Pattern Energy Group LP has successfully secured an impressive $11 billion in loan facilities for the SunZia Transmission and SunZia Wind project, hailed as the largest clean energy infrastructure endeavor in U.S. history. The development marks the initiation of full-scale construction activities for this ambitious project.
At its core, the SunZia project involves the establishment of a 550-mile (805 km) high-voltage direct current (HVDC) transmission line, boasting a capacity of 525 kV. This transmission line, named SunZia Transmission, aims to facilitate the transportation of 3 gigawatts (GW) of clean electricity across Western states, contributing significantly to the region's renewable energy landscape.
The transmission line plays a pivotal role in channeling the power generated by Pattern Energy's colossal 3.5-GW Sun Zia Wind facility, positioned as the largest wind project in the Western Hemisphere. Located across Torrance, Lincoln, and San Miguel Counties in New Mexico, the wind park has already secured several offtake agreements.
The substantial financing package, comprising approximately $8.8 billion in construction and term facilities, along with a $2.25-billion tax equity term loan facility, was successfully arranged with the involvement of various lenders. Notable contributors include BNP Paribas, Credit Agricole, and Banco Santander, among others, as outlined in a statement released on Wednesday.
This achievement follows Pattern Energy's earlier milestone this year, obtaining final approval for the project from the U.S. Department of Interior Bureau of Land Management, thereby concluding the National Environmental Policy Act (NEPA). The groundbreaking ceremony for the SunZia project took place in September.