Pattern Energy Group wraps up $205 million in financing

Pattern Energy Group LP recently announced that it completed approximately $205 million in project financing and the start of full construction on its Conejo Solar photovoltaic power project in Chile. | File photo
Pattern Energy Group LP recently announced that it completed approximately $205 million in project financing and the start of full construction on its Conejo Solar photovoltaic power project in Chile.

The 122 megawatt 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," Mike Garland, president and CEO of Pattern Development, said. "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."

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 percent of the project's output over the term of the agreement. The project will connect to the Sistema Interconectado Central transmission system and is located on public lands owned by the government of Chile, under a long-term concession.