Pattern Energy Group LP says it has completed the financing of the Spring Valley wind project, which is located in Nevada. Financing is a secured construction loan that converts into an 18-year term loan. The lenders are Siemens Financial Services Inc., Credit Agricole Corporate and Investment Bank, and Union Bank NA.
The 150 MW project is expected to create approximately 225 jobs during construction and 13 permanent positions once operational. The project is expected to generate more than $20 million in tax revenue for White Pine County and the state of Nevada's Renewable Energy Fund over the next 20 years.
Pattern entered into a 20-year power purchase agreement with NV Energy for the sale of energy produced by the project. The company has selected Mortenson Construction to manage construction of the project, which will use 66 Siemens 2.3 MW wind turbines and connect to an existing 230 kV transmission line.