Pattern Development completes $205M financing on 122 MW project in Chile

Pattern Development financingAdvancing into the solar power market, Pattern Energy Group LP announced the completion of approximately $205 million in project financing and the start of full construction on its Conejo Solar PV power project in Chile. The 122 MW Conejo Solar PV power project is being constructed approximately 30 kilometers east of Taltal in Chile’s Atacama Desert.

Pattern Development has a long history in wind development, having developed, financed and placed into operation more than 4,000 MW of wind power projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan.

“We are expanding into the solar power market with one of the largest solar projects in Latin America,” said Mike Garland, President and CEO of Pattern Development. “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. When combined with our recent Japanese solar project additions, we are making a significant step to diversify into solar on a global basis.”

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

— Solar Builder magazine

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