Pattern Completes Renewable Power Sale Agreements for Largest Wind Project in Chile

SAN FRANCISCO, Nov. 28, 2011 /PRNewswire/ -- Pattern Energy Group LP (Pattern) today announced it has signed 20-year renewable power sale and energy services agreements for its El Arrayan Wind project in Chile. The agreements were completed with Minera Los Pelambres, a mining company controlled by Antofagasta plc, whose mining division Antofagasta Minerals S.A. (AMSA) will also have an option to acquire a 30% stake in the project.

The 115 megawatt (MW) El Arrayan project, being developed by Pattern, is located approximately 400 km north of Santiago on the coast of Chile. Once completed, the El Arrayan wind farm will be Chile´s largest wind energy project, providing enough clean and renewable energy to power up to 45,000 local homes each year without producing any emissions. 

"Pattern is expanding its development reach into Latin America with the El Arrayan project, which boasts one of the strongest wind resources in Chile," said Mike Garland, CEO of Pattern Energy. "We welcome as our partner the AMSA group, which has the necessary long-term vision to help us deliver a world-class wind project. We were attracted to Chile because it is an investment-grade country with a very attractive power market and growing demand for electricity. We look forward to continuing to utilize our development expertise in Chile to help the country reach its goal of generating 20% of its energy from non-conventional renewable sources by 2020."

The El Arrayan wind power project is expected to begin construction in early 2012 and achieve commercial operation in the second half of 2013. Siemens will provide its state-of-the-art 2.3MW wind turbines, which Pattern is also using in its U.S. and Canadian projects.  Skanska will perform the balance of plant construction for the project. The project has secured all land leases required for the wind turbines and transmission line.

Pattern launched the financing of the project in late August and expects to reach financial close early next year. Local Chilean banks, as well as international banks, are currently analyzing the transaction; mandated lead arrangers were appointed in November.

About AMSA

AMSA is the mining division of Antofagasta plc, a company listed on the London Stock Exchange and a constituent of the FTSE-100 Index, with interests also in transport and water distribution. Currently, Antofagasta's activities are primarily concentrated in Chile where it owns and operates four copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla. Total production in 2011 is expected to be 620,000-640,000 tons of copper, 10,600 tons of molybdenum and 200,000-215,000 ounces of gold. Antofagasta also has exploration and evaluation or feasibility programmes in North America, Latin America, Europe, Australia, Asia and Africa.  Minera Los Pelambres is Antofagasta plc´s principal operation. It is 60% owned by Antofagasta plc and 40% owned by two Japanese consortia. Its full year production forecast for 2011 (which forms part of the Antofagasta plc Group totals above) is for approximately 407,000 tons of payable copper, 10,600 tons of molybdenum and 37,000 ounces of gold production.

About Pattern

Pattern Energy Group LP is an independent, fully integrated energy company that develops, constructs, owns, and operates renewable energy and transmission assets in the United States, Canada and Latin America.  With a long history in wind energy, Pattern's highly-experienced team of scientists, engineers, construction experts, and legal and financial professionals has developed, financed and placed into operation more than 2,500 MW of wind power projects. Pattern is strongly committed to promoting environmental stewardship and is dedicated to working closely with landowners and communities to create premier renewable energy projects. Currently operating 520 MW of wind energy in North America, Pattern has 250 MW of wind projects in construction and expects to begin construction of more than 750 MW over the next 12 months. The Company's full development pipeline exceeds 4,000 MW of renewable energy and transmission projects.  Pattern has offices in San Francisco, San Diego, Houston, New York, and Toronto. For more information, please visit www.patternenergy.com.

Contact:

Matt Dallas
Pattern Energy
917-363-1333
[email protected]  

SOURCE Pattern Energy Group LP