San Francisco, Feb. 13, 2015 /CNW/ — Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (“Pattern Energy”), today announced the addition of the 147 megawatt (MW) Mont Sainte-Marguerite Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP (“Pattern Development”).
- 25-year power purchase agreement (PPA) with Hydro-Québec
- Pattern Development’s first wind project in Québec
- Increases identified ROFO list to nine projects with 977 MW of total owned capacity
- Over one gigawatt (1 GW) of Canadian assets now operating or on the list of identified ROFO projects
“This addition pushes us past the 1,000 MW mark for projects in Canada that are either operating or have been added to our ROFO list – and all of which have been secured with long-term PPAs,” said Mike Garland, President and CEO of Pattern Energy. “With a recent growth surge, Pattern Development has significantly expanded the number of new projects that will fuel Pattern Energy’s near-term and long-term growth. We look forward to announcing more ROFO additions in the near future.”
The Mont Sainte-Marguerite Wind project, which is located approximately 50 kilometers south of Québec City in the Chaudière-Appalaches region, has entered into a 25-year power purchase agreement (PPA) with Hydro-Québec. Pattern Development expects to begin construction of the project in the third quarter of 2016 and anticipates reaching commercial operation in December 2017.
Pattern Development currently owns 100% of the 147 MW project and it is anticipated that Pattern Energy will acquire the full owned interest in the project. The addition of the Mont Sainte-Marguerite Wind project increases Pattern Energy’s ROFO list to nine projects with a total owned capacity of 977 MW.
The list of identified ROFO projects represents a portion of Pattern Development’s 3,500 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||185||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|
|Amazon Wind Farm (Fowler Ridge)||Indiana||116||Ready for financing|
|Mont Sainte-Marguerite||Québec||147||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 12 wind power projects, with a total owned interest of 1,636 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 announce more ROFO additions in the future, the ability of Pattern Development projects to fuel the Company’s growth, and the construction start and 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. 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 prospectus supplement filed with the SEC and applicable Canadian securities regulatory authorities and incorporated by reference therein from the Company’s annual report on Form 10-K, as amended by Form 10-K/A and the Company’s Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014. The risk factors and other factors noted in the prospectus supplement (including those incorporated by reference therein) could cause actual events or the Company’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-increases-rofo-list-with-mont-sainte-marguerite-wind-project-in-quebec-300035777.html
SOURCE: Pattern Energy Group Inc.
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