Pattern Energy Group has closed an $11 billion non-recourse financing and started full construction of SunZia Transmission and SunZia Wind.
Together, it is the largest clean energy infrastructure project in U.S. history, says the company.
SunZia Transmission is a 550-mile, 525 kV HVDC transmission line between central New Mexico and south-central Arizona with the capacity to transport 3,000 MW of electricity across Western states. It will deliver power generated by Pattern Energy’s 3,515 MW SunZia Wind facility, being constructed across New Mexico’s Torrance, Lincoln, and San Miguel counties.
Financing includes an integrated construction loan and letter of credit facility, two separate term facilities, an operating phase letter of credit facility, an innovative tax equity term loan facility and a holding company loan facility.
“Our hope is this successful financing of the largest clean energy infrastructure project in American history serves as an example for other ambitious renewable infrastructure initiatives that are needed to accelerate our transition to a carbon free future,” says Hunter Armistead, CEO of Pattern Energy.
“We are very grateful to all of our financial partners who are backing SunZia as part of this record-setting project financing. Construction is well underway on this historic project that will deliver clean power with a generation profile that complements abundant solar generation available across the Western United States. We’d specifically like to thank our shareholders for their support of Pattern’s efforts to deliver this critical project and meaningfully advance the world’s energy transition.”
The EPC contractor of the transmission line is Quanta Infrastructure Services Group, and the HVDC supplier is Hitachi Energy. The EPC contractor for the wind project is Blattner Energy, a Quanta affiliated company. The wind turbines are being supplied by GE Vernova and Vestas.
SunZia Transmission and Pattern Energy have partnered with the New Mexico Renewable Energy Transmission Authority on the development of the transmission project in New Mexico.