Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) announced Feb. 13 the addition of the 147-MW Mont Sainte-Marguerite Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP (Pattern Development).
“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 list is:
- Gulf Wind, Texas, 76 MW, Operational;
- K2, Ontario, 90 MW, In Construction
- Armow, Ontario, 90 MW, In Construction
- Meikle, British Columbia, 185 MW, Ready for Financing
- Conejo, Chile, 73 MW, Ready for Financing
- Belle River, Ontario, 50 MW, Securing Final Permits
- Henvey Inlet, Ontario, 150 MW, Signed PPA and Late Stage Development
- Amazon Wind Farm (Fowler Ridge), Indiana, 116 MW, Ready for Financing
- Mont Sainte-Marguerite, Quebec, 147 MW, Signed PPA and Late Stage Development
Pattern Development working with RES Canada on Quebec project
Pattern Development has partnered with Renewable Energy Systems Canada Inc. (RES Canada) on development of the Mont Sainte-Marguerite Wind project. “This project marks our expansion into Québec and further reinforces Pattern Development’s track record as one of the top wind developers in the country,” said Mike Garland, CEO of Pattern Development. “We look forward to working with RES Canada to build a world-class wind facility that will help Hydro-Québec reach its renewable energy goals. We will be using Siemens turbines and locally-sourced turbine components, supporting manufacturers in Québec.”
The Mont Sainte-Marguerite Wind project will utilize 46 Siemens innovative 3.2 MW direct drive wind turbines. The project will employ approximately 200 skilled workers on site at the peak of construction activity and create 10-12 permanent jobs once operational. The project site, which is located on one of the higher elevations in Southern Québec, has one of the strongest wind resources in the entire region.
Pattern Development acquired RES Canada’s stake in Mont Sainte-Marguerite Wind and now owns 100% of the project. RES Canada and Pattern Development will continue to jointly develop the project.
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development’s highly-experienced team has developed, financed and placed into operation more than 3,500 MW of wind power projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, and Tokyo.
Pattern Energy Group Inc. is an independent power company listed on the NASDAQ and Toronto Stock Exchange. 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 projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business.