Pattern Energy has concluded an $11 billion non-recourse financing and begun full construction of SunZia Transmission and SunZia Wind project. SunZia Transmission is a 550-mile ±525 kV high-voltage direct current transmission line between central New Mexico and south-central Arizona with the capacity to evacuate 3,000 MW of clean, reliable, and affordable electricity across Western states.
SunZia Transmission will deliver clean power generated by the company’s 3,515 MW SunZia Wind facility which is being constructed across Torrance, Lincoln, and San Miguel Counties in New Mexico. 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.
In September 2022, Pattern Energy Group and its Japanese affiliate, Green Power Investment Corporation, obtained financing for the 112 MW Ishikari offshore wind farm and battery storage project. The project was funded by MUFG Bank together with subsidiaries of Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust Holdings.
REGlobal’s Views: This is one of the largest clean energy infrastructure projects in the US. The successful financial closing of this massive wind power and transmission project signifies the growing investor interest in the country’s expanding renewable energy space.
