Pattern Energy closes $11B financing for clean energy project

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SunZia Wind and Transmission will employ more than 2,000 workers on-site during construction, including heavy equipment operators, electricians, laborers, and others. (Courtesy: Pattern Energy)

Pattern Energy Group LP, a leader in renewable energy and transmission infrastructure, has closed an $11 billion non-recourse financing and begun full construction of SunZia Transmission and SunZia Wind, which together is the largest clean energy infrastructure project in U.S. history.

SunZia Transmission is a 550-mile ±525 kV high-voltage direct current (HVDC) transmission line between central New Mexico and south-central Arizona with the capacity to transport 3,000 MW of electricity across Western states. SunZia Transmission will deliver clean power generated by Pattern Energy’s 3,515 MW SunZia Wind facility, which is being constructed across Torrance, Lincoln, and San Miguel counties in New Mexico.

“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,” said Hunter Armistead, CEO of Pattern Energy. “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.”

This 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.

“SunZia represents an important step forward in the global transition to renewable energy and we are pleased to support Pattern as it works to bring this project toward completion,” said Bill Rogers, managing director, global head of sustainable energies, CPP Investments. “CPP Investments’ ability to provide a unique combination of flexible capital and deep expertise places us well to support projects like SunZia, which we expect will provide attractive, risk-adjusted returns to the CPP Fund over the long term.”

SunZia Wind and Transmission will employ more than 2,000 workers on-site during construction, including heavy equipment operators, electricians, laborers, and others.

MORE INFO  www.patternenergy.com