Oct. 28 (Bloomberg) — Pattern Energy Group LP, the closely
held developer associated with Pattern Energy Group Inc., closed
a C$580 million ($519 million) loan with Samsung C&T Corp.’s
renewables unit for a wind farm in Ontario.
Ten financial companies were involved in the construction
and term loan, according to a statement today from San
Francisco-based Pattern that didn’t identify the lenders or
provide terms.
The 180-megawatt Armow wind farm in Kincardine will use 91
2.3-megawatt Siemens AG turbines manufactured in Ontario. The
project is expected to be complete in the fourth quarter of next
year and will power about 70,000 homes. The Ontario Power
Authority has agreed to buy the electricity under a 20-year
contract.
Pattern has financed and is building four Ontario wind
farms with total capacity of about 870 megawatts, according to
the statement.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Tina Davis