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Pattern Energy to buy 206MW Japanese renewable power projects

EBR Staff Writer Published 27 February 2018

US-based Pattern Energy Group has signed an agreement to acquire a renewable portfolio of 206MW from Pattern Energy Group LP (Pattern Development 1.0) and Green Power Investments (GPI) for $325.5m.

The 206MW renewable portfolio to be bought by Pattern Energy allows it to foray into the Japanese market.

The portfolio is made up of the 29MW Futtsu and 10MW Kanagi solar power plants, and the 12MW Otsuki, 33MW Ohorayama and 122MW Tsugaru wind projects.

While the two solar plants are already operating, the Otsuki wind project is in operational stage and the other two wind projects are in construction stage.

Pattern Energy will be acquiring the Tsugaru wind project, located in Aomori prefecture, for about $194m.

The Tsugaru wind farm, which will feature 38 wind turbines of GE’s 3.2 MW range, is slated to begin commercial operations in mid-2020. The wind project will sell all the power it generates to Tohoku Electric Power under a 20-year power purchase agreement.

The remaining renewable projects Futtsu, Kanagi, Otsuki and Ohorayama will be purchased by Pattern Energy for about $131.5m.

Pattern Energy CEO Mike Garland said: "These investments represent Pattern Energy's entry into the exciting Japanese renewables market by acquiring a portfolio of projects and by making an additional investment in Pattern Development 2.0 to fund a well-established operating and development management team, GPI.”

Through the transaction, Pattern Energy would be able to expand its operating portfolio to about 4GW of gross capacity. Out of this, more than 2.9GW is of owned capacity, across 25 projects, including the projects the company has agreed to buy.

In another deal, Pattern Energy has agreed to make an additional investment of $27m in Pattern Energy Group 2 LP (Pattern Development 2.0) to fund the purchase of a controlling stake in Japanese renewable developer GPI from Pattern Development 1.0.

GPI’s development pipeline is made up of 2.4GW of projects, including 600MW of wind capacity.

Image: CGI rendering of Ohoroyama Wind Farm on the island of Shikoku in Kochi prefecture. Photo: courtesy of Green Power Investment Corporation.