Pattern Energy Group LP last week announced the closing of financing and commencement of construction of its Hatchet Ridge wind project, the first large-scale wind project to begin construction this year in California.
The 101.2-megawatts (MW) Hatchet Ridge project, developed by Renewable Energy Systems Americas Inc. (RES Americas), will be located on a portion of Hatchet Mountain near the town of Burney in Shasta County, California. The project is expected to finish construction and reach commercial operation before the end of next year.
Hatchet Ridge will generate power equivalent to the amount of energy needed to serve nearly 44,000 California homes annually. Pacific Gas and Electric Company (PG&E) will purchase the power, including the renewable attributes, under a 15-year power purchase agreement.
In addition to providing clean, renewable energy for Californians, Hatchet Ridge will create approximately 100 – 200 wind jobs over the next year and 6 – 8 permanent jobs during operations.
Six banks will provide a debt facility to fund project costs during construction, suggesting the credit freeze affecting renewable energy projects may be starting to thaw. The lenders include: Natixis, UBOC, LBBW, Calyon, SocGen, and WestLB.
RES America Construction, Inc. will construct the project, which will consist of 44 Siemens (NYSE: SI) 2.3-MW turbines.
"California is one of the top states in generating wind power capacity and we are excited to continue to bring clean, renewable energy to the region and working with the local businesses in completing the project," said Andrew Fowler, Senior Vice President of Construction of RES Americas. "Renewable energy brings economic benefits to the community and provides a secure and sustainable future for all."
Pattern Energy is an independent energy company that develops, constructs, owns, and operates clean power projects and transmission assets across North America and parts of Latin America. In June of 2009 private equity firm Riverstone Holdings LLC purchased Babcock & Brown’s North American energy development team and development pipeline to form Pattern Energy.
Renewable Energy Systems Americas Inc. (RES Americas) is a renewable energy company that develops, constructs, owns, and operates projects across the United States (US), Canada, Mexico and the Caribbean. RES Americas has constructed more than 3,500 MW, which represents approximately 14% of the operating installed wind capacity in the US, and has over 12,500 MW in development.
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