Insurance Giant MetLife Takes Equity Stake In Texas Wind Farm

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September 8, 2010 Wednesday

184 words

Insurance giant MetLife takes equity stake in Texas wind farm

Jason Lehmann

Pattern Energy CEO Mike Garland said MetLife's investment in the Texas Gulf project allows Pattern to effectively monetize the tax benefits associated with the project.

Metropolitan Life Insurance Co. has made an equity investment of an undisclosed size in Pattern Energy Group LP's 283-MW Texas Gulf wind farm in Kenedy County, Texas, Pattern Energy said Sept. 7.

Pattern Energy CEO Mike Garland said MetLife's investment in the project allows Pattern to effectively monetize the tax benefits associated with the Texas Gulf project and demonstrates the company's ability "to consummate creative but practical financing structures in these uncertain financial markets."

The latest round of equity funding comes on the heels of Pattern's May 17 announcement that it had raised $800 million of equity to support an expansion of its wind energy development pipeline. The transaction incorporates project debt and consistent cash flows, Pattern said.

MetLife's investment in the Texas Gulf wind farm adds to the more than $1 billion the insurance giant has spent on renewable energy projects. The company in March said it would help finance the construction of a SunPower Corp.-planned 19-MW solar plant in Alamosa County, Colo.

Pattern Energy is backed by Riverstone Holdings LLC.

September 14, 2010