Renewables firm Pattern Energy has formed a joint venture (JV) with independent power producer Talen Energy that will develop 1.4GW of utility-scale solar and wind projects in the US over the next five years.
Called PT Energy Transitions, the business will invest approximately US$2 billion to develop, finance, construct and operate the renewable assets. Its initial portfolio consists of six solar projects in Pennsylvania and a hybrid solar-wind facility in the western US.
The JV is an expansion of Talen and Pattern Energyโs first joint development project, Montour Solar One, a 100MW PV plant to be built next to Talenโs 1.5GW Montour coal-fired facility in Pennsylvania.
Montour is among the fossil fuel plants that Talen announced will cease burning coal by the end of 2025 as part of a shift to more clean energy generation. The company currently has around 13GW of generation assets, the majority of which are coal, oil and gas plants.
For Pattern Energy, the tie-up comes a year after its US$6.1 billion acquisition by Canada Pension Plan Investment Board. Headquartered in California, Patternโs operational portfolio includes 28 renewables energy facilities in the US, Canada and Japan with a total capacity of 4.4GW.
The partnership with Talen โis a natural fitโ that will allow the companies to combine their respective strengths, said Mike Garland, CEO of Pattern Energy. โOur joint venture accelerates our countryโs energy transition by utilising Pattern Energyโs leadership in renewable energy development together with Talenโs land position and legacy transmission interconnection assets.โ
Pattern is currently constructing the 105MWdc Phoenix Solar Project in Texas, which is expected to be completed in the coming months.