Renewable energy company Pattern Energy Group LP said it has closed $11 billion in non-recourse financing and started full construction of SunZia Transmission and SunZia Wind projects, the company said in a Dec. 27 press release.
Together, they represent the largest clean energy infrastructure project in U.S. history, the company said.
SunZia Transmission is a 550-mile, 525 kv high-voltage direct current (HVDC) transmission line between central New Mexico and south-central Arizona. The line will have the capacity to transport 3,000 megawatts (MW) of “clean, reliable and affordable electricity” across Western states.
SunZia Transmission will deliver power generated by Pattern Energy’s 3,515 MW SunZia Wind facility, which the company described as the “largest wind project in the Western Hemisphere.” The wind facility is being constructed across Torrance, Lincoln and San Miguel counties, New Mexico, the company said.
Pattern said full construction is underway on SunZia Transmission and SunZia Wind and will bring clean power to 3 million Americans and more than $20 billion in expected economic impact.
The 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.
Details of the loans and other financial instruments are available on Pattern Energy’s website.
“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 are very grateful to all of our financial partners who are backing SunZia as part of this record-setting project financing.”
Pattern Energy said approximately $8.8 billion will be used for construction and term facilities. The company also secured a $2.25 billion tax equity term loan facility.
SunZia Wind and Transmission will employ more than 2,000 workers on-site during construction, including heavy equipment operators, electricians, laborers and others, the company said. The project will also utilize the expertise of several industry-leading suppliers and contractors. The engineering, procurement and construction (EPC) contractor for 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 (RETA) on the development of the transmission project in New Mexico.
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