Pattern Development Acquires Logan's Gap Wind Project in Texas Walmart to purchase majority of power from 200 MW project
Pattern Energy Group LP ('Pattern Development' or the 'Company') announced it has acquired the Logan's Gap wind project from Pioneer Green Energy. Logan's Gap is a 200 megawatt (MW) wind project to be built in Comanche County, Texas. As the developer of the project, Pioneer Green Energy began work of a significant nature in 2013 and executed a 10-year power purchase agreement (PPA) with Wal-Mart Stores, Inc. for approximately 60% of the project's expected production.
'We are very pleased to be working with Walmart, an icon of American business, which has agreed to buy the majority of the power produced by the Logan's Gap project for the next decade,' said Mike Garland, CEO of Pattern Development. 'America's leading corporations are increasingly interested in wind energy, recognizing that as the price of wind power continues to decline, it is both good for the environment and good for business.'
Pattern Development expects to arrange financing for and start full construction of the project in the fourth quarter of 2014. The project is located in ERCOT's North Zone and will connect to Oncor's 138kV Comanche-Zephyr line, which crosses the project site and supplies power to the Dallas-Fort Worth area. The project is expected to begin commercial operation in late 2015.
Andy Bowman, president of Pioneer Green Energy, stated, 'Logan's Gap is a unique asset in the ERCOT market due to its robust wind resource and excellent location in the grid. We are delighted that Pattern Development has acquired the Logan's Gap project and will carry it forward with their strong team and excellent track record.'
The Logan's Gap project has been added by affiliate company Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ('Pattern Energy') to its right of first offer (ROFO) pipeline.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. Pattern Development operates and manages wind power projects through its affiliated public entity, Pattern Energy Group Inc. (Pattern Energy). With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 3,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the Company's dedication in working closely with communities to create premier renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, and Toronto.
About Pioneer Green Energy
Pioneer Green Energy is a developer of utility-scale wind and solar projects across the US. The company initiated development for 788 MW of wind energy and 40 MW of solar energy that are now under construction. In the past, its principals have helped develop over 2,700 MW of currently operating wind projects owned by leading industry players. Pioneer specializes in bringing to market high-value projects driven by in-depth transmission analysis. The company is based in Austin, Texas. For more information please visit: www.pioneergreen.com.