Pattern Development will own a 50% stake in the Henvey Inlet Wind project, which will be built in Parry Sound District.
Henvey Inlet First Nation’s Nigig Power will own the remaining 50% interest in the project.
Ontario Power Authority has agreed to buy the electricity generated from the project under a 20-year power purchase agreement.
Pattern Development CEO Mike Garland said: "We’re honored to partner with Henvey Inlet First Nation in Ontario on this exciting new project, which will take advantage of the strong and steady winds blowing across the Georgian Bay.
"This will be our eighth wind project in Canada and the largest on-reserve wind project to date, creating local jobs and providing a significant new source of revenue for the First Nation."
Pattern Energy has added 150MW of the 300MW Henvey Inlet Wind project to its list of identified right of first offer (ROFO) projects from Pattern Development.
Pattern Development plans to arrange construction and long-term debt financing for Henvey Inlet in 2016.
The addition of Henvey Inlet Wind increases Pattern Energy’s ROFO list to eight projects with a total owned capacity of 874MW.
The company said the list of identified ROFO projects represents a portion of Pattern Development’s 3,000MW pipeline of developments, all of which are subject to Pattern Energy’s right of first offer.
Image: The 300MW Henvey Inlet Wind project will be built in Parry Sound District. Photo: Courtesy of pakorn/FreeDigitalPhotos.net.
