Pattern Development and Henvey Inlet First Nation Complete C$1 Billion Financing and Start Construction of Largest First Nation Wind Project in Canada
300 MW wind power project will have highest hub heights in North America and create up to 500 construction jobs
SAN FRANCISCO, Dec. 26, 2017 /CNW/ -- Pattern Energy Group LP ("Pattern Development") today announced completion of a C$1 billion financing for the 300 megawatt (MW) Henvey Inlet Wind project located on Henvey Inlet First Nation Reserve No. 2 on the northeast shore of the Georgian Bay in Ontario. Pattern Development and Nigig Power Corporation, a wholly-owned subsidiary of Henvey Inlet First Nation, are joint venture partners in the project.
"This landmark project is a first on many fronts: largest wind project in Ontario, largest on-reserve wind installation in Canada, highest hub heights in North America, and the first to develop a First Nation Environmental Stewardship Regime under the First Nations Lands Management Act," said Mike Garland, CEO of Pattern Development. "We are proud to be partners with Henvey Inlet First Nation. Together we're excited to kick off construction on this historic project that will harness the strong and steady winds blowing across the Georgian Bay to create hundreds of local jobs and provide a significant new source of revenue for Henvey Inlet First Nation."
"This will be the first wind power project on First Nation land, representing an economic turning point in which we are creating a prosperous future," said Chief Wayne McQuabbie of Henvey Inlet First Nation. "This project's watershed permitting and real estate regime sets an example for responsible economic development that protects and preserves First Nation land while also generating revenue for future generations. The project also benefits Magnetawan and Shawanaga First Nations with income and employment opportunities."
"We aren't just building a wind farm, we're building an economy," said Ken Noble, President and CEO, Nigig Power Corporation. "The net proceeds over the next two decades of operations will provide the financial resources to transform the local economy, expand all community services, relieve poverty, and create employment."
Henvey Inlet Wind will utilize 87 Vestas 3.45 MW turbines with a 136-meter rotor diameter and 132-meter hub height. The project has a 20-year Power Purchase Agreement with the Independent Electricity System Operator (IESO) for 100% of its production.
The project will create up to 500 jobs during construction. Once operational the project will employ approximately 15 permanent full-time workers and also create the need for more than 100 ongoing indirect jobs.
Once operational in the first half of 2019, Henvey Inlet Wind will generate clean power for approximately 100,000 Ontario homes each year. It is expected to generate lease royalties of more than C$8 million annually for the Henvey Inlet First Nation, in addition to significant income from project distributions.
Henvey Inlet Wind is being jointly developed and will continue to be jointly owned and operated by Pattern Development and Henvey Inlet First Nation. Pattern Development owns a 50% interest in the project, and Nigig Power Corporation owns the other 50% of the project.
Affiliate company Pattern Energy Group Inc. (Nasdaq & TSX: PEGI) ("Pattern Energy") has previously added the Henvey Inlet Wind project to its list of identified Right of First Offer (iROFO) projects.
About Pattern Development
Pattern Development is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,500 MW of wind and solar power projects. A strong commitment to promoting environmental stewardship drives the company's dedication in working closely with communities to create renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Mexico City, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
About Nigig Power Corporation
Nigig Power Corporation is wholly owned by Henvey Inlet First Nation. Nigig was mandated in 2010 to develop the Henvey Inlet Wind project, which will provide economic benefits that will positively impact our community and the surrounding area. The net proceeds will be managed by a Community Trust that will conduct extensive consultation to determine the use of funds, a Membership Referendum.
About Henvey Inlet First Nation
Henvey Inlet First Nation is an Anishinabek community comprised of three separate reserve properties. Henvey Inlet Reserve No. 2 is on the northeast shore of the Georgian Bay, 90km south of Sudbury and 71km north of Parry Sound. French River Reserve No.13 is 11km north of the Reserve No. 2 and includes Cantin Island. There are about 900 enrolled Members of the Robinson-Huron Treaty band, with approximately 200 of those residing on-reserve.
Contact:
Matt Dallas
Pattern Development
917-363-1333
[email protected]
SOURCE Pattern Energy Group LP
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