MetLife becomes equity partner in Pattern Energy's Gulf Wind power generation project in Texas

The Associated Press – September 7, 2010

SAN FRANCISCO (AP) – MetLife Inc. has become an equity partner in a Pattern Energy Group LP wind farm on the Texas Gulf Coast, Pattern announced Tuesday.

Terms of the deal were not disclosed, but Pattern said the insurance company invested in its Gulf Wind project in Kenedy County, Texas.

Pattern Energy CEO Mike Garland said in a statement that MetLife's involvement will allow the partnership to efficiently use tax benefits that come with the wind energy project.

Gulf Wind has 118 wind turbines and generates 283 megawatts of energy, about enough to power 80,000 Texas homes for a year, the company said.

Garland also said the investment shows his company's ability to find creative yet practical financing in an uncertain market.

The investment is on top of more than $1 billion that MetLife has made in renewable energy projects, the insurance company said in the statement issued by the San Francisco-based Pattern.

Shares of MetLife fell 87 cents, or $2.1 percent, to $40.59 in afternoon trading.