Pattern Energy has acquired interests in two wind projects that make up Broadview Wind, located in New Mexico.
The 324MW wind power facilities are located 30 miles north of Clovis and have already begun operations last month. Pattern Energy invested $269 million on the project, consisting of $215 million in cash consideration and an assumed project loan of $54 million.
According to the press release, ‘Based on the expected timing of these cash flows and assuming normal wind conditions, Pattern Energy expects the CAFD contribution, after deduction of Western Interconnect financing costs, to be $18 million in 2018 and to increase approximately $2.5 million per year thereafter through 2022.’
President and CEO of Pattern Energy, Mike Garland said, “This extraordinary project brings inexpensive renewable power from eastern New Mexico, one of the highest wind areas in the west, using dedicated transmission capacity from several transmission systems into California. Broadview’s production complements production from California’s domestic renewable resources helping California transition to a carbon-free, low-cost, renewable grid,”
“We are especially excited to bring this project on line because Pattern Development is actively developing several significant opportunities in New Mexico and the southwest U.S. as part of the region’s increasing demand for low-cost, renewable energy. These new opportunities will be subject to our ROFO as part of our relationship with Pattern Development.”