Pattern Energy Closes Financing and Starts Construction of Phoenix Solar Project in Texas
Fannin County, Texas, August 24, 2020 – Pattern Energy Group LP (“Pattern Energy”) announced today it has successfully completed financing and started construction of its 105 MWdc Phoenix Solar Project located in Fannin County, Texas. ING Capital LLC provided construction and term project financing and tax equity was provided by RBC Community Investments (RBC), a subsidiary of RBC.
“This project is a win-win for Fannin County residents as it creates many benefits, including up to 200 jobs and more than $15 million in revenue for local schools and the county, while generating clean power for 20,000 homes," said Mike Garland, CEO of Pattern Energy. “Phoenix Solar is one of many solar projects we have in development across Texas and around the world. Clean energy projects make sense for communities because they are the cheapest form of new power and their investments return jobs, growth and positive economic impact in the rural areas where they are developed.”
“RBC is pleased to expand our longstanding relationship with Pattern Energy through the syndication of solar investment tax equity on this landmark transaction,” said Yonette Chung McLean, Managing Director at RBC. “The ability to close on the tax equity for Phoenix Solar during a global pandemic demonstrates the market’s confidence in Pattern Energy and the strength of RBC’s tax equity platform. We look forward to the successful completion of the Phoenix Solar Project.”
Phoenix Solar is expected to be completed in mid-2021. The project has a 12-year power purchase agreement with Digital Realty, a leading global provider of carrier- and cloud-neutral data center, colocation and interconnection solutions.
“We are pleased to be able to expand access to renewable energy for our customers while making additional progress towards our Science Based Target Initiative carbon emissions reduction commitment,” said Aaron Binkley, Senior Director of Sustainability at Digital Realty. “The Phoenix Solar Project supplies renewable energy at scale in proximity to our Dallas data centers, expanding on our ongoing efforts to enhance local sustainable business practices across our global portfolio.”
Fannin County will recognize both immediate and long-term economic benefits from the project. Phoenix Solar is projected to provide more than $12 million in new tax revenue to the Bonham Independent School District and more than $3 million to Fannin County over the life of the project. Additionally, the project will contribute revenue in the form of long-term lease payments to project landowners.
Phoenix Solar will utilize the highest quality components including First Solar Series 6 modules and NEXTracker NX Horizon trackers. Mortenson Construction is providing engineering and construction services for the project.
Pattern Energy acquired the development rights to the Phoenix Solar project in 2018 from Alpin Sun, a solar developer. The project expands Pattern Energy’s existing operating platform in Texas where the company has 871 MW of wind power in operation at four facilities across the state. Earlier this year, Pattern Energy repowered its Gulf Wind Facility in Kenedy County with new turbines featuring state-of-the-art technology.
About Pattern Energy
Pattern Energy is one of the world’s largest privately-owned developers and operators of wind, solar, transmission, and energy storage projects. Its operational portfolio includes 28 renewable energy facilities that use proven, best-in-class technology with an operating capacity of 4.4 GW in the United States, Canada and Japan. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment, and strengthen communities. For more information, visit www.patternenergy.com.