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Released May 15, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Renewable energy developer Pattern Energy Group (NASDAQ:PEGI) (San Francisco, California) is anticipating significant growth in sales and capacity this year, as the company prepares to finish construction on two major projects in New Mexico and expects to notch up major progress on others across the U.S. and Canada. Industrial Info is tracking more than $11.2 billion in active projects involving Pattern, nearly half of which is attributed to projects in New Mexico and Texas.
Click on the image at right for a graph detailing the top 10 U.S. states and Canadian provinces for Pattern projects, by investment value.
The top state for Pattern projects is New Mexico, where the company has sealed a pair of deals that it says will add significantly to its revenues. Pattern's $330 million Grady Wind Facility in Clovis, is expected to generate 220.8 megawatts (MW) from 80 Siemens turbines, which will be sold to the California market. Grady is nearing the end of construction and is scheduled to begin commercial operations in the third quarter; it will be served by a 34.5-kilovolt (kV), $12 million substation in Clovis. For more information, see Industrial Info's project reports on the windfarm and substation.
Pattern also has been working with PNM Resources Incorporated (NYSE:PNM) (Albuquerque, New Mexico) to develop the $132 million Western Spirit Clean Line from Rio Rancho to Corona, New Mexico. The 140-mile, 345-kV line will send wind-generated energy from central New Mexico to the grid in northwestern New Mexico, according to PNM's website. For more information, see Industrial Info's project reports on the transmission line and a related substation.
"In April, Pattern agreed to the sale of the Western Spirit transmission project it's developing in New Mexico to PNM, upon the project's completion next year," said Mike Garland, the chief executive officer of Pattern, in a recent earnings-related conference call. "This 145-mile transmission project is designed to enable 800 megawatts of renewable capacity developed by Pattern, or possibly other developers."
Executives also said the company is making strides on its planned, $545 million repowering of the Gulf Wind facility in Sarita, Texas, where Pattern expects to replace aging Mitsubishi turbines with a newer model from Siemens, to improve its 280-MW output. Pattern also is considering a proposed second-phase expansion at Gulf Wind that would add 54 turbines to generate another 119 MW. For more information, see Industrial Info's project reports on the repowering and the possible second phase.
"We expect to finalize the development of financing [for the Gulf Wind repowering] in 2019, with construction commencing in first-quarter 2020 and completion scheduled for second-quarter 2020," Garland said in the conference call. He added: "We have a couple of opportunities to contract for the power from the repowered Gulf Wind project that we're currently evaluating, and we will decide soon how we will proceed."
Other proposed projects from Pattern include an estimated $456 million repowering of the Big Sky Windfarm in Ohio, Illinois, which generates 240 MW; and an estimated $330 million expansion at the Panhandle Wind Project in Panhandle, Texas, which would up the facility's capacity from 400 to 600 MW. The projects are expected to kick off in first-quarter 2020 and second-quarter 2021, respectively, although factors could delay, alter or cancel the investments. For more information, see Industrial Info's reports on the Big Sky and Panhandle Wind projects.
Pattern reported a $30 million net loss for first-quarter 2019, compared with a $136 million net gain in the same period last year; the company attributed the dip to divestitures made in 2018 and "unfavorable wind conditions." Revenues of $135 million were 20.5% higher than those of first-quarter 2018.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing the top 10 U.S. states and Canadian provinces for Pattern projects, by investment value.The top state for Pattern projects is New Mexico, where the company has sealed a pair of deals that it says will add significantly to its revenues. Pattern's $330 million Grady Wind Facility in Clovis, is expected to generate 220.8 megawatts (MW) from 80 Siemens turbines, which will be sold to the California market. Grady is nearing the end of construction and is scheduled to begin commercial operations in the third quarter; it will be served by a 34.5-kilovolt (kV), $12 million substation in Clovis. For more information, see Industrial Info's project reports on the windfarm and substation.
Pattern also has been working with PNM Resources Incorporated (NYSE:PNM) (Albuquerque, New Mexico) to develop the $132 million Western Spirit Clean Line from Rio Rancho to Corona, New Mexico. The 140-mile, 345-kV line will send wind-generated energy from central New Mexico to the grid in northwestern New Mexico, according to PNM's website. For more information, see Industrial Info's project reports on the transmission line and a related substation.
"In April, Pattern agreed to the sale of the Western Spirit transmission project it's developing in New Mexico to PNM, upon the project's completion next year," said Mike Garland, the chief executive officer of Pattern, in a recent earnings-related conference call. "This 145-mile transmission project is designed to enable 800 megawatts of renewable capacity developed by Pattern, or possibly other developers."
Executives also said the company is making strides on its planned, $545 million repowering of the Gulf Wind facility in Sarita, Texas, where Pattern expects to replace aging Mitsubishi turbines with a newer model from Siemens, to improve its 280-MW output. Pattern also is considering a proposed second-phase expansion at Gulf Wind that would add 54 turbines to generate another 119 MW. For more information, see Industrial Info's project reports on the repowering and the possible second phase.
"We expect to finalize the development of financing [for the Gulf Wind repowering] in 2019, with construction commencing in first-quarter 2020 and completion scheduled for second-quarter 2020," Garland said in the conference call. He added: "We have a couple of opportunities to contract for the power from the repowered Gulf Wind project that we're currently evaluating, and we will decide soon how we will proceed."
Other proposed projects from Pattern include an estimated $456 million repowering of the Big Sky Windfarm in Ohio, Illinois, which generates 240 MW; and an estimated $330 million expansion at the Panhandle Wind Project in Panhandle, Texas, which would up the facility's capacity from 400 to 600 MW. The projects are expected to kick off in first-quarter 2020 and second-quarter 2021, respectively, although factors could delay, alter or cancel the investments. For more information, see Industrial Info's reports on the Big Sky and Panhandle Wind projects.
Pattern reported a $30 million net loss for first-quarter 2019, compared with a $136 million net gain in the same period last year; the company attributed the dip to divestitures made in 2018 and "unfavorable wind conditions." Revenues of $135 million were 20.5% higher than those of first-quarter 2018.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
