Pattern Energy buys 200MW Logan’s Gap Wind project for $113m

Pattern Energy has acquired the 200MW Logan’s Gap Wind project in Texas, US, from Pattern Development in a deal worth $113m.

Construction is currently underway on the wind project, which is located in Comanche County, near the Dallas-Fort Worth area.

The wind project will feature 87 units of Siemens 2.3MW turbines and will generate clean electricity enough to power 50,000 Texas homes annually.

After completion of the project, Pattern Energy will have an owned interest of 164MW, while the remaining 36MW of capacity will be sold to three institutional tax-equity investors.

The facility, which is located in ERCOT’s North Zone, will connect to Oncor’s 138kV Comanche-Zephyr line that crosses the project site and delivers power to the Dallas-Fort Worth area.

Long-term power purchase agreements are in place for 75% of the expected output, including a 10-year agreement with Walmart for 58%.

Pattern Energy CEO Mike Garland said: "We are pioneering new markets for the sale of our electricity to leading corporations like Walmart who are pursuing clean energy for their businesses.

"Pattern Development has more than 30 projects in development at any given time, providing a broad and deep resource for our continued growth and the potential of accelerated drop downs."

Pattern Energy has assumed an obligation to make an equity investment after completion of the construction.

The acquisition increases the group’s owned capacity by 11% to 1,636MW across 12 wind projects in the US, Canada and Chile.

Pattern Energy holds rights of first offer to Pattern Development’s project development pipeline, which features over 3000MW.