Pattern Energy acquires Amazon wind farm in Indiana
Grows portfolio to 16 wind projects with a total owned capacity of 2,112 megawatts.
SAN FRANCISCO — Pattern Energy Group Inc. has acquired the 150 megawatt Amazon Wind Farm (Fowler Ridge) project in Indiana from Pattern Energy Group LP for US$127 million.
Once complete, Pattern will have an owned interest of 116 megawatts and it is expected that institutional tax equity investors will acquire the balance.
The acquisition increases Pattern’s portfolio to 16 wind power facilities, including three projects it has agreed to acquire
13-year power purchase agreement (which can be extended up to 20 years) with Amazon for 100% of the expected output
cash purchase price represents a 10-11x multiple on run-rate CAFD contribution from the project.
The wind farm (Fowler Ridge), which is being built in Benton County, Ind., is expected to start generating power in later this year. The project consists of 65 Siemens 2.3 megawatt wind turbines. The turbine blades, nacelles, towers, and transformers are all being manufactured in the US.
The project has entered into a long-term power purchase agreement with Amazon to supply electricity to the electric grids that service Amazon Web Services, Inc. (AWS) datacentres.
Once operational, the wind farm will generate enough clean energy to power 46,000 homes each year, according to average annual residential energy use data from the US Energy Information Administration.
Pattern Energy has rights of first offer to Pattern Development’s project development pipeline, which includes approximately 4,500 megawatts of wind and solar projects.
Pattern Energy Group Inc. is a Toronto-based independent power operator that has a total owned interest of 2,112 megawatts in the US, Canada and Chile.