Pattern Energy acquired the stake it did not own from Pattern Development and MetLife Capital for $13m and $72.8m respectively.
Gulf Wind facility features 118 Mitsubishi MWT95/2.4 turbines and started commercial operations in 2009, meeting the power needs of about 80,000 households in Texas.
The facility’s output is being sold to the Electric Reliability Council of Texas. The project is connected to the Electric Transmission Texas 345 kV transmission system.
Pattern Energy president and CEO Mike Garland said: "We now own 100% of Gulf Wind, which is located in a unique site on the Gulf Coast where the winds blow strongest at the times of Texas’ peak demand and pricing.
"The acquisition of the Gulf Wind equity interests and recapitalization of the project debt provides us with increased cash flow and complete control of the facility."
Pattern Energy has a portfolio of 16 wind projects with a total owned interest of 2,282MW in the US, Canada and Chile.
Of the 16 facilities, 14 are in operations and two are under construction. Each of the facility has contracted to sell all or a majority of its output under a long-term, fixed-price power sale agreement.
Image: The Gulf Wind facility features 118 Mitsubishi MWT95/2.4 turbines. Photo: courtesy of Pattern Energy Group Inc.
