Financing for Ohoroyama Wind Project Complete
Pattern Energy Group LP (Pattern Development) and Green Power Investment Corporation ("GPI") announced the completion of financing of the 33 megawatt (MW) Green Power Otsuki GK ("Ohorayama Wind") power project. Pattern Development and GPI are joint venture (JV) partners on the Ohorayama Wind project, which is located in Kochi Prefecture, Japan.
"We are making steady progress on our commitment to develop 1,000 MW of new renewable energy sources in Japan, demonstrating the value of our partnership with GPI," said Mike Garland, President and CEO of Pattern Development. "Together with GPI we have completed two solar facilities in Japan and are moving forward on Ohorayama Wind. We also have a broad and deep pipeline of new wind and solar projects, including several in the advanced stages of development."
"Ohorayama is our first wind project to reach financial close and start construction since we joined hands with Pattern in early 2014," said Toshio Hori, CEO and founder of GPI. "This achievement is a reflection of the effectiveness of our partnership and we are excited about further executing on our portfolio of mature development assets. We expect our next project, a 126 MW wind farm in Aomori prefecture, to reach financial close and commence construction by mid-2017. It is anticipated to be the largest wind project in Japan."
Ohorayama Wind has a 20-year power purchase agreement with Shikoku Electric Power Company for 100% of the output from the facility. The project is under construction and expected to reach completion in March of 2018.
In 2016, Pattern Development and GPI announced the completion of two solar power projects in Japan – the 14 MW Kanagi Solar PV facility, located in Shimane prefecture of Japan, and the 42 MW Futtsu Solar PV facility, located in Japan's prefecture of Chiba.
Affiliate company Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) (Pattern Energy) has previously added the Ohorayama Wind facility to its list of identified Right of First Offer (ROFO) projects.
Green Power Investment Corp. (GPI) is a developer, owner and operator of renewable energy assets. The President of GPI, Toshio Hori, was one of the earliest pioneers in renewable energy, having built some of the first large scale wind power projects in Japan, the United States and Europe. GPI is headquartered in Tokyo and has a team of professionals covering all areas of expertise necessary to operate and manage a full-scale renewable energy business. GPI's partnership with Pattern Energy Group LP has further strengthened GPI's capabilities in development, financing, operations and equipment procurement by providing access to the capital, expertise and buying power of a major player in the field of international renewable energy.
About Pattern Development
Pattern Development is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,500 MW of wind and solar power projects. A strong commitment to promoting environmental stewardship drives the company's dedication in working closely with communities to create renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
CGI rendering of Ohoroyama Wind Farm