The financing, provided by Siemens Financial Services, Credit Agricole Corporate and Investment Bank, and Union Bank, is a secured construction loan that converts into an 18-year term loan.
Pattern CEO Mike Garland said this long-term financing will allow the company to complete the development and construction of Spring Valley Wind and bring the wind project into operation.
The power project is expected to generate about $20m in tax revenue for White Pine County and the state of Nevada’s Renewable Energy Fund over the next 20 years.
Pattern will sell energy produced by Spring Valley Wind to NV Energy, through a 20-year power purchase agreement.
Pattern selected Mortenson Construction to manage construction of the project, which will use 66 units of Siemens 2.3MW wind turbine and will connect to an existing 230kV transmission line.
