Grows portfolio to 16 operational wind facilities with a total owned capacity of 2,282 MW
SAN FRANCISCO, Jan. 19, 2016 /PRNewswire/ -- Growing its operational capacity, Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy") today announced that construction has been completed for the 150 megawatt (MW) Amazon Wind Farm Fowler Ridge in Benton County, Indiana and the wind farm is now fully operational. The facility will sell 100% of the electricity produced to Amazon Web Services (AWS), which will supply the electricity to the electric grids that service its datacenters.
Highlights
"It's a privilege to team with AWS on the Amazon Wind Farm Fowler Ridge, demonstrating the strong and growing appetite for wind power from the country's leading corporations," said Mike Garland, President and CEO of Pattern Energy. "This facility was completed on schedule and we are beginning 2016 with all 16 of our wind power facilities fully operational. Since our IPO we have grown the portfolio by 119%, underscoring the value of our strategic relationship with Pattern Development and our ability to execute attractive third-party acquisitions. Our strong platform of fully-contracted power facilities, combined with our identified ROFO acquisitions pipeline totaling 1,270 MW, puts Pattern Energy in an excellent position to continue growing its fleet and quarterly dividend."
"AWS has a long-term commitment to achieve 100% renewable energy usage for our global infrastructure footprint, and we continue to make progress towards this goal," said Jerry Hunter, Vice President, Infrastructure at AWS. "We're very excited to announce with Pattern Energy that the Amazon Wind Farm Fowler Ridge is now live and producing electricity, bringing a new source of clean energy to the grids that power our datacenters."
The Amazon Wind Farm Fowler Ridge consists of 65 Siemens 2.3 MW wind turbines with 'Made in America' components. The turbine blades, nacelles, towers, and transformers were manufactured in the United States. The 150 MW facility will create enough clean energy to power 46,000 homes each year, according to average annual residential energy use data from the U.S. Energy Information Administration.
"Siemens is proud that workers at our factories in the Midwest produced the turbines for the Amazon Wind Farm Fowler Ridge, which continues an exciting trend of technology companies and major corporations turning to wind power for their energy needs. As wind becomes an increasingly important part of our nation's energy mix, we are pleased to partner once again with Pattern Energy to deliver sustainable and affordable wind energy," said Jacob Andersen, CEO Onshore Americas, Siemens Wind Power and Renewables Division.
An average of 175 workers were on site during construction, which was managed by Mortenson Construction, with up to 300 workers on site during peak construction activity. There are ten full-time permanent workers to operate and maintain the facility. The Amazon Wind Farm Fowler Ridge is expected to add an estimated $45 million over 25 years to the regional economy through property taxes, landowner royalties, and support for local causes.
Pattern Energy has an owned interest of 116 MW and institutional tax equity investors have acquired the balance. The facility is financed with all equity rather than project debt.
Pattern Energy acquired the Amazon Wind Farm Fowler Ridge from Pattern Energy Group LP (Pattern Development) in April 2015. Pattern Energy has rights of first offer to Pattern Development's entire project development pipeline, which totals more than 5,900 MW.
About Pattern Energy
Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 16 wind power facilities with a total owned interest of 2,282 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability of Pattern Energy to continue growing its fleet and quarterly dividend, the number of homes to be powered by such wind facility, and the amount of property taxes, landowner royalties, and support for local causes such wind facility will add to the regional economy over 25 years. These forward-looking statements represent Pattern Energy's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Pattern Energy's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Pattern Energy does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Pattern Energy to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Pattern Energy's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or Pattern Energy's actual results to differ materially from those contained in any forward-looking statement.
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SOURCE Pattern Energy Group Inc.
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