Pattern Energy Group Inc has announced the addition of 150 MW of the 300 MW Henvey Inlet Wind project to its list of identified Right of First Offer (ROFO) projects.
Henvey Inlet is the largest wind power project in Ontario, Canada, and increases the company’s list of ROFO projects to eight totalling 874 MW of total owned capacity. Power generated by the project will be supplied to Ontario Power Authority via a 20-year power purchase agreement.
“This is the third addition to our list of ROFO projects in the past month, demonstrating the increasing success of our partnership with Pattern Development” said Mike Garland, President and CEO of Pattern Energy. “With eight projects in the pipeline totaling 874 MW, we have a clear path to growth beyond the next three years.”
The Henvey Inlet Wind project is to be built in Parry Sound County, Ontario. It is a 50/50 joint venture partnership between Pattern Development and Nigig Power Corporation, which is wholly owned by Henvey Inlet First Nation. Pattern Development will own 150 MW of the project, which has a 20-year PPA with the Ontario Power Authority for 100 percent of its expected production.
Pattern Development expects to arrange both construction and long-term debt financing for Henvey Inlet in 2016. Upon completion, it will be the largest wind facility in Ontario.
The addition of Henvey Inlet Wind increases Pattern Energy’s ROFO list to eight projects with a total owned capacity of 874 MW. The list of identified ROFO projects represents a portion of Pattern Development’s 3,000 MW pipeline of development projects, all of which are subject to Pattern Energy’s right of first offer.
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ (“PEGI”) and Toronto Stock Exchange (“PEG”). It has a portfolio of eleven wind power projects, including one project it has agreed to acquire, with a total owned interest of 1,472 MW, in the United States, Canada and Chile that use proven, best-in-class technology.