Pattern Energy Buys Panhandle 1 Wind Project In Texas For $124.4 Mln Cash

(RTTNews) - Pattern Energy Group Inc. (PEGI, PEG.TO) Wednesday said it acquired 172 megawatts or MW of owned interest in the 218 MW Panhandle 1 wind project from Pattern Energy Group LP for $124.4 million in cash. The balance of the project has been bought from Pattern Development by three institutional tax equity investors.

The transaction is expected to add 16 percent to the company's operating capacity and generate steady cash flows.

The Panhandle 1 project created more than 275 construction jobs and 11 permanent operations and maintenance positions. According to the U.S. Energy Information Agency's statistics report, it will generate clean, renewable electricity for up to 60,000 Texas homes each year without using any of the region's limited water supplies.