Pattern Energy Group LP, also known as Pattern Development, announced July 5 it has acquired from SunEdison the development rights to the proposed 600-MW King Pine wind power project.
SunEdison is currently engaged in Chapter 11 reorganization proceedings in U.S. Bankruptcy Court for the Southern District of New York. In connection with the proceedings, SunEdison has been shedding certain assets.
King Pine Wind is a 600-MW wind power project currently under development in northeastern Maine, located in Aroostook and Penobscot Counties.
The project will utilize 174 turbines and will interconnect to the ISO New England (ISO NE) at Emera Maine‘s proposed 345-kV Hammond substation. King Pine Wind is expected to begin full construction in 2018 and reach commercial operation in 2020.
Pattern Energy Group (NASDAQ:PEGI) (TSX:PEG) holds a right of first offer with respect to any power project that Pattern Development decides to sell, including the King Pine Wind project.
“We are excited about the opportunity to expand our previous activities in Maine by taking over development of the state’s largest wind power project,” said Mike Garland, President and CEO of Pattern Development. “Maine is an extraordinary place and we have been working for years to find a great project that can be developed in a manner that is respectful of the local community and the environment. The King Pine project would establish a strong new source of revenue for the local community and the state, create new jobs and provide clean energy.”
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 4,500 MW of wind power projects.