Pattern Energy Group LP says it has closed on the financing of its Ocotillo Wind project, a 265 MW wind farm being built in California's Imperial Valley.
The financing for the project, which will utilize 112 Siemens 2.37 MW turbines, is structured as a construction loan with a seven-year commercial bank tranche co-led by Deutsche Bank and RBC Capital Markets, and a 20-year tranche funded by the North American Development Bank. The commercial tranche financing also included The Royal Bank of Scotland, Societe Generale, NORD/LB and KeyBank.
The Ocotillo Wind project is currently under construction, and most of the project will be placed into commercial operation this year, with a small portion reaching commercial operation in early 2013. Most of the road and civil work has been completed, including most of the turbine foundations, and over 30 wind turbines are assembled.
The U.S.-made Siemens wind towers, blades and nacelles continue to arrive daily, Pattern Energy says. The towers are made in California by Ameron International, while the blades are made in Iowa and the nacelles are made in Kansas.
Ocotillo Wind will be the first renewable energy project to interconnect into the newly constructed Sunrise Powerlink, a 500 kV transmission line that was developed to bring renewable power from the Imperial Valley to San Diego. Pattern Energy has a 20-year power purchase agreement with San Diego Gas and Electric for the sale of electricity produced by the project.