Pattern Energy Completes Financing for Spring Valley Wind Farm at Nevada

The financing procedures for installing the first wind power projects in Nevada have been completed by Pattern Energy. The finance scheme is an 18-year term loan supported by Siemens Financial Services, Union Bank and Credit Agricole Corporate and Investment Bank.

Mike Garland, the CEO of Pattern, regarded the completion of financing for the wind project as a major milestone for the company and the state of Nevada. He added that Pattern will be putting its expertise in wind development projects to use in building the wind energy project at Spring Valley. He was of the opinion that such projects were highly beneficial to the environment and wildlife. Garland expected to complete the construction of the project within a year and estimated that as many as 45,000 local homes will be powered with clean energy when the project starts its operations.

The ground-breaking ceremony for the project was conducted at the Spring Valley project site, which is situated around 30 miles east of Ely, Nevada. Local representatives from the senator’s office were present during the ground-breaking ceremony. The project was capable of generating employment for 225 people during construction and around 13 permanent jobs after it is operational. The capacity of the plant is 150 MW and the revenue that it will generate is approximately $20 million in the next 20 years.

Pattern has signed a purchase agreement with NV Energy that spans 20 years. The agreement lays down conditions on the sale of energy that the Spring Valley project will be producing. The construction of the project will be undertaken by Mortenson Construction. The company will be installing around 66 Siemens 2.3 MW wind turbines and connect them to the existing transmission line. With the completion of the Spring Valley Project, Pattern Energy will be having four operating projects in North America.