Pattern new Fowler Ridge IV owner
A unit of Pattern Energy Group LP has notified the Federal Energy Regulatory Commission (FERC) that it now owns the 150MW Fowler Ridge IV wind project in Indiana formerly held by BP Wind Energy North America, Pattern spokesman Matt Dallas tells Recharge.
The transaction, which FERC had approved in March, was completed 30 May.
Pattern Renewables, the new owner, is part of Pattern Energy Group LP, the company’s energy development arm.
Electricity generated by Fowler Ridge 4 will flow into PJM Interconnection, a regional transmission organization that coordinates the movement of wholesale electricity in all or parts of 13 states and the District of Columbia.
The project will utilize up to 94 wind turbines. Fowler Ridge 1, 2 and 3 contain a combined 355 turbines with 499.8MW nameplate capacity.BP confirmed last year that it plans to sell its entire US wind development portfolio comprising 18 projects – but will retain its operating assets. At that time, the company said the proposed sale could occur as a single transaction or multiple ones with buyers that will continue to develop the projects.
The 18 projects represent approximately 3GW of potential wind capacity in various stages of development across the US.
The 16 operational wind farms located in nine US states that have a combined generating capacity of 2.6GW.
The oil giant initially announced the sale of its entire wind business, but reversed its plans last July after failing to secure a bid that met its valuation for the assets.
When the sale was announced, analysts pointed to the highly attractive nature of much of BP’s wind fleet, but also highlighted several risk factors that potential buyers would have to weigh up before making an offer.
These included a significant presence of Clipper Windpower’s 2.5MW turbine in the BP fleet. The company was the biggest customer of Clipper, which experienced a troubled technical track record and is now in the hands of a US private equity group.