Pattern Energy Group LP (PEG LP) has announced that it has closed the financing and started construction of its Panhandle Wind project, a 218MW wind power project located in the Texas Panhandle.
The Project is utilizing Texas' new Competitive Renewable Energy Zone (CREZ) transmission infrastructure, which connects to the state's main power grid operator, Electric Reliability Council of Texas (ERCOT). Mortenson is overseeing construction of Panhandle Wind, which will use 118 GE 1.85MW turbines, as well as construction of a 345 kV substation, transmission line and operations facility. Completion is estimated in August 2014. Panhandle Wind will sell power to Citigroup Energy Inc. under a long-term hedge offtake agreement. GE Energy Financial Services and Citigroup Global Markets, Inc. will invest structured equity in the project. PEG LP – which developed the Project and is serving as the project's managing member and will provide operations and maintenance – is receiving construction loans from BayernLB, Credit Agricole Corporate and Investment Bank, Nord/LB, Landesbank Baden-Wuerttemberg, RBC, RBS, and Societe Generale.
