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Pattern pays $269m for two New Mexico wind farms

The clean power producer’s acquisition of two wind farms brings its portfolio to 18 projects generating 2.6GW.

San Francisco-based power producer Pattern Energy has purchased for its yieldco two wind farms generating 324MW and an associated transmission line in New Mexico for $269 million.

The Broadview Wind projects and the 35-mile Western Interconnect transmission line were bought with $215 million of equity and $54 million of debt from development unit Pattern Development 1.0.

The company said in a statement the wind projects qualify for tax credits and expects them to generate $18 million of cash available for distribution in 2018.

Pattern Energy, which acquired an 84 percent interest in the projects, has two 20-year power purchase agreements with Southern California Edison for 100 percent of the output. Undisclosed institutional investors own the remaining 16 percent.

The transaction brings Pattern Energy's total wind facilities to 18, with a combined 2.6GW capacity. In March, the company received C$263 million ($196.09 million; €185.35 million) in financing from The Manufacturers Life Insurance Company, CDPQ and German bank Bayerische Landesbank to begin construction on a 147MW wind project in Quebec.