Pattern Energy Group closed the previously announced acquisition of two operational wind power facilities totaling 351 MW from Wind Capital Group and its affiliates for a final purchase price of $242 million plus assumed net debt of $102 million.
The acquisition includes ownership interests in the 201 MW Post Rock Wind facility in Kansas, and the 150 MW Lost Creek Wind facility in Missouri. Pattern Energy expects to maintain a total combined owned interest of 270 MW in these two facilities.
Post Rock Wind and Lost Creek Wind, which have been operational for an average of nearly four years, are fully contracted under power purchase agreements with highly credit-worthy counterparties.
The Post Rock Wind facility in Kansas has a long-term contract with Westar, which has a BBB+ credit rating. The Lost Creek Wind facility in Missouri has a long-term contract with Associated Electric Cooperative Incorporated, which has an AA credit rating. The average remaining life of the contracts is 16 years.
The acquisition of these two facilities expands Pattern Energy's operations into two new U.S. states, Kansas and Missouri.
Pattern Energy has a portfolio of 16 wind power facilities, including one project it has agreed to acquire, with a total owned interest of 2,112 MW, in the United States, Canada and Chile.