The two acquisitions entail Grand Renewable, a 149 MW project located in Haldimand County, Ontario, and Panhandle 2, a 182 MW wind project being built in Carson County, Texas.
Construction of the Grand Renewable project, which began this past September, is being built with 67 Siemens 2.3 MW wind turbines. The project is scheduled to reach commercial operation in the fourth quarter of 2014. Construction of Panhandle 2, which began concurrently with the execution of Pattern Energy’s acquisition agreement and the execution of non-recourse project construction financing with affiliates of Morgan Stanley, consists of 79 Siemens 2.3 MW wind turbines.
“These acquisitions will add 21% to our assets under management and will grow our expected cash available for distribution in 2014 and beyond,” said Mike Garland, president and CEO of Pattern Energy. “Additionally, they demonstrate our commitment to grow our assets and our cash available for distribution consistent with our stated investment objectives."