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Puerto Rico’s first commercial wind farm secures financing

Financing has been completed for the 75 MW Finca de Viento Santa Isabel wind farm in Puerto Rico, Pattern Energy Group LP says.

By Kari Williamson

The construction financing has been provided by Siemens Financial Services and the wind farm, located in the southern municipality of Santa Isabel, is expected to begin construction in this month and be completed in September 2012. The wind farm will consists of Siemens SWT-2.3-108 wind turbines.

Mike Garland, CEO of Pattern, says: “The provision of financing demonstrates the confidence that investors have placed in both Pattern’s proven ability to successfully see projects through to completion and in Puerto Rico as a viable market for the development of renewable energy in the long term.”

Puerto Rico’s Governor, Luis G. Fortuño, adds: “A year ago we set forth a comprehensive energy reform that created the necessary conditions for clean, renewable energy projects to flourish in Puerto Rico.

“Finca de Viento Santa Isabel is very much a result of that reform and we thank Pattern for sharing our commitment to diversifying our energy sources and for helping us position the island at the forefront of renewable energy development in the Caribbean region.”

Pattern has entered into a 20-year power purchase and operating agreement with the Puerto Rico Electric Power Authority for all of the wind energy generated from the project.

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