Pattern Development has entered into a partnership with Henvey Inlet First Nation to jointly develop, own and operate the 300 MW Henvey Inlet Wind project.
Pattern Development will own a 50% interest in the project, which will be built in Parry Sound District, Ontario. Nigig Power Corp., wholly owned by Henvey Inlet First Nation, will own the remaining 50% stake. The wind project has a 20-year power purchase agreement with the Ontario Power Authority, and Pattern Development expects to arrange both construction and long-term debt financing for Henvey Inlet in 2016.
"We're honored to partner with Henvey Inlet First Nation in Ontario on this exciting new project, which will take advantage of the strong and steady winds blowing across the Georgian Bay," says Mike Garland, CEO of Pattern Development. "This will be our eighth wind project in Canada and the largest on-reserve wind project to date, creating local jobs and providing a significant new source of revenue for the First Nation."
Separately, Pattern Energy Group Inc., the public affiliate of Pattern Development, has announced it is adding 150 MW of the 300 MW project to its right-of-first-offer (ROFO) pipeline.
Henvey Inlet increases Pattern Energy's ROFO list to eight projects with a total owned capacity of 874 MW. The list of identified ROFO projects represents a portion of Pattern Development's 3 GW pipeline of development projects, all of which are subject to Pattern Energy's right of first offer.