Pattern Energy announced that it has gained complete ownership of the 283MW Gulf Wind power facility in Kenedy County, Texas by acquiring the remaining 170MW ownership interests in the project.
The company purchased the remaining interest which it did not own from Pattern Development for $13m, and MetLife Capital for $72.8 m.
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Previously, the company announced that it has secured an equity partnership investment from MetLife for the project.
The 283MW is located on the Gulf Coast in Kenedy County where the wind conditions are favourable which is expected facilitate energy production during times of peak demand on the Gulf Coast.
It features 118 units of 2.4 MW Mitsubishi MWT95/2.4 turbines that can produce enough energy to power 80,000 Texas homes.
The Mitsubishi MWT95/2.4 turbines have hub height of 80m and diameter of 95m. It features Double Fed Asynchronous generator and has rotational speed (rated) of 15.0 rmp.
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By GlobalDataPattern Energy CEO Mike Garland said: "We now own 100% of Gulf Wind, which is located in a unique site on the Gulf Coast where the winds blow strongest at the times of Texas’ peak demand and pricing.
"The acquisition of the Gulf Wind equity interests and recapitalisation of the project debt provides us with increased cash flow and complete control of the facility.
"The acquisition of the Gulf Wind interests, along with our recently announced dividend increase, demonstrate our commitment to increasing value for our shareholders."
