Pattern, Samsung Buy Wind Farm Under Development in Ontario
Pattern Energy Group LP, a renewable energy company backed by Riverstone Holdings LLC, and Samsung C&T Corp. (000830) bought land for a 270-megawatt wind farm they are jointly developing in southern Ontario, Canada.
Pattern Energy and Samsung acquired the land from Suncor Energy Inc. (SU)’s Fargo Wind Project and a project being developed by Northland Power Inc., according to a joint statement issued today. The land will be included in their South Kent Wind Farm located in Chatham-Kent, Ontario, the companies said.
“Pattern and Samsung will be able to accelerate the development of these projects by combining them with our nearby South Kent Wind Farm and its transmission connection,” Pattern Energy Chief Executive Officer Mike Garland said in the statement.
Construction will begin this year and be completed in 2012, Matt Dallas, a spokesman for San Francisco-based Pattern Energy, said today in an e-mail. The price of the land and the cost of the project aren’t being disclosed, Dallas said.
According to its website, closely-held Pattern Energy’s major stakeholder is Riverstone Holdings, a New York-based private-equity firm.
In addition to the project announced today, Samsung is closing on “thousands of acres in southwestern Ontario and the Bruce region” to develop “more than 500 megawatts of wind power,” Cheol-Woo Lee, senior executive vice president of Seoul-based Samsung C&T, said in the statement.
The wind farms will use Ontario-made wind turbine components and towers from a new Siemens AG (SIE) wind-turbine blade factory in Tillsonburg and a new Samsung wind-turbine tower factory in Windsor, Lee said.
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