Pattern, GE, Citi Enter Texas Panhandle Wind Market
PANHANDLE, Texas -- August 20, 2013
Tapping into a premier wind resource, Pattern Energy Group LP is starting
construction of the 218-megawatt Panhandle Wind Project using Texas’ new
Competitive Renewable Energy Zone transmission infrastructure and connecting
to the state’s main power grid operator, the Electric Reliability Council of
Texas. GE (NYSE:GE) unit GE Energy Financial Services and Citigroup, Inc.
(NYSE:C) unit Citigroup Global Markets, Inc. will invest structured equity in
Located on 18,000 acres in Carson County 30 miles from Amarillo, Panhandle
Wind will sell power to Citigroup Energy Inc. under a long-term hedge offtake
agreement. Pattern – which developed the project, is serving as its managing
member and will provide operations and maintenance – is receiving construction
loans from BayernLB, Credit Agricole Corporate and Investment Bank, Nord/LB,
Landesbank Baden-Wuerttemberg, RBC, RBS and Societe Generale. Mortenson
Construction is overseeing construction of Panhandle Wind, which will use 118
GE 1.85 megawatt, 87-meter turbines. Completion is estimated in August 2014.
Financial details of the equity and debt transactions were not disclosed.
“Through our use of GE turbine technology and our partnership with financial
institutions GE Energy Financial Services and Citigroup, we are harnessing the
abundant wind resource of the Texas Panhandle to generate clean energy and to
benefit the local communities,” said Pattern Energy CEO Mike Garland.
“Panhandle Wind is creating more than 200 construction jobs and, over the
project’s life, will contribute millions of dollars through a community
benefits program and property taxes to Carson County, the White Deer and
Panhandle School Districts, and the Panhandle Groundwater Conservation
This project deepens the longstanding relationships that Pattern’s executives
have developed with GE on previous wind projects.
“This investment allows us to grow by expanding our wind portfolio and
demonstrates the diverse roles we play in renewable energy transactions,” said
Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy
Financial Services. GE Energy Financial Services holds a portfolio of
approximately 11 gigawatts of wind power projects in operation or under
“Citi is committed to developing innovative financing solutions for renewable
energy projects, like the Panhandle Wind Project, which will provide hundreds
of green jobs to the local economy and clean, renewable energy to thousands of
Texans,” said Marshal Salant, Managing Director and Global Head, Citi
Alternative Energy Finance. Since 2007, Citi has directed over $44.4 billion
towards clean energy financing and investment as part of its 10-year, $50
billion Climate Initiative.
The Panhandle Wind Project will generate enough electricity to power 60,000
homes – according to US Energy Environmental Protection Agency methodology –
avoiding approximately 460,000 metric tons of greenhouse gas emissions per
year, the equivalent of the annual emissions from 96,000 US passenger
About Pattern Energy
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 nearly 3,000 MW of wind power
projects. A strong commitment to promoting environmental stewardship drives
the Company’s dedication to work closely with landowners and communities to
create premier renewable energy projects. Pattern currently operates
approximately 1,000 MW of installed wind energy capacity in North America and
Puerto Rico. The Company’s full development pipeline exceeds 3,000 MW of
renewable energy and transmission projects. Pattern has offices in San
Francisco, San Diego, Houston, New York, and Toronto. For more information
please visit www.patternenergy.com.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a
builder, not just a banker, to help meet the world’s power and fuel needs. We
offer more than money—expertise—for essential, long-lived and
capital-intensive power, oil and gas infrastructure—GE’s core business.
Drawing on GE’s energy technical know-how, financial strength and risk
management, we see value where others don’t and take on our customers’
toughest challenges with flexible equity and debt transaction structures.
Based in Stamford, Connecticut, GE Energy Financial Services holds
approximately $18 billion in assets. More information:
www.geenergyfinancialservices.com. Follow GE Energy Financial Services on
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works. For more information,
visit the company's website at www.ge.com.
Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 160 countries and
jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and wealth
management. Additional information may be found at www.citigroup.com.
Link for graphic:
Caption for graphic: US Department of Energy wind resource map
Matt Dallas, 917-363-1333
GE Energy Financial Services
Andy Katell, 203-961-5773
Tyler Daluz, 212-793-5234
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