Transactions - SEPTEMBER 12, 2022

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Pattern Energy breaks ground on Japan’s largest offshore wind and storage project

by Kali Persall

Pattern Energy Group, along with its Japanese affiliate Green Power Investment Corporation (GPI), has closed financing of Japan's largest offshore wind and storage project, Ishikari Offshore Wind.

The financing facility was arranged jointly by MUFG Bank, Ltd., Sumitomo Mitsui Banking Corp., Sumitomo Mitsui Trust Bank, Mizuho Bank, Development Bank of Japan Inc., Societe Generale and Shinsei Bank.

Construction now has begun on the 112-megawatt Ishikari Offshore Wind project, which is located about 3 kilometers (1.9 miles) from the shore of the Ishikari Bay in Hokkaido, Japan. Ishikari Wind will feature a battery-storage component, with 100 megawatts and 180 megawatt hours of capacity.

The Ishikari Offshore Wind project and accompanying battery-storage component are expected to reach commercial operation in December 2023. The project has a 20-year power-purchase agreement with Hokkaido Electric Power Network.

“This historic project is Japan's largest comb

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