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MetLife Invests in Pattern Energy’s Wind Energy Project in California

Dec 21 2010

Pattern Energy Group announced that its subsidiary, Hatchet Ridge Wind, has been provided a leveraged lease equity financing by MetLife.

Hatchet Ridge Wind is a lessee of a wind energy project of 101.2 MW capacity in Burney, California. The energy generated by the project is equivalent to the energy used by 44,000 homes in California in one year.

The investment by MetLife is supported by Credit Agricole Securities’ institutional lease debt. Credit Agricole Corporate and Investment Bank have offered a letter of credit facility on a long-term basis.

In the year 2010, Hatchet Ridge Wind project is the only wind project on a commercial scale to start operations in California. The MetLife investment demonstrates the wind project’s quality, said the CEO of Pattern Energy, Mike Garland. The company aims to develop and operate leading clean energy projects, and get low-cost, long-term financing for the projects, he added.

Source:

http://www.patternenergy.com/

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