Pattern Energy Group Inc. (Pattern Energy) has acquired 147-MW of owned interest in the 182-MW Panhandle 2 Wind facility for $123.8 million from Pattern Energy Group LP (Pattern Development). Located in Carson County, Texas, the wind farm is now fully operational, featuring 79 Siemens (NYSE: SI)2.3-MW wind turbines.
“Panhandle 2 was completed on schedule and on budget, growing our operating fleet to 10 wind facilities with an 11th project on track to be completed this quarter,” said Mike Garland, president and chief executive officer of Pattern Energy. “This facility is an excellent addition to our portfolio and will increase our revenue and cash available for distribution. We now have two premier wind facilities in the Panhandle, located on one of the best wind sites in the U.S., with a net capacity factor of approximately 50 percent.”
Eighty percent of the power produced is sold under a long-term energy price hedge contract with a Morgan Stanley affiliate; the remaining 20 percent is sold at ERCOT’s spot market prices.
In July, Pattern Energy acquired 172-MW of Panhandle 1 Wind, a 218-MW facility adjacent to Panhandle 2 Wind.