Minera Los Pelambres, a metals mining company controlled by Antofagasta plc, also entered into an agreement under which it will have an option to acquire a 30% stake in the wind farm.
El Arrayan could be Chile’s largest wind farm, and will be located along the country’s northern coast, about 250 miles north of Santiago.
Mike Garland, Pattern’s CEO, says the wind energy project "boasts one of the strongest wind resources in Chile," and that Pattern was "attracted to Chile because it is an investment-grade country with a very attractive power market and growing demand for electricity."
He notes that Chile has established a goal of generating 20% of its energy from non-conventional renewable sources by 2020, and that Pattern hopes to develop more projects there.
Construction of the El Arrayan wind power project is expected to begin in early 2012, with commercial operation of the facility to start in the second half of 2013. Siemens will provide 2.3 MW wind turbines, and Skanska will build wind energy the project.