Mar 18 2010
Pattern Energy Group announced that it has purchased the 283-MW Gulf Wind project from Babcock & Brown. The wind project comprises 118 wind turbines and is capable of producing 283 MW of electricity, which is equal to annual electricity usage of about 80,000 homes in Texas.
The Gulf Wind project, which is sited in Kenedy County, Texas, capitalizes on favorable wind conditions to generate maximum power during peak demand times and peak pricing. The project is near to transmission lines enabling it deliver power to markets nearby efficiently. Under a long-term power contract, a major portion of the project’s power output is price secured.
CEO of Pattern Energy, Mike Garland, stated that the Gulf Wind project is a leading wind power project with advanced scientific technology and its acquisition strengthens the company’s position in the renewable energy market in Texas. The project is strategically located where favorable winds are available during day time and seasons of the year, when the power prices and demand are highest, providing the company with strong revenue as well as the capability to meet the demand of its customers, Garland stated.
Eight months ago, Pattern Energy was established as an independent company and now its wind portfolio comprises 400 MW of wind projects that are under construction or in operation throughout North America.
The project has been operating for about one year and is sited on a portion of Kenedy Memorial Foundation’s Kenedy Ranch close to the town of Sarita, Texas. Under the terms of the sale agreement, a monthly royalty payment will be made by Pattern to the Foundation. This will enable the Foundation to step-up its charitable work in the region. Through the project, the region is also benefited by millions of dollars.