Pattern Energy Group obtains $200 million in financing for 147-MW Quebec windfarm

Written By: Stratton Report
March 7, 2017

pattern

On March 7, Pattern Energy Group LP announced the completion of CAD 263 million ($197.46 million) construction-to-term financing for its 147-MW Mont Sainte-Marguerite Wind project.

According to Pattern, financing was provided by The Manufacturers Life Insurance Company, Caisse de dépôt et placement du Québec and Bayerische Landesbank.  The developer stressed that the financing fully amortizes over the term of the project’s 25-year power PPA with Hydro-Québec.

Mike Garland, CEO of Pattern Development noted:

With the close of construction financing we expect swift progress on our first project in Québec and anticipate completing the facility by the end of the year. The project is bringing jobs and economic benefits to the Chaudière-Appalaches region. We are using local construction workers from Québec and installing Siemens turbines with locally-sourced turbine components, supporting manufacturers in the province.

Pattern emphasized that the project will provide more than $775,000 annually to Pattern Development’s community partners, the municipalities of Sacré-Coeur-de-Jésus, Saint-Sylvestre and Saint-Séverin, which are stakeholders in the project and active participants in its development.

Per the developer, the Mont Sainte-Marguerite Wind project is being constructed by Borea, under the supervision of both Pattern Development’s construction management team and RES Canada, as the primary on-site construction manager. The project began construction in the third quarter of 2016. It is expected to reach commercial operation in December 2017.