The portfolio includes two operating solar projects, one operating wind project and two in-construction wind projects.  

Pattern Energy will pay a price of about $131.5m to acquire the 84 MW portfolio of Futtsu, Kanagi, Otsuki and Ohorayama projects. The price for the 122MW Tsugaru project is $194m.  

This transaction will increase the company’s operating portfolio to about 4GW, with more than 2.9GW in owned capacity across 25 projects.

Pattern Energy CEO Mike Garland said: "These investments represent Pattern Energy's entry into the exciting Japanese renewables market by acquiring a portfolio of projects and by making an additional investment in Pattern Development 2.0 to fund a well-established operating and development management team, GPI."

Futtsu Solar project is a 29MW project that started operations in the first quarter of 2016. It operates under a 20 year power purchase agreement (PPA) with TEPCO Energy Partner, a subsidiary of Tokyo Electric Power Company. The project is located just outside Tokyo in Chiba prefecture.

Kanagi is a 10MW solar project located in Shimane prefecture, which began operations in the first quarter of 2016. Similar to Futtsu, it also operates under a 20 year PPA with Chugoku Electric Power.

Otsuki is a 12MW wind project, powered by 12 of Mitsubishi’s wind turbines. The project is located in the Kochi prefecture and began operations in the fourth quarter of 2006. It operates under a 20 year PPA with Shikoku Electric Power.

Ohorayama is a 33MW wind project and includes eleven of GE’s wind turbines. Located in Kochi prefecture, on the island of Shikoku, the wind farm is expected to start operations this March and will function under a 20 year PPA with Shikoku Electric Power.

Tsugaru is a 122MW wind project powered by 38 of GE’s 3.2MW turbines. This project is expected to begin commercial operations in mid-2020 and will also operate with a 20 year PPA with Tohoku Electric Power.

Image: Pattern Energy’s portfolio will increase to 4GW with these acquisitions. Photo: Courtesy of Anusorn P nachol/FreeDigitalPhotos.net.