Wind farm

The remaining stake of the project is owned by three unnamed tax-equity investors.

Located in Carson County, the project, which features 118 General Electric 1.85MW turbines, is expected to generate enough energy for about 60,000 homes in Texas per year.

The facility is using Texas’ new Competitive Renewable Energy Zone transmission infrastructure, which links to the state’s main power grid operator, Electric Reliability Council of Texas (ERCOT).

About 77% of the project’s output is contracted under a 13-year energy price hedge with an investment-grade affiliate of Citibank, while the rest will be sold on the ERCOT spot market.

Pattern Energy president and CEO Mike Garland said the acquisition adds 16% to the company’s operating capacity and marks its third project to reach completion in 2014.

"It is the second project we have acquired from Pattern Development that has gone into operation since our IPO – again demonstrating the value of that strategic partnership – and we anticipate their extensive pipeline will create more opportunities that will help us meet or exceed our growth plans," Garland said.

Pattern Energy has a portfolio of eleven wind power projects, totaling 1,472MW of capacity, in the US, Canada and Chile.

Image: The 218MW Panhandle 1 wind project features 118 General Electric 1.85MW turbines. Photo: Courtesy of dan/FreeDigitalPhotos.net.