Pattern Development acquires Logan's Gap Wind Project in Texas
Pattern Energy Group LP today announced it has acquired the Logan's Gap wind project from Pioneer Green Energy.
Logan's Gap is a 200 megawatt (MW) wind project to be built in Comanche County, Texas. As the developer of the project, Pioneer Green Energy began work of a significant nature in 2013 and executed a 10-year power purchase agreement (PPA) with Wal-Mart Stores, Inc. for approximately 60% of the project's expected production.
Mike Garland, CEO of Pattern Development, said:
"We are very pleased to be working with Walmart, an icon of American business, which has agreed to buy the majority of the power produced by the Logan's Gap project for the next decade. America's leading corporations are increasingly interested in wind energy, recognizing that as the price of wind power continues to decline, it is both good for the environment and good for business."
Pattern Development expects to arrange financing for and start full construction of the project in the fourth quarter of 2014. The project is located in ERCOT's North Zone and will connect to Oncor's 138kV Comanche?Zephyr line, which crosses the project site and supplies power to the Dallas?Fort Worth area. The project is expected to begin commercial operation in late 2015.
Andy Bowman, president of Pioneer Green Energy, stated:
"Logan's Gap is a unique asset in the ERCOT market due to its robust wind resource and excellent location in the grid. We are delighted that Pattern Development has acquired the Logan's Gap project and will carry it forward with their strong team and excellent track record."
The Logan's Gap project has been added by affiliate company Pattern Energy Group Inc. to its right of first offer (ROFO) pipeline.
Pattern Energy Group LP is a leader in developing renewable energy and transmission assets. Pattern Development operates and manages wind power projects through its affiliated public entity, Pattern Energy Group Inc..
In early July, Pattern Energy Group Inc. closed on its commitment to acquire 172MW of owned interest in the 218 MW Panhandle 1 wind project in Texas, from Pattern Development for a total cash consideration of US$124.4 million.
