Hatchet Ridge Wind energy project, which has begun full operation on 27 October 2010 one year after it broke ground, produces power equivalent to the annual energy use of 44,000 California homes.
MetLife’s investment in the wind energy project was supported by long-term institutional lease debt arranged by Credit Agricole Securities and a long-term letter of credit facility provided by Credit Agricole Corporate and Investment Bank.
The Ridge Wind energy project builds upon more than $1bn that MetLife has already invested in renewable energy projects as a part of its sustainable effort to benefit the environment.
Pattern Energy CEO Mike Garland said that this investment from MetLife represents the first closing of a leveraged lease on an operational wind farm since the early 1980s and also demonstrates the quality of our Hatchet Ridge Wind project to have MetLife as a financial partner.
"Our goal is to develop and operate premier renewable energy projects and secure long-term, low-cost financing to our projects. This investment demonstrates Pattern’s ability to secure sound, innovative financing in today’s market," Garland said.
