SAN FRANCISCO, Dec. 16, 2010 /PRNewswire/ -- Pattern Energy Group LP (Pattern) today announced that MetLife has provided leveraged lease equity financing to Pattern's wholly owned subsidiary Hatchet Ridge Wind, LLC, the lessee of a 101.2 megawatt (MW) wind energy project located in Burney, California. The project produces clean power equivalent to the annual energy use of 44,000 California homes. MetLife's investment was supported by long-term institutional lease debt arranged by Credit Agricole Securities. Credit Agricole Corporate and Investment Bank provided a long-term letter of credit facility. The terms of the transaction were not disclosed.
Hatchet Ridge Wind is the only commercial-scale wind project in California to reach operation this year. Hatchet Ridge Wind began full operation on October 27, 2010, one year after the project broke ground.
"This investment from MetLife represents the first closing of a leveraged lease on an operational wind farm since the early 1980s and also demonstrates the quality of our Hatchet Ridge Wind project to have MetLife as a financial partner," said Mike Garland, CEO of Pattern Energy. "Pattern was successful navigating through the challenges of developing projects in California and financing Hatchet Ridge during very difficult financial markets. Our goal is to develop and operate premier renewable energy projects and secure long-term, low-cost financing to our projects. This investment demonstrates Pattern's ability to secure sound, innovative financing in today's market."
"MetLife recognizes the importance of investing in renewable energy ventures that will have a positive impact on the environment," said Steve Kandarian, executive vice president and chief investment officer for MetLife. "At the same time, this venture is consistent with our long-term investment approach and builds upon the more than $1 billion that MetLife has already invested in renewable energy projects. It also demonstrates our commitment to support growth in the wind energy market."
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.
About Pattern Energy
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 2,000 MW of wind power. Pattern's development pipeline exceeds 4,000 MW of renewable energy projects and includes multiple transmission projects. Pattern currently has 384.4 MW of wind energy in operation in the U.S. and 138 MW under construction in southern Manitoba, Canada. With offices in San Francisco, San Diego, Houston, New York, British Columbia and Toronto, Pattern is strongly committed to promoting environmental stewardship and is dedicated to working closely with landowners and communities to develop and operate premier renewable energy projects. For more information, please visit www.patternenergy.com.
SOURCE Pattern Energy