Expanding its operations in Texas, Pattern Energy Group (the "Company" or "Pattern Energy"), announced that its 200MW Logan's Gap Wind facility in Comanche County, Texas, has completed construction and is fully operational.
"Logan's Gap Wind is our fourth operational wind power facility in Texas and we are now serving three different regions throughout the state," said Mike Garland, CEO of Pattern Energy. "We continue to bring new facilities online both on time and on budget, demonstrating our ability to execute on our growth strategy."
Pattern Energy has an owned interest of 164 MW in the facility and four institutional tax equity investors have acquired the balance. The facility is financed with all equity rather than project debt.
The facility will sell 75% of the electricity produced to Walmart and a financial institution. Walmart has a 10-year power purchase agreement to acquire 58% of the expected output from the facility. Seventeen percent of the expected output will be sold under a 13-year fixed price agreement with a A-/Baa2-rated financial institution. The remaining 25% of expected output will be sold at ERCOT spot market prices.
"Walmart has a goal to be supplied by 100% renewable energy, and sourcing from wind energy projects — like the Logan's Gap Wind Facility — is a core component in the mix," said Mark Vanderhelm, vice president of energy for Walmart. "The energy we'll procure from this facility represents nearly one-fifth of the U.S. portion of our goal to source seven billion kilowatt hours of renewable energy by 2020. That's a significant leap forward on our renewable energy journey."
Located in ERCOT's North Zone, the Logan's Gap Wind facility connects to Oncor's 138kV ComancheZephyr line, which crosses the facility site and supplies power to the Dallas-Fort Worth area. Consisting of 87 Siemens 2.3 MW wind turbines, Logan's Gap Wind will create enough clean energy to power 50,000 homes in Texas each year, according to average annual residential energy use data from the U.S. Energy Information Administration.
Pattern Energy acquired the Logan's Gap Wind facility from Pattern Energy Group LP (Pattern Development) in December 2014. Pattern Energy has rights of first offer to Pattern Development's entire project development pipeline, which totals more than 5,900 MW.
