Pattern Energy Group Acquires 283 MW Texas Wind Farm From Babcock & Brown

San Francisco-based Pattern Energy Group has acquired the 283-megawatt Gulf Wind project in Texas from Babcock & Brown.

Babcock & Brown and Pattern Energy did not disclose the financial terms of the deal. What’s known is that debt-financing supporting the acquisition was arranged by Mizuho Corporate Bank, Banco Espirito Santo, Bayerische Landesbank, Commerzbank, HSH Nordbank and ING Capital.

The Gulf Wind project is located on the Texas Gulf Coast in Kenedy County and most of the plant’s output has been contracted by unnamed buyers under long-term power purchase agreements, according to a press release posted yesterday on the Pattern Website — see here for the full press release.

Australia’s Babcock & Brown, once a high-flying infrastructure investor, was hammered by the global financial crisis and liquidated last year after being shut down by its creditors.  Since then the bankrupt firm has  been offloading its renewable energy assets.

Last December FPL Group’s clean energy unit, NextEra Energy Resources, completed a $352 million acquisition of three operating wind farms located in Texas, Wisconsin and South Dakota from Babcock & Brown.

Pattern Energy, which is less than a year old, controls nearly 400 megawatts of wind projects that are either in operation or under construction across North America. Riverstone Holdings, an energy and power-focused private equity firm, backs the company.

Image: iStockphoto

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