Pattern Energy Group LP, the closely held renewable energy developer associated with Pattern Energy Group Inc. (PEGI), bought a 200-megawatt wind farm in Texas that will sell power to Wal-Mart Stores Inc. (WMT)
Pioneer Green Energy LLC began developing the Logan’s Gap project in Comanche County last year and has a 10-year contract to sell Wal-Mart about 60 percent of the wind farm’s power, San Francisco-based Pattern said today in a statement. Terms of the purchase weren’t disclosed.
Pattern expects to arrange financing for the project and begin construction in the fourth quarter, according to the statement. It’s expected to begin producing electricity in late 2015.
Pattern is the third-largest shareholder in Pattern Energy Group Inc., which began trading publicly in September, according to data compiled by Bloomberg. Pattern Energy Group Inc.’s website says its objective is to acquire power projects, including from the affiliated LP.
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