Pattern Energy Group (Pattern Development) has completed CAD$263m ($196.17m) construction-to-term financing for its 147MW Mont Sainte-Marguerite windpower project in Quebec, Canada.
Located around 50km south of Québec City in the Chaudière-Appalaches region, the new Mont Sainte-Marguerite wind facility will now enter its full-stage construction phase.
The project has received financing from Caisse de dépôt et placement du Québec, The Manufacturers Life Insurance Company, and Bayerische Landesbank. This financing will completely pay off outstanding debts gradually over the term of the project’s power purchase agreement (PPA), which was signed for 25 years with public utility Hydro-Québec.
Pattern Development's chief executive officer Mike Garland said: “With the close of construction financing, we expect swift progress on our first project in Québec and anticipate completing the facility by the end of the year.
“The project is bringing jobs and economic benefits to the Chaudière-Appalaches region. We are using local construction workers from Québec and installing Siemens turbines with locally-sourced turbine components, supporting manufacturers in the province.”
The Mont Sainte-Marguerite project site will feature 46 units of Siemens’ latest 3.2MW direct drive wind turbines, while components will be locally sourced from Québec. Once in operation, the facility is expected to produce enough energy to supply approximately 27,000 households every year.
Located on one of the higher elevations in Southern Québec, the project's site has one of the strongest wind resources in the region. While construction of the plant commenced in Q3 of last year, it is expected to reach commercial operation by December next year.