Pattern Completes Financing On Milestone First Nations Wind Farm

Pattern Energy Group LP (Pattern Development) has completed a C$1 billion financing for the 300 MW Henvey Inlet Wind project in Ontario.

Now entering construction, the wind farm is located on Henvey Inlet First Nation Reserve No. 2 on the northeast shore of the Georgian Bay.

Pattern Development and Nigig Power Corp., a wholly owned subsidiary of Henvey Inlet First Nation, are joint venture partners in the project. Henvey Inlet Wind will comprise 87 Vestas 3.45 MW turbines with a 136-meter rotor diameter and 132-meter hub height. The project has a 20-year power purchase agreement with the Independent Electricity System Operator for 100% of its production.

“This landmark project is a first on many fronts: largest wind project in Ontario, largest on-reserve wind installation in Canada, highest hub heights in North America, and the first to develop a First Nation Environmental Stewardship Regime under the First Nations Lands Management Act,” states Mike Garland, CEO of Pattern Development.

“This will be the first wind power project on First Nation land – representing an economic turning point in which we are creating a prosperous future,” adds Chief Wayne McQuabbie of Henvey Inlet First Nation. “This project’s watershed permitting and real estate regime sets an example for responsible economic development that protects and preserves First Nation land while also generating revenue for future generations. The project also benefits Magnetawan and Shawanaga First Nations with income and employment opportunities.”

When operational in the first half of 2019, Henvey Inlet Wind will generate clean power for approximately 100,000 Ontario homes each year. It is also expected to generate lease royalties of more than C$8 million annually for the Henvey Inlet First Nation, in addition to significant income from project distributions.

Furthermore, Pattern Development says the project will create up to 500 jobs during construction and, once operational, will employ approximately 15 permanent full-time workers and create the need for more than 100 ongoing indirect jobs.

The facility is being jointly developed and will continue to be jointly owned and operated by Pattern Development and Henvey Inlet First Nation. Pattern Development owns a 50% interest in the project, and Nigig Power Corp. owns the other 50% of the project. Affiliate company Pattern Energy Group Inc. previously added the Henvey Inlet Wind project to its list of identified Right of First Offer projects.

“We aren’t just building a wind farm – we’re building an economy,” says Ken Noble, president and CEO of Nigig Power Corp. “The net proceeds over the next two decades of operations will provide the financial resources to transform the local economy, expand all community services, relieve poverty and create employment.”

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