind, Chile’s largest wind facility
- Belle River Wind has a 20-year power purchase agreement (PPA) with Ontario Power Authority
- Conejo Solar has a 22-year PPA with Minera Los Pelambres, an affiliate of Antofagasta Minerals SA
“Pattern Development continues to execute on its plans, allowing us to increase our list of identified ROFO projects to 724 owned MW that will fuel our growth over the next 12 to 18 months,” said Mike Garland, President and CEO of Pattern Energy. “We expect to add more projects to the identified ROFO list in the coming months as Pattern Development continues to make progress on a number of other projects that are underway. Our strategic partnership with Pattern Development, which has over 3,000 MW in its development pipeline – all of which are subject to our ROFO agreement – continues to provide the foundation to help us meet or exceed our growth targets for years to come.”
“Conejo Solar represents an increase in our business in Chile, as well as an expansion of our overall growth platform into solar,” added Garland.
Conejo Solar is a 104 MW photovoltaic solar power project that is being constructed approximately 30 kilometers east of Taltal in Chile’s Atacama Desert. Conejo Solar is 100% owned by Pattern Development. A third party will have an option to buy a 30% stake. The project has a 22-year PPA with Minera Los Pelambres, an affiliate of Antofagasta Minerals SA, for approximately 70% of the project’s output over the term of the agreement. Pattern Energy has an existing relationship with Minera Los Pelambres, which has a long-term agreement to purchase power produced by the El Arrayán Wind facility in Chile. Antofagasta Minerals SA owns a minority interest in the El Arrayán Wind facility. Conejo Solar has its required permits and interconnection rights and is ready for construction financing. Pattern Energy anticipates an end-of-year or early 2015 financial closing.
The Belle River Wind project has been jointly developed by Pattern Development and Samsung Renewable Energy, Inc. The project, which will be built in Lakeshore, Ontario, has a 20-year PPA with the Ontario Power Authority. Belle River Wind needs to complete the permitting process. Construction of the Belle River Wind project is expected to begin in the fourth quarter of 2016.
The additions of Belle River Wind and Conejo Solar increase Pattern Energy’s list of identified ROFO projects to seven projects with a total owned capacity of 724 MW. The table below sets forth the list of identified ROFO projects:
|Armow||Ontario||90||Ready for financing|
|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|
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 ability to add more projects to the identified ROFO list in coming months, the ability of the strategic partnership with Pattern Development to help the Company meet or exceed its growth targets in coming years, and the anticipated financial closing and start of construction dates of the projects.
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.