Ocotillo Wind farm will be Pattern Energy’s fifth operating wind project in North America.
Wind power developer Pattern Energy has secured financing for a wind farm in the Imperial Valley that promises to provide electricity to San Diego utility customers.
San Francisco-based Pattern energy broke ground in May on the 112 wind turbines installation on federal land outside the small desert town of Ocotillo.
The North American Development Bank on Friday confirmed its approval of a 20-year, $110 million construction loan for the project.
The bank, capitalized by the U.S. and Mexican governments, has recently begun financing renewable energy projects after decades of focusing largely on water and wastewater projects. It finances infrastructure improvements within 100 kilometers (62 miles) of the U.S. border.
Participation in a seven-year commercial bank round of financing included Deutsche Bank, RRC Capital Markets, The Royal Bank of Scotland, Société Générale, NORD/LB and KeyBank. A Pattern spokesman declined to disclose further terms.
San Diego Gas & Electric has signed a 20-year agreement to purchase electricity from the project at undisclosed terms.
Ocotillo is vying to be the first renewable energy project to tap into the Sunrise Powerlink transmission line leading west from San Diego into the Imperial Valley desert.
It’s also among the wind projects across the nation rushing to complete construction before the Dec. 31 expiration of the Wind Production Tax Credit. Possible extension of the credit — embraced by President Barack Obama and opposed by Republican candidate Mitt Romney — is a hot-button issue of the election season.
Pattern Energy Group LP (Pattern)announced that the California Public Utilities Commission (CPUC) has approved a 20-year power purchase agreement (PPA) with San Diego Gas & Electric (SDG&E) for 315 megawatts (MW) of wind energy to be generated at its Ocotillo Wind Energy Facility in Southern California. The project will produce enough clean and renewable wind energy to serve more than 130,000 households a year.
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 2,500 MW of wind power projects. Pattern is strongly committed to promoting environmental stewardship and is dedicated to working closely with landowners and communities to create premier renewable energy projects. Currently operating 520 MW of wind energy in North America, Pattern has 250 MW of wind projects in construction and expects to begin construction of more than 750 MW over the next 12 months. The Company’s full development pipeline exceeds 4,000 MW of renewable energy and transmission projects. Pattern has offices in San Francisco, San Diego, Houston, New York, and Toronto.