San Francisco-based power company Pattern Energy Group has received financing from a group of investors to move forward with a 147MW wind project in Quebec.
Pattern said construction will begin immediately on the Mont Sainte-Marguerite Wind project now that it’s agreed to a C$263 million ($196.09 million; €185.35 million) financing package with The Manufacturers Life Insurance Company, CDPQ and German bank Bayerische Landesbank. The financing amortises over the project’s 25-year power-purchase agreement with local utility Hydro-Quebec, Pattern said.
Mike Garland, chief executive of Pattern Development, said he expects “swift progress” on construction, now that financial close has been reached, and set a year-end goal for the project’s completion.
The Mont Sainte-Marguerite Wind project will be located at a high elevation 50km south of Quebec City, in one of the region’s strongest wind areas. The project will generate enough electricity to power 27,000 Quebec homes, according to Pattern.
Since last year, Pattern has been acquiring and financing assets through right of first sale, in a list that includes 11 projects totaling 942MW. The company agreed to pay $132 million last September to acquire a 50 percent interest in the 180MW Armow Wind power facility in Ontario, Canada.
Overall, Pattern owns and operates a wind portfolio generating a combined 2.5GW in the US, Canada and Chile. It has developed, financed and placed into operation more than 4,500MW of wind and solar projects.