Pattern Energy Group LP (Pattern) has completed the financing of Spring Valley Wind, the first wind energy project in the state of Nevada. The financing is a secured construction loan that converts into an 18-year term loan. The lenders are Siemens Financial Services, Inc., Credit Agricole Corporate and Investment Bank, and Union Bank, N.A.
"The successful financing of Nevada's first wind power project is an historic event for Pattern and the great state of Nevada," said Mike Garland, CEO of Pattern Energy. "This long-term financing will allow us to complete the development and construction of Spring Valley Wind and bring Nevada's first wind project into operation.”
The 150 megawatt (MW) Spring Valley Wind project will create approximately 225 jobs during construction and 13 permanent positions once operational. The project is expected to generate more than $20 million in tax revenue for White Pine County and the state of Nevada's Renewable Energy Fund over the next 20 years.
Pattern entered into a 20-year power purchase agreement with NV Energy for the sale of energy produced by Spring Valley Wind. Pattern selected Mortenson Construction to manage construction of the project, which will use 66 Siemens 2.3 MW wind turbines and will connect to an existing 230 kilovolt transmission line.
Spring Valley Wind will be Pattern Energy's fourth operating wind project in North America and is one of a number of projects that Pattern expects to bring into construction over the next 12 months, consisting of more than 1,000 MW of new installed capacity. Pattern Energy currently operates 520 MW of wind power projects in North America.
