New Projects, Renewables, Wind

Pattern Energy acquires three wind energy plants

Report: Global wind power installations increased by 42% in 2014

Pattern Energy Group Inc. (Nasdaq: PEGI) acquired three wind energy projects for $372 million.

The three projects will generate a total of 360 MW of electricity. The acquisition includes ownership interests in the 200-MW Post Rock Wind facility in Kansas and the 150-MW Lost Creek Wind farm in Missouri, Both plants use GE (NYSE: GE)’s 1.5-MW wind turbines.

Pattern Energy also signed an agreement to acquire a 33 percent stake, or 90 MW, in the K2 wind power plant in Ontario from Pattern Development. Samsung Renewable Energy Inc. and Capital Power LP each own 33 percent of the power plant. The Post Rock Wind facility in Kansas has a long-term power purchase agreement with Westar, and Lost Creek has a long-term contract with Associated Electric Cooperative Inc.