San Francisco, April 21, 2015 /CNW/ — Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (“Pattern Energy”) today announced the addition of the North Kent Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP (“Pattern Development”). Pattern Energy expects to acquire an owned interest of 43 megawatts (MW) in the 100 MW North Kent Wind project, which is located in the Regional Municipality of Chatham-Kent, Ontario .
- 20-year PPA with IESO
- Expands footprint in Canada to 10 projects in operation or on ROFO list
- Increases ROFO list after recent acquisition of K2 Wind project
“We have more than one gigawatt of projects in Canada that are operational or have been added to the ROFO list – all of which have been secured with long-term PPAs,” said Mike Garland, President and CEO of Pattern Energy. “Following our recent agreement to acquire K2 Wind in Ontario, the addition of North Kent Wind replenishes the ROFO list, which now totals 930 MW of projects we expect to acquire. With a recent growth surge, Pattern Development has significantly expanded the number of new projects it is developing, which will fuel our near-term and long-term growth. We look forward to announcing more ROFO additions in the near future.”
The North Kent Wind project has entered into a 20-year power purchase agreement (PPA) with the Independent Electricity System Operator (IESO). North Kent Wind is being jointly developed by Pattern Development and Samsung Renewable Energy Inc. Construction of the project is expected to begin by the end of 2016 and it is expected to reach completion at the end of 2017.
The addition of the North Kent Wind project increases Pattern Energy’s ROFO list to nine projects with a total owned capacity of 930 MW. The list of identified ROFO projects represents a portion of Pattern Development’s 4,500 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 Solar||Chile||73||Ready for financing|
|Belle River||Ontario||50||Securing final permits|
|Henvey Inlet||Ontario||150||Signed PPA; late stage development|
|Amazon||Indiana||116||Ready for financing|
|Mont Sainte-Marguerite||Quebec||147||Signed PPA; late stage development|
|North Kent||Ontario||43||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 15 wind power facilities, including three projects it has agreed to acquire, with a total owned interest of 1,996 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 expectation to acquire an owned interest of 50MW in the North Kent Wind project, the expected construction start date, and the expected completion date of the project., and the expectation to acquire further ROFO projects from Pattern Development and the expectation that Pattern Development will add further ROFO projects. 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.
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SOURCE: Pattern Energy Group Inc.
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