Pattern Energy Acquires Panhandle 2 Wind Power Facility

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Pattern Energy Group continues to acquire wind generation assets developed by Pattern Development.

According to Pattern Energy Group, it acquired 147 MW of the 182 MW Panhandle 2 Wind farm, located in Carson County, Texas, for $123.8 million in cash. The Panhandle 2 Wind facility is now fully operational.

The wind farm has many attributes, notes Pattern. The wind farm, located in one of the most robust wind areas in the U.S., is powered by 79 Siemens 2.3 MW wind turbines. Approximately 80% of the expected output is contracted under a long-term energy price hedge, with an A-/Baa2 credit-rated affiliate of Morgan Stanley, with the balance sold at ERCOT's spot market prices.

‘Panhandle 2 was completed on schedule and on budget, growing our operating fleet to 10 wind facilities with an 11th project on track to be completed this quarter,’ says Mike Garland, Pattern Energy's president and CEO. ‘This facility is an excellent addition to our portfolio and will increase our revenue and cash available for distribution. We now have two premier wind facilities in the Panhandle, located on one of the best wind sites in the U.S., with a net capacity factor of approximately 50 percent.’

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