United States

United States

Pattern acquires 350MW in US

UNITED STATES: Wind Capital Group has sold the Post Rock Wind and Lost Creek Wind projects to Pattern for $244 million plus net debt of $102 million.

Lost Creek Wind uses GE 1.5MW turbines
Lost Creek Wind uses GE 1.5MW turbines

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The 200MW Post Rock Wind is yet to come online, while the 150MW Lost Creek Wind, which uses 1.5MW GE turbines, has been in operation since 2010. The developments are in Kansas and Missouri respectively.

Pattern has also acquired the 90MW K2 Wind project from parent company Pattern Development.

According to Windpower Intelligence, Pattern has over 350MW online in US. This includes the 182MW Panhandle 2 project in Texas.

Speaking about the deals, Pattern CEO Mike Garland said: "We are increasing our CAFD [cash available for distribution] per share growth target to 12-15% due to several key factors that give us added confidence in achieving or exceeding our growth objectives. These include today's three acquisitions, advancement of our nearly 1GW in identified ROFO [right of first offer] projects and the expansion of our development pipeline, including visibility to more than 500MW of projects that will be ready to be added to the identified ROFO list over the next 12 months."

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