Pattern Energy Closes Financing, Commences Construction of Hatchet Ridge Wind Farm in Shasta County, California

October 8, 2009 5:44 PM EDT

SAN FRANCISCO, Oct. 8 /PRNewswire/ -- Pattern Energy Group LP (Pattern) today announced the closing of financing and commencement of construction of its Hatchet Ridge wind project, the first large-scale wind project to begin construction this year in California. The 101.2-MW Hatchet Ridge project, developed by Renewable Energy Systems Americas Inc. (RES Americas), will be located on a portion of Hatchet Mountain near the town of Burney in Shasta County, California. The project is expected to finish construction and reach commercial operation before the end of next year.

Hatchet Ridge will generate power equivalent to the amount of energy needed to serve nearly 44,000 California homes annually. Pacific Gas and Electric Company (PG&E) will purchase the power, including the renewable attributes, under a 15-year power purchase agreement.

In addition to providing clean, renewable energy for Californians, Hatchet Ridge will create approximately 100 - 200 construction jobs over the next year and 6 - 8 permanent jobs during operations. There will also be an economic ripple effect in the area from the purchases of goods and services for the wind farm and increased business for service industries.

Hatchet Ridge will invest $5 million dollars in the local community over the life of the project through the Shasta County General Fund, the Shasta Regional Community Foundation, and the Burney Foundation Regional Education Fund as well as pay substantial local taxes.

Pattern selected a six-bank club to provide a debt facility to fund project costs during construction, which converts to a term financing facility upon commercial operation. The lenders include: Natixis, UBOC, LBBW, Calyon, SocGen, and WestLB. RES America Construction, Inc. will construct the project, which will consist of 44 Siemens 2.3 MW turbines. The Siemens SWT-2.3-93 wind turbine is a proven technology with more than 2,000 operating worldwide and is well-regarded throughout the industry.

"We are pleased to close financing and commence construction on the Hatchet Ridge Wind Farm. We are very excited about starting construction of our first project only four months after forming Pattern Energy," said Mike Garland, CEO of Pattern Energy. "This project is the result of years of dedication and collaboration with RES Americas, Siemens, PG&E, local government, project property-owners, and the community. We are very appreciative for the local support we received that helped make this project a reality."

"California is one of the top states in generating wind power capacity and we are excited to continue to bring clean, renewable energy to the region and working with the local businesses in completing the project," said Andrew Fowler, Senior Vice President of Construction of RES Americas. "Renewable energy brings economic benefits to the community and provides a secure and sustainable future for all."

ABOUT PATTERN ENERGY GROUP LP

Pattern Energy is an independent, fully integrated energy company that develops, constructs, owns, and operates clean power projects and transmission assets across North America and parts of Latin America. Pattern Energy commenced operations in June of 2009 as one of the most experienced and best-capitalized clean energy and transmission development companies in the U.S. Riverstone Holdings LLC, an energy and power-focused private equity firm with $17 billion under management, purchased Babcock & Brown's thriving North American energy development team and development pipeline to form Pattern Energy.

Pattern Energy retains an 80-person staff with offices in San Francisco, Houston, San Diego and New York, which successfully developed, financed and placed into operation more than 2,000 MW of wind power in eleven states. Pattern Energy's development pipeline exceeds 4,000 MW of renewable energy projects in addition to multiple power transmission projects and natural gas power projects. Pattern is dedicated to delivering the highest values for our partners and the communities in which we work, while exhibiting a strong commitment to promoting environmental stewardship and corporate responsibility.

ABOUT RES AMERICAS

Renewable Energy Systems Americas Inc. (RES Americas) is a fully-integrated renewable energy company that develops, constructs, owns, and operates projects across the United States (US), Canada, Mexico and the Caribbean. RES Americas has constructed more than 3,500 MW, which represents approximately 14% of the operating installed wind capacity in the US, and has over 12,500 MW in development. RES Americas' corporate office is located in Broomfield, CO with regional offices located in Austin, TX; Portland, OR; Minneapolis, MN; and Montreal, Quebec, Canada. RES Americas continues to seek new locations for wind and solar projects as well as opportunities to participate in other forms of renewable energy. For more information, please visit www.res-americas.com.

    Contact:
    Beth O'Brien
    Pattern Energy
    512-636-7871
    Beth.OBrien@patternenergy.com

    Raheleh Folkerts
    RES Americas
    303-439-4200
    Raheleh.Folkerts@res-americas.com

SOURCE Pattern Energy

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