MetLife has provided leveraged lease equity financing to Pattern Energy Group LP's wholly owned subsidiary Hatchet Ridge Wind LLC, the lessee of a 101.2 MW wind project located in Burney, Calif.
MetLife's investment was supported by long-term institutional lease debt arranged by Credit Agricole Securities. Credit Agricole Corporate and Investment Bank provided a long-term letter of credit facility. The terms of the transaction were not disclosed.
Hatchet Ridge began full operation in Oct. 27, one year after the project broke ground.
‘This investment from MetLife represents the first closing of a leveraged lease on an operational wind farm since the early 1980s and also demonstrates the quality of our Hatchet Ridge Wind project to have MetLife as a financial partner,’ says Mike Garland, CEO of Pattern Energy.
SOURCE: Pattern Energy Group LP