Advancing into the solar power market, Pattern Energy Group LP ("Pattern Development" or the "Company") today announced the completion of approximately $205 million in project financing and the start of full construction on its Conejo Solar photovoltaic (PV) power project in Chile. The 122 megawatt (MW) Conejo Solar PV power project is being constructed approximately 30 kilometers east of Taltal in Chile's Atacama Desert.
"We are expanding into the solar power market with one of the largest solar projects in Latin America," said Mike Garland, President and CEO of Pattern Development. "Conejo Solar was originated by Pattern Development, demonstrating that solar power is an excellent fit with our wind business that allows us to leverage our extensive development expertise. In addition to our El Arrayán wind facility, the largest in Chile, we now have a strong platform and an exciting pipeline of projects for future growth in the country. When combined with our recent Japanese solar project additions, we are making a significant step to diversify into solar on a global basis."
Construction of the project is expected to be completed in the summer of 2016.
Conejo Solar has a 22-year power purchase agreement with Minera Los Pelambres, an affiliate of Antofagasta Minerals, for approximately 65% of the project's output over the term of the agreement. The project will connect to the Sistema Interconectado Central (SIC) transmission system and is located on public lands owned by the government of Chile, under a long-term concession.
Pattern Development's affiliate company Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEG) ("Pattern Energy") has previously added the Conejo Solar project to its identified Right of First Offer (iROFO) list.