NTR’s Wind Capital sells wind projects to Pattern Energy for $244m

Ireland-based NTR’s US wind company, Wind Capital Group, has agreed to sell its 350MW Post Rock and Lost Creek wind facilities to Pattern Energy Group for about $244m.

After repayment of third party debt, Pattern Energy Group will pay about $195m and the sale is subject to regulatory approval.

The acquisition includes ownership interests in the 200MW Post Rock Wind facility in Kansas, which uses 134 1.5MW GE turbines and the 150MW Lost Creek Wind facility in Missouri which uses 100 1.5MW GE turbines.

Both the facilities, which have been operational for an average of about three years, are fully contracted under power purchase agreements with counterparties.

NTR CEO Rosheen McGuckian said: “Pattern Energy was the successful bidder following an extensive auction process which had garnered significant interest due to the outstanding quality of these operating wind assets.

“We are exceptionally pleased with the outcome and the value achieved for our shareholders.”

The Post Rock Wind facility has a long-term contract with Westar, while the Lost Creek facility has a long-term contract with Associated Electric Cooperative Incorporated.

Pattern Energy president and CEO Mike Garland said: “The outstanding quality of these assets is a perfect fit for our portfolio.

“We are pleased to acquire them from a team that has demonstrated experience in developing and operating world-class wind farms.”