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Pattern reprices 265MW California project

UNITED STATES: Pattern Energy has repriced the financing for its 265MW Ocotillo wind development in California.

The Ocotillo project has been operating since 2012
The Ocotillo project has been operating since 2012

The transaction has been completed with ten lenders, including two new banks, and has resulted in a one percentage point reduction in the interest rate.

Pattern said that this fall reflected the current market rate, adding that the repricing would result in a "significant cost saving over the lifetime of the loan".

The Ocotillo project is made up of 112 Siemens 2.37MW turbines, and came online in 2012.

It was originally intended to feature 155 turbines and have a capacity of 315MW. However, plans were reduced when native American groups complained the development would block views that were important to them.

Pattern has a 20-year power purchase agreement for the project with San Diego Gas & Electric.

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