Pattern closes Quebec cash
C$263m secured for 147MW Mont Sainte-Marguerite project
Pattern Energy Group has closed C$263m in project financing for the 147MW Mont Sainte-Marguerite wind farm in Quebec.
The finance was provided by The Manufacturers Life Insurance Company, Caisse de Dépôt et Placement du Québec and Bayerische Landesbank.
The funding fully amortises over the term of the project’s 25-year power purchase agreement with Hydro-Québec, Pattern said.
Mont Sainte-Marguerite, which is located approximately 50km south of Québec City in the Chaudière-Appalaches region, will consist of 46 Siemens 3.2MW direct drive wind turbines.
Components for the turbines will be sourced from Québec, Pattern said.
Construction of the wind farm, which started in the third quarter of 2016, is being carried out by Borea under the supervision of both Pattern's construction management team and RES Canada.
Approximately 250 workers are being employed on site during peak construction, with 10 full time jobs to be created when the project is operational.
Mont Sainte-Marguerite is expected to come online in December.
It will also provide more than $775,000 a year to Pattern Development's community partners, the municipalities of Sacré-Coeur-de-Jésus, Saint-Sylvestre and Saint-Séverin, which are stakeholders in the project.
Image: Pattern Energy