Pattern Energy has committed to buy majority interests in the 324MW Broadview wind farm in New Mexico and its associated 345kV transmission line.
The listed company will pay $269m to Pattern Development, which owns a minority stake in the utility, for an 84% cash flow interest in the wind facility and a 99% ownership interest in the 35-mile power line once they start operating.
Institutional equity investors have also committed to acquire a 16% initial cash flow interest and a 99% initial taxable income allocation from the facility, it said.
Pattern Development has closed financing and is beginning construction on Broadview, which will comprise 141 2.3MW Siemens turbines.
The project is expected to start commercial operation early next year.
The wind farm will be limited to 297 MW of injection capacity at the project’s transmission interconnection point.
“This world-class wind project will deliver attractively-priced power directly into the California market under two 20-year contracts with Southern California Edison,” Pattern Energy chief executive Mike Garland said. “Broadview is a terrific addition to the Company; representing a twelve percent increase to our current portfolio’s owned capacity and a material, accretive increase in our cash available for distribution.”
Image: Pattern Energy
