Pattern Energy buys Panhandle 1 wind power project in Texas

Sponsored by

Pattern Energy Group Inc. closed on its commitment to acquire 172 MW of owned interest in the 218 MW Panhandle 1 wind power project from Pattern Energy Group LP for a total cash consideration of $124.4 million. The balance of the project has been acquired from Pattern Development by three institutional tax equity investors.

Acquisition highlights:

· Full 218 MW has completed construction and is fully operational

· Portfolio now comprises nine operating wind facilities and two construction projects

· Second completed acquisition since the initial public offering (IPO) in a series of anticipated transactions with Pattern Development

· Project uses General Electric 1.85 MW turbines and is secured with a long-term contract for 77 percent of its output

· Located in one of the strongest wind resources in the country

· Cash purchase price represents a 9-10x multiple on run-rate CAFD contribution from the project

Panhandle 1 is located in Carson County, Texas, and consists of 118 General Electric 1.85 MW wind turbines. The facility is using Texas’ new Competitive Renewable Energy Zone (CREZ) transmission infrastructure, which connects to the state’s main power grid operator, Electric Reliability Council of Texas (ERCOT).

The Panhandle 1 project created more than 275 construction jobs and 11 permanent operations and maintenance positions. According to statistics from the U.S. Energy Information Agency, it will generate clean, renewable electricity for up to 60,000 Texas homes each year without using any of the region’s limited water supplies.

Sponsored by
Most Popular Articles

CURRENT MAGAZINE ISSUE

March 2015
Volume 19, Issue 3
1503UPcover

Utility Products Topics

Transmission & Distribution
                       Vehicles & Accessories
Tools & Supplies   Safety
Line Construction & Maintenance   Test & Measurement

WEBCASTS

How to deploy mobile forms + devices to speed up field service processes & reporting

Overcoming the pain points associated with any process is much simpler and more cost effective than you think. This webinar will detail the benefits of switching to mobile forms for field data collection and reporting.
 
We'll examine real use cases and ROI of integrating mobile forms within a given field service process, including for work orders, inspections, checklists and proposals.
 
A quick AT&T Mobile Forms demo will reveal the feature rich, user-friendly nature of the solution. You'll see why it’s a must-deploy to speed up data collection, eliminate invoicing/data entry lags and auto-generate/deliver insightful reports.

UTILITY PRODUCTS BUYERS' GUIDE

POWER INDUSTRY JOBS

Industry Company Pages

Keep up-to-date with the latest news and articles from some of the prominent utility product companies and resources.

BUYER'S GUIDE PRODUCTS

Everlast pole tags

Everlast pole tags for distribution poles have been used all over the world in this great earth's worst environment's proving it is the longest lasting product to use on pole's!

Everlast Substation signs

Everlast safety signs and Everlast Substation signs meet all ANSI and OSHA requirements and continue to be readable for the life of the substation. When most signs fail ours shine.

SB01 Splice Enclosure and Accessories

AFL’s SB01 splice enclosure provides protection from all types of elements. From weather to bullets, the iron and steel construction requires no additional protective covering.