Pattern Gets Loan From Three Banks for Nevada’s First Wind Farm
Pattern Energy Group LP, a closely held renewable energy developer, received financing to build Nevada’s first wind farm.
Siemens Financial Services Inc., Credit Agricole Corporate & Investment Bank and Union Bank NA are providing a secured construction loan for the 150-megawatt Spring Valley Wind project, San Francisco-based Pattern said today in a statement. The construction loan will later convert into an 18-year term loan. The developer did not say when, or how much it’s borrowing.
The wind farm near the city of Ely in eastern Nevada is expected to be complete in a year and will have 66 Siemens AG (SIE) turbines with capacity of 2.3 megawatts each. NV Energy Inc. (NVE), the state’s largest utility, will purchase the electricity under a 20-year contract.
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