Pattern Energy says it has completed a repricing of the commercial bank tranche of the existing term debt on its Ocotillo Wind facility.
The 265 MW wind project, located in Imperial Valley, Calif., began operating in December 2012. The facility utilizes 112 Siemens 2.37 MW turbines with U.S.-made Siemens towers, blades and nacelles.
According to Pattern, the interest rate on the existing commercial bank tranche was reduced by 100 basis points to reflect current market pricing. The transaction involved 10 lenders, including two new financial institutions. Expenses related to the repricing will be realized over the life of the loan, Pattern notes.
‘The successful completion of this transaction, including the addition of two new lenders into the bank club, is a testimony to the quality of Pattern Energy's assets, as well as our ability to capitalize quickly on improving market conditions,’ says Mike Garland, president and CEO of Pattern Energy. ‘The repricing will result in significant cost savings over the life of the loan.’