Pattern Energy Group LP (Pattern Development) and Green Power Investment Corp. (GPI) have completed financing for the 33 MW Green Power Otsuki GK (Ohorayama Wind) project, located in Kochi Prefecture, Japan.
Pattern Development and GPI are joint venture partners on the Ohorayama Wind project, which has a 20-year power purchase agreement with Shikoku Electric Power Co. for 100% of the output. The project is under construction and is expected to reach completion in March 2018.
“We are making steady progress on our commitment to develop 1,000 MW of new renewable energy sources in Japan – demonstrating the value of our partnership with GPI,” says Mike Garland, president and CEO of Pattern Development. “Together with GPI, we have completed two solar facilities in Japan and are moving forward on Ohorayama Wind. We also have a broad and deep pipeline of new wind and solar projects, including several in the advanced stages of development.”
“Ohorayama is our first wind project to reach financial close and start construction since we joined hands with Pattern in early 2014,” notes Toshio Hori, CEO and founder of GPI. “This achievement is a reflection of the effectiveness of our partnership, and we are excited about further executing on our portfolio of mature development assets. We expect our next project, a 126 MW wind farm in Aomori Prefecture, to reach financial close and commence construction by mid-2017. It is anticipated to be the largest wind project in Japan.”