Pattern, Samsung Receive $700 Million for Ontario Wind Farm
Pattern Energy Group LP, a closely held renewable energy company backed by private equity investor Riverstone Holdings LLC, said it received about $700 million in debt financing to build its South Kent wind farm in Canada.
The deal included multiple banks and was structured with joint venture partner Samsung C&T Corp. (000830), which owns half the project, Pattern spokesman Matt Dallas said today by e-mail. He wouldn’t name the lenders.
South Kent, located in southern Ontario near the shores of Lake Erie, will have a generating capacity of 270 megawatts and consist of components made at factories in the province, San Francisco-based Pattern said today in a statement. Siemens AG (SIE) is providing the wind turbines and blades, and CS Wind Corp. is supplying the towers.
The wind farm may enter operation by March 2014, and the Ontario Power Authority has a 20-year contract to purchase its power for 13.5 Canadian cents (13.2 cents) a kilowatt-hour, Dallas said.
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