Pattern Energy Group Inc. has acquired a 35 MW owned interest in the Stillwater Wind facility from Pattern Energy Group 2 LP (Pattern Development 2.0).
Located in Stillwater County, Mont., the project recently commenced commercial operations.
Pattern Energy acquired 51% of the Class B interests in Stillwater for a total cash consideration of approximately $23 million.
Mike Garland, CEO of Pattern Energy, says it is the first acquisition the company has made directly from Pattern Development 2.0, “providing meaningful benefits to the business through our 29 percent ownership interest in Pattern Development 2.0.”
Canada’s Public Sector Pension Investment Board has acquired 49% of the Class B interests in Stillwater. Pattern Energy will operate the facility.
Stillwater has a 25-year power purchase agreement for 100% of the energy produced. The wind farm has 31 Siemens Gamesa turbines: five 2.3 MW turbines with 108-meter rotors and 26 2.625 MW turbines with 120-meter rotors. During each year of operations, the 80 MW facility will generate energy equal to the needs of more than 23,000 Montana homes.
