SAN FRANCISCO, Jan. 20, 2015 (GLOBE NEWSWIRE) -- Pattern Energy Group Inc. (Nasdaq: PEGI ) (TSX: PEG ) ("Pattern Energy"), today announced the addition of 116 megawatts (MW) of owned interest in the 150 MW Amazon Web Services Wind Farm (Fowler Ridge) project to its list of identified Right of First Offer (ROFO) projects from Pattern Energy Group LP ("Pattern Development"). The Amazon Web Services Wind Farm (Fowler Ridge) project, which is located in Benton County, Indiana, has a 13-year PPA to supply Amazon Web Services (AWS), an Amazon.com company, with electricity.
Highlights
- 13-year PPA to supply Amazon Web Services with electricity
- Pattern Energy's first wind project in Indiana
- Increases identified ROFO list to eight projects with 830 MW of total owned capacity
"Pattern Energy is providing wind power to America's top corporations and looks forward to working with Amazon Web Services upon the acquisition of this exciting new project, which has been added to our growing ROFO list," said Mike Garland, President and CEO of Pattern Energy. "In the past 18 months we have acquired four projects from Pattern Development with an aggregate owned capacity of 557 MW and have also added an additional five projects, including Amazon Web Services Wind Farm (Fowler Ridge), to the ROFO list with an aggregate capacity of 553 MW."
"Our agreement on Amazon Web Services Wind Farm (Fowler Ridge) is part of our long-term commitment to achieve 100% renewable energy to power the AWS global infrastructure," said Jerry Hunter, Vice President of Infrastructure at Amazon Web Services, Inc. "With agreements like this we're increasing the amount of clean energy we consume while helping enable the construction of new renewable energy facilities."
Pattern Development expects to begin construction of the Amazon Web Services Wind Farm (Fowler Ridge) project in April and anticipates reaching commercial operation in late 2015 or early 2016. Upon completion, the project is expected to generate approximately 500,000 megawatt hours (MWh) of wind power annually – or the equivalent of that used by approximately 46,000 US homes. [1]
Pattern Development currently owns 100% of the 150 MW project and it is anticipated that Pattern Energy will acquire 120 MW of owned interest, with tax equity investors acquiring the balance. The addition of the Amazon Web Services Wind Farm (Fowler Ridge) project increases Pattern Energy's ROFO list to eight projects with a total owned capacity of 830 MW. In December, Pattern Energy acquired the Logan's Gap Wind project, which had been part of the ROFO list, growing its portfolio to 12 operational wind power projects with a total owned interest of 1,636 MW.
The list of identified ROFO projects represents a portion of Pattern Development's 3,000 MW pipeline of development projects, all of which are subject to Pattern Energy's right of first offer. The table below sets forth the current list of identified ROFO projects:
| Asset | Location | Owned MW | Status |
| Gulf Wind | Texas | 76 | Operational |
| K2 | Ontario | 90 | In construction |
| Armow | Ontario | 90 | In construction |
| Meikle | British Columbia | 185 | Ready for financing |
| Conejo | Chile | 73 | Ready for financing |
| Belle River | Ontario | 50 | Securing final permits |
| Henvey Inlet | Ontario | 150 | Signed PPA; late stage development |
| Amazon Web Services Wind Farm (Fowler Ridge) | Indiana | 116 | Ready for financing |
| Total | 830 | ||
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ ("PEGI") and Toronto Stock Exchange ("PEG"). Pattern Energy has a portfolio of 12 wind power projects, with a total owned interest of 1,636 MW, in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power projects generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com .
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the expected construction start date and commercial operation date of Amazon Wind Farm (US-1), and the anticipated annual MWh generation of the project.
These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the documents filed with the SEC and applicable Canadian securities regulatory authorities, including the Company's annual report on Form 10-K. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
[1] In 2012, the average annual electricity consumption for a U.S. residential utility customer was 10,837 kWh, an average of 903 kilowatt hours (kWh) per month. http://www.eia.gov/tools/faqs/faq.cfm?id=97&t=3
Media Relations Matt Dallas 917-363-1333 Investor Relations Sarah Webster 415-283-4076
