Pattern Development signs PPA for wind and solar projects
Pattern Development has signed a 20-year power purchase agreement (PPA) for its 100 MW Belle River wind farm in Canada and a 22-year PPA for its 104 MW Conejo Solar PV project in Chile.
The Belle River Wind project has been jointly developed by Pattern Development and Samsung Renewable Energy, Inc. The project, which will be built in Lakeshore, Ontario, has a 20-year PPA with the Ontario Power Authority.
Belle River Wind needs to complete the permitting process. Construction of the Belle River Wind project is expected to begin in the fourth quarter of 2016.
Conejo Solar is a 104 MW photovoltaic solar power project that is being constructed approximately 30 kilometers east of Taltal in Chile's Atacama Desert. Conejo Solar is 100% owned by Pattern Development. A third party will have an option to buy a 30% stake. The project has a 22-year PPA with Minera Los Pelambres, an affiliate of Antofagasta Minerals SA, for approximately 70% of the project's output over the term of the agreement.
Conejo Solar has its required permits and interconnection rights and is ready for construction financing. Pattern Development anticipates an end-of-year or early 2015 financial closing.
Pattern Development has an existing relationship with Minera Los Pelambres, which has a long-term agreement to purchase power produced by the El Arrayan Wind facility in Chile. Antofagasta Minerals SA owns a minority interest in the El Arrayan Wind facility.
The additions of Belle River Wind and Conejo Solar increase Pattern Development's list of identified Right of First Offer (ROFO) projects to seven projects with a total owned capacity of 724 MW.
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