San Francisco, May 8, 2012 — Parque Eolico El Arrayan begun construction of its 115 MW wind project north of Santiago on the coast of Chile.
The El Arrayan Wind project will use 50 Siemens 2.3 MW wind turbines, which Pattern is also installing at its wind projects currently under construction in the United States, Canada and Puerto Rico. Pattern will also operate the project after its construction.
The El Arrayan Wind project is expected to achieve commercial operation in early 2014. The project will create 175-200 jobs during construction and up to 15 permanent positions once operational. The project is being constructed by Skanska Chile.
Once completed, El Arrayan will provide enough renewable energy to serve up to 200,000 local homes each year without producing any emissions.
The sponsors of PEEA – AEI, Pattern Energy Group LP (Pattern), and Antofagasta Minerals SA (AMSA) – have also completed financing for the project. The $245 million innovative structure provides financing for the two-year construction period, value-added-tax, liquidity reserves and a 15-year term period.
Funding commitments were arranged by Export Kredit Fonden through its ELO Scheme, Sumitomo Mitsui Banking Corp, Bank of Tokyo-Mitsubishi UFJ and Credit Agricole. Chile's Corpbanca provided the VAT facility.
In November 2011, PEEA entered into a 20-year renewable power sale and energy services agreements with Minera Los Pelambres, a mining company controlled by AMSA, for the sale of energy produced by PEEA.