271 MW facility to be upgraded with 118 new Siemens Gamesa
turbines
SAN FRANCISCO, Jan. 6, 2020 /CNW/ -- Pattern Energy Group
Inc. (Nasdaq and TSX: PEGI) ("Pattern Energy") today announced it
has closed financing and started construction on the repowering of
its Gulf Wind facility located in Kenedy
County, Texas. Repowering the Gulf Wind facility will
consist of removing the current wind turbines and replacing them
with 118 new Siemens Gamesa SWT-2.3-108 turbines, which will
generate 271 MW of capacity, the equivalent to the annual energy
usage of approximately 80,000 Texas homes. Construction began on
December 3, 2019.
"Repowering Gulf Wind with brand new turbines made strong
economic sense due to its unique location on the Gulf Coast, where
the winds blow strongest at the times of Texas' peak energy demand and pricing," said
Mike Garland, President and CEO of
Pattern Energy. "Gulf Wind was our first wind power facility and
technology has improved rapidly since it first began operating over
a decade ago. By installing the latest technology turbines, we
expect the repowered facility to have more efficient production,
lower operating costs, renewed production tax credits (PTCs) and
longer life which combine to increase the long-term value of our
fleet."
"Repowering provides an opportunity to increase the efficiency,
reliability and longevity of existing wind farms," said José
Antonio Miranda, Siemens Gamesa
Renewable Energy, CEO Onshore Americas. "We have a long-standing
partnership with Pattern Energy and are excited to bring new life
to the Gulf Wind facility."
The repowering consists of replacing nacelles, towers and blades
for the 118 turbines at Gulf Wind with new Siemens Gamesa 2.3 MW
turbines, each with 108-meter blades on 80-meter towers.
The Gulf Wind facility has entered into a new 20-year power
purchase agreement with Austin Energy for the majority of the
facility's energy production. The remaining output will be sold at
merchant power prices. Gulf Wind is strategically located on the
Gulf Coast in Kenedy County,
Texas, where favorable wind conditions allow the facility to
maximize energy production during times of peak demand and peak
pricing.
Over 25 years, Gulf Wind is expected to contribute approximately
$90 million to the local economy
through tax and landowner payments. The Gulf Wind facility sits on
9,600 acres leased from the Kenedy Memorial Foundation. All monies
received by the Foundation support its charitable causes to fight
poverty, boost education, and build stronger communities.
Gulf Wind began operation in 2009. In late August 2017, the facility withstood Hurricane
Harvey, one of the strongest hurricanes to hit the area in recent
history. Following the storm, when the facility was deemed
undamaged and safe to resume operations, Gulf Wind returned to
supplying much-needed energy to the Texas grid.
About Pattern Energy
Pattern Energy Group Inc.
(Pattern Energy) is an independent power company listed on the
Nasdaq Global Select Market and Toronto Stock Exchange. Pattern
Energy has a portfolio of 28 renewable energy projects with an
operating capacity of 4.4 GW in the
United States, Canada and
Japan that use proven,
best-in-class technology. Pattern Energy's wind and solar power
facilities generate stable long-term cash flows in attractive
markets and provide a solid foundation for the continued growth of
the business. For more information, visit
www.patternenergy.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of Canadian securities laws,
including statements regarding the annual energy usage of the
number of Texas homes equivalent
to the generation capacity of the repowered facility, the ability
of the repowered facility to have more efficient production, lower
operating costs, renewed PTCs and longer life to increase long-term
value of the fleet, the ability to increase efficiency, reliability
and longevity of existing wind farms with repowering, wind
conditions at the facility site to maximize energy production
during times of peak demand and pricing, and the amount the Gulf
Wind facility is expect to contribute to the local economy.
These forward-looking statements represent the Company's
expectations or beliefs concerning future events, and it is
possible that the results described in this press release will not
be achieved. These forward-looking statements are subject to risks,
uncertainties and other factors, many of which are outside of the
Company's control, which could cause actual results to differ
materially from the results discussed in the forward-looking
statements.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company does
not undertake any obligation to update or revise any
forward-looking statement, whether resulting from new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Company to predict all such factors.
When considering these forward-looking statements, you should keep
in mind the risk factors and other cautionary statements in the
Company's annual report on Form 10-K and any quarterly reports on
Form 10-Q. The risk factors and other factors noted therein could
cause actual events or the Company's actual results to differ
materially from those contained in any forward-looking
statement.
Contacts
Pattern Energy
Media Relations
Matt
Dallas
917-363-1333
matt.dallas@patternenergy.com
Investor Relations
Ross
Marshall
416-526-1563
ross.marshall@loderockadvisors.com
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SOURCE Pattern Energy Group Inc.