SAN FRANCISCO, March 22, 2018 /CNW/ -- Pattern Energy Group Inc. (NASDAQ and TSX: PEGI) (Pattern Energy) today announced the completion of its 33 megawatt (MW) Ohorayama Wind power facility, which is located in Japan's Kochi Prefecture.
"Ohorayama Wind is our first wind project in Japan to complete construction and it was on schedule and under budget. Ohorayama will be followed by the Tsugaru project, which has started construction and will be the largest wind power facility in Japan when it's completed in 2020," said Mike Garland, CEO of Pattern Energy. "We have built a sound foundation for growing our business in Japan, which is one of the most robust renewables markets in the world. Our projects have been developed, constructed and will be operated by our affiliate and partner, GPI, which has one of the best development pipelines in Japan consisting of 2.4 gigawatts of wind projects."
Ohorayama Wind operates under a 20-year power purchase agreement with Shikoku Electric Power Company, which has an A- credit rating. Located in Kochi Prefecture, on the island of Shikoku, Ohorayama Wind consists of eleven 3.0 MW GE wind turbines.
Including Ohorayama Wind, Pattern Energy has five renewable energy facilities in Japan, including four in operations and one in construction, totaling 206 MW of owned capacity.
The Ohorayama Wind facility was jointly developed by Pattern Energy Group LP (Pattern Development) and Green Power Investment Corporation (GPI).
Green Power Investment Corporation (GPI) is a Japanese developer, owner and operator of renewable energy assets. The founder of GPI, Toshio Hori, was one of the earliest pioneers in renewable energy, having built some of the first large scale wind power projects in Japan, the United States and Europe. GPI is headquartered in Tokyo and has a team of professionals covering all areas of expertise necessary to operate and manage a full-scale renewable energy business. GPI's development portfolio totals 2.4 gigawatts of wind capacity, including 600 MW of wind projects that have
FiT certifications. Pattern Development holds a majority interest in GPI.
About Pattern Development
Pattern Development is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 5,000 MW of wind and solar power projects. A strong commitment to promoting environmental stewardship drives the company's dedication in working closely with communities to create renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Mexico City, Santiago, Chile, and Tokyo, Japan. For more information, visit patterndev.com.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 25 wind and solar power facilities, including one project it has agreed to acquire, with a total owned interest of 2,942 MW in the United States, Canada, Japan and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities 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 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 completion date of the Tsugaru Wind project and the nature of GPI's development pipeline. 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. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking
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 Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. 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.
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SOURCE Pattern Energy Group Inc.
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