Pattern Energy has acquired the 200 MW Logan’s Gap Wind project in Texas, which is currently under construction, from Pattern Energy Group LP (“Pattern Development”). Upon completion of the project, Pattern Energy will have an owned interest of 164 MW and three institutional tax equity investors will acquire the balance.

“We are pioneering new markets for the sale of our electricity to leading corporations like Walmart who are pursuing clean energy for their businesses,” said Mike Garland, CEO of Pattern Energy. “This project, which was only recently added to our right of first offer (ROFO) list, demonstrates that our team can move fast to create value when opportunities arise." 

Following construction, the project is structured to be financed with all equity and not with project debt. Pattern Energy acquired the Logan’s Gap Wind project for a total cash funding commitment of approximately US$113 million, a portion of which will be used to pay down construction debt upon the completion of construction. The acquisition will be funded from available cash and credit facilities.

Pattern Energy has rights of first offer to Pattern Development’s project development pipeline, which includes more than 3,000 MW. Projects are added to Pattern Energy’s list of ROFO projects when they reach identified milestones, such as when a project has executed a power purchase agreement.

Pattern Development has more than 30 projects in development at any given time, providing a broad and deep resource for our continued growth and the potential of accelerated drop downs.