Pattern Development's first wind project in Québec has a 25-year PPA with Hydro-Québec
SAN FRANCISCO, Feb. 13, 2015 -- Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy"), today announced the addition of the 147 megawatt (MW) Mont Sainte-Marguerite Wind project to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP ("Pattern Development").
* 25-year power purchase agreement (PPA) with Hydro-Québec
* Pattern Development's first wind project in Québec
* Increases identified ROFO list to nine projects with 977 MW of total owned capacity
* Over one gigawatt (1 GW) of Canadian assets now operating or on the list of identified ROFO projects
"This addition pushes us past the 1,000 MW mark for projects in Canada that are either operating or have been added to our ROFO list - and all of which have been secured with long-term PPAs," said Mike Garland, President and CEO of Pattern Energy. "With a recent growth surge, Pattern Development has significantly expanded the number of new projects that will fuel Pattern Energy's near-term and long-term growth. We look forward to announcing more ROFO additions in the near future."
The Mont Sainte-Marguerite Wind project, which is located approximately 50 kilometers south of Québec City in the Chaudière-Appalaches region, has entered into a 25-year power purchase agreement (PPA) with Hydro-Québec. Pattern Development expects to begin construction of the project in the third quarter of 2016 and anticipates reaching commercial operation in December 2017.
Pattern Development currently owns 100% of the 147 MW project and it is anticipated that Pattern Energy will acquire the full owned interest in the project. The addition of the Mont Sainte-Marguerite Wind project increases Pattern Energy's ROFO list to nine projects with a total owned capacity of 977 MW.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 12 wind power projects, with a total owned interest of 1,636 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.