ALBUQUERQUE, N.M. — San Francisco-based Pattern Energy Group LP recently announced it has closed an US$11 billion financing deal and has begun full construction of SunZia Transmission and SunZia Wind, which together form the largest clean energy infrastructure project in U.S. history.
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 transport 3,000 MW of electricity across Western states, stated a release.
SunZia Transmission will deliver power generated by Pattern Energy’s 3,515 MW SunZia Wind facility, the largest wind project in the western hemisphere, which is being constructed across the Torrance, Lincoln, and San Miguel counties in New Mexico.
Canadian financing was instrumental in the deal. For the $8.8 billion construction and term facilities, BNP Paribas, Credit Agricole Corporate and Investment Bank, CoBank, ACB, Desjardins Group, Export Development Canada, ING Capital LLC, Intesa Sanpaolo S.p.A., New York Branch, KFW IPEX-Bank, MUFG Bank, Ltd., National Bank of Canada, Natixis Corporate & Investment Banking, Societe Generale, Sumitomo Mitsui Banking Corporation and Wells Fargo Securities, LLC acted as initial co-ordinating lead arrangers and joint bookrunners.
Banco Bilbao Vizcaya Argentaria, the Bank of Nova Scotia and Sumitomo Mitsui Trust Bank, Limited, New York Branch acted as co-ordinating lead arrangers.
The financing includes an integrated construction loan and letter of credit facility, two separate term facilities, an operating phase letter of credit facility, a 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,” said Hunter Armistead, CEO of Pattern Energy, in a statement. “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.”
Nomura Securities International and CPPIB Credit Investments III, a subsidiary of Canada Pension Plan Investment Board, have participated in the final piece of the financing.
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