Pattern Energy Group Inc. has completed the acquisition of the remaining 170 MW ownership interests in the 283 MW Gulf Wind power facility from Pattern Development and MetLife Capital LP.
According to Pattern Energy's website, the wind farm is located in Kenedy County, Texas, features 118 wind turbines and went online in 2009.
‘We now own 100% of Gulf Wind, which is located in a unique site on the Gulf Coast where the winds blow strongest at the times of Texas' peak demand and pricing,’ comments Mike Garland, president and CEO of Pattern Energy.
‘The acquisition of the Gulf Wind equity interests and recapitalization of the project debt provides us with increased cashflow and complete control of the facility," he continues. "The acquisition of the Gulf Wind interests, along with our recently announced dividend increase, demonstrate our commitment to increasing value for our shareholders.’