Plus: Avangrid ends PNM merger
SunZia secures $11B in financing, starts full construction

They say good things come to those who wait. Clean energy customers in the Southwest are about to put that adage to the test.

 

After more than 17 years of navigating permits and approvals, Pattern Energy Group has closed $11 billion in non-recourse financing and started full construction of SunZia Transmission and SunZia Wind. The tandem is being billed by the company as 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 across Western states. 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 Torrance, Lincoln, and San Miguel Counties in New Mexico.

 

The project’s 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.

Regulators had rejected the proposal in 2021, citing concerns about Avangrid’s reliability and customer service.
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