Pattern Energy advances Santa Isabel wind project financing

San Francisco-based Pattern Energy aims to complete financing for its Finca de Viento Santa Isabel wind power generation project in Puerto Rico early next year, company project official Collie Powell told BNamericas. The US$215mn project envisions a 75MW wind farm with 65 turbines on the southern coast of the island. Financing will come from a combination of equity and debt, said Powell. "Pattern has already reserved and set aside 100% of the required equity and the debt financing is underway." The executive said the company is working with a consortium of financial institutions and also is exploring the island's financial markets. In June, Puerto Rico's power utility AEE signed an agreement with Pattern to purchase output from the wind farm for 20 years; and earlier this month, the Santa Isabel municipal government issued a resolution approving the project. Project documents have been submitted to environmental authority JCA. The complete interview with Powell will be published in this week's Electric Power Perspectives, for subscribers.