SAN FRANCISCO, Sept. 30, 2014 /PRNewswire/ -- Expanding into the solar power market, Pattern Energy Group LP ("Pattern Development" or the "Company") today announced its Conejo Solar photovoltaic power project in Chile has secured a 22-year power purchase agreement (PPA) with an affiliate of Antofagasta Minerals SA. The 104 megawatt (MW) Conejo Solar project, which will be constructed approximately 30 kilometers east of Taltal in Chile's Atacama Desert, was originated by Pattern Development and upon completion will be the largest solar energy project in Chile with a PPA.
"We're excited to announce Pattern Development's expansion into the solar power market. Solar is a terrific complement to our current wind activities and we will continue to grow in this market. We have been analyzing solar in Chile for some time and we view this area of the Atacama Desert as one of the best sites in the country with high radiation, which is very efficient due to the area's low temperatures," said Mike Garland, President and CEO of Pattern Development. "Following our recent completion of El Arrayan Wind, Chile's largest wind power facility, we welcome this opportunity to expand our partnership with Antofagasta Minerals and broaden our presence in Chile."
The Company has a 22-year PPA with Minera Los Pelambres, an affiliate of Antofagasta Minerals, for approximately 70% of the project's output over the term of the agreement. Conejo Solar is 100% owned by Pattern Development. A third party has an option to buy a 30% stake in the project. Pattern Development has an existing relationship with Minera Los Pelambres, which has a long-term agreement to purchase power produced by the El Arrayan Wind facility. Antofagasta Minerals owns a minority interest in the El Arrayan Wind facility.
Pattern Development is leading renewable energy development in Chile with plans for future world-class projects. The Conejo Solar project was originated by Pattern Development, drawing on its experience from developing El Arrayan Wind, the country's largest wind power facility. Conejo Solar will connect to the Sistema Interconectado Central's (SIC) 220kV transmission system and is located on public lands owned by the government of Chile with a long-term concession. The project, which has begun initial construction work, is ready for construction financing and the Company anticipates an end-of-year or early 2015 financial closing.
The Conejo Solar project has been added by affiliate company Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy") to its Right of First Offer (ROFO) pipeline.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 3,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication in working closely with communities to create premier renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto and Santiago, Chile.
SOURCE Pattern Energy Group LP