"We welcome MetLife’s involvement in the Gulf Wind project. MetLife’s participation allows the partnership to efficiently use the tax benefits associated with the project and, together with Pattern’s recent operational improvements, continues our commitment to ensuring Gulf Wind is a premier wind energy project. This financing also demonstrates Pattern’s ability to consummate creative but practical financing structures in these uncertain financial markets," said Mike Garland, CEO of Pattern Energy.
"Pattern is well positioned, with our $800 million corporate equity announced in May, to continue developing world-class premium growth renewable energy projects." The current financing with MetLife represents an evolution of the AB structure developed previously by Pattern management. The current transaction incorporates project debt and consistent cash flows.
"MetLife recognizes the importance of investing in renewable energy ventures that will have a positive impact on the environment," said Steve Kandarian, executive vice president and chief investment officer for MetLife.
"This investment in Gulf Wind builds upon the more than $1 billion that MetLife has already invested in renewable energy projects. It also demonstrates our commitment to support growth in the wind energy market." MetLife was advised by CP Energy Group in the transaction.
Pattern’s Gulf Wind project is strategically located on the Gulf Coast in Kenedy County, Texas, where favorable wind conditions allow the wind turbines project to maximize energy production during times of peak demand and peak pricing. Gulf Wind is pioneering the world’s first use of groundbreaking MERLIN SCADA radar technology to protect avian populations.
MetLife, Inc. is a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.
Pattern Energy Group LP is an independent, fully integrated energy company that develops, constructs, owns, and operates renewable energy and transmission assets in the United States, Canada and Latin America. With a long history in wind energy, Pattern’s highly-experienced team of scientists, engineers, construction experts, and legal and financial professionals has developed, financed and placed into operation more than 2,000 MW of wind power.
Pattern’s development pipeline exceeds 4,000 MW of renewable energy projects and multiple transmission projects. Pattern currently has 239.2 MW under construction in southern Manitoba, Canada and northern California. With offices in San Francisco, Houston, San Diego, New York and British Columbia, Pattern is strongly committed to promoting environmental stewardship and is dedicated to working closely with landowners and communities to develop and operate premier renewable energy projects.