Pattern secures finance for first Japanese wind farm with partner GPI
Pattern Development and its majority owned Japanese subsidiary Green Power Investment Corporation have closed financing on their first wind project in the country and said another transaction is expected by mid-2017.
Two years ago Pattern Development, the parent of publicly listed US yieldco Pattern Energy, acquired a majority stake in Tokyo-based developer GPI, gaining access to a 1GW wind and solar pipeline.
Last year the two companies completed their first solar projects in Japan, totaling 56MW, and they have now completed financing for the 33MW Ohorayama wind project. The Ohorayama wind project is due for completion in March 2018, and will sell its power via a 20-year off-take deal with Shikoku Electric Power Company.
Financing for a follow-on wind project, the 126MW wind farm in Aomori prefecture, is expected to close by mid-2017, Pattern says.
“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,” says Mike Garland, chief executive of both Pattern Development and its yieldco.
“Together with GPI we have completed two solar facilities in Japan and are moving forward on Ohorayama Wind,” Garland says. “We also have a broad and deep pipeline of new wind and solar projects, including several in the advanced stages of development.”
Pattern Energy has the Right of First Offer on the Ohorayam wind farm.