Renewable energy facility Pattern Energy Group closed an $11 billion non-recourse financing on Wednesday, and begun full construction of SunZia Transmission and SunZia Wind, which together is one of the largest clean energy infrastructure project in U.S. history.
The renewable energy infrastructure projects SunZia Wind and SunZia Transmission are two of the largest energy projects undertaken by Pattern Energy.
Sunzia Wind has established robust environmental best practices to reduce project impacts and study effective habitat restoration strategies in partnership with local and state experts while SunZia Transmission is to develop environmental mitigation hand-in hand with the environmental community.
The energy company said 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 clean, reliable, and affordable electricity across Western states.
The $11 billion financing will include 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, the California-based firm said.
The company also said subsidiary of Canada Pension Plan Investment Board Nomura Securities International participated in the final piece of financing, while CPPIB Credit Investments III, holding company facility will support initial equity capital for the project.
SunZia Transmission and Pattern Energy have partnered with the New Mexico Renewable Energy Transmission Authority on the development of the transmission project in New Mexico, the company added.
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