Lost Creek Wind LLC, Post Rock Wind Power Project LLC and Pattern US Finance Co. LLC on April 6 asked for Federal Energy Regulatory Commission authorization for a transaction in which Wind Capital Group LLC will sell or cause to be sold, and Pattern Finance will purchase, the indirect, controlling ownership interests in Lost Creek and Post Rock.
As a result of this planned transaction, Post Rock and Lost Creek will become indirect, subsidiaries of Pattern Finance. They asked FERC for an approval by May 8 so the deal can be closed soon thereafter.
- Lost Creek owns and operates an approximately 150-MW wind facility located in Dekalb County, Missouri, within the Associated Electric Cooperative Inc. (AECI) balancing authority area. The Lost Creek Facility commenced commercial operations in May 2010. Lost Creek sells 100% of its output to AECI under a long-term power sales agreement.
- Post Rock owns and operates an approximately 201-MW wind facility in Ellsworth, Lincoln and Rice counties, Kansas, within the Midwest Energy Inc. transmission area, which is part of the Westar Energy Inc. transmission system. The Westar system is located within the balancing authority area of the Southwest Power Pool (SPP). The Post Rock Facility’s generator interconnection facilities include a 32-mile, 230-kV lead line from the project substation in Ellsworth County to the point of interconnection at the Rice switchyard in Rice County, Kansas. The Post Rock Facility commenced commercial operation in October 2012. The full output of the Post Rock Facility is committed to Westar under a long-term contract.
Wind Capital is an affiliate of, and indirectly controlled by, NTR plc. NTR, a public limited company headquartered in Dublin, Ireland, is a leading investor in renewable energy and sustainable waste management businesses in the United States and Ireland.
Pattern Finance is a wholly-owned subsidiary of Pattern Energy Group Inc. Pattern Energy currently owns interests in twelve wind power projects in the U.S. and foreign countries and is a publicly traded company whose shares are traded on the NASDAQ under the symbol PEGI. Approximately 75% of the stock of Pattern Energy is owned by public shareholders, none of whom own or control a 10% or greater interest. The remaining stock of Pattern Energy is indirectly owned, and Pattern Energy is indirectly controlled for purposes of Federal Power Act Section 203, by Pattern Energy Group LP.
As a result of this transaction, Pattern Energy through Pattern Finance will indirectly acquire all of the controlling interests in Lost Creek and Post Rock.
Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) announced April 6 that it has entered into definitive agreements to acquire three wind power facilities that will add 360 MW of owned capacity to Pattern Energy’s portfolio – an increase of 22%. San Francisco-based Pattern said that it has reached agreement with Wind Capital Group to acquire these two operational wind power facilities. The company has also agreed to acquire the K2 Wind facility from Pattern Energy Group LP.