Pattern Energy achieves competitive pricing for its Sunzia wind and transmission project

Pattern Energy Group recently priced at 200bps over the SOFR benchmark its USD 11bn non-recourse debt financing for its SunZia Transmission and SunZia Wind projects, said two sources familiar with the matter.

The company closed the deal in December, with a wide group of lenders, with MUFG acting as administrative agent, as previously reported.

“Our team at Pattern worked very hard to bring the SunZia Wind and Transmission project to fruition with the year-end closing of the singular largest financing in renewable energy,” said Daniel Elkort, executive vice president at Pattern. “We are gratified that the financing market has validated our vision for SunZia that started many years ago, and we now look forward to building the biggest renewable energy infrastructure project in American history,” he added.

NPM first reported in July to raise debt financing to support the two projects.

SunZia Wind, to be located in Lincoln, Torrance, and San Miguel Counties in New Mexico, is expected to generate electricity from 3,515 MW of nameplate capacity. The project is backed by power purchase agreements (PPA) including the 15-year PPA to deliver 125 MW to Riverside Public Utilities (RPU), a 15-year PPA with Clean Power Alliance (CPA), and the 15-year 220 MW PPA with Peninsula Clean Energy (PCE) which was the result of a 2021 RFP.

Meanwhile, 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 of clean, reliable, and affordable electricity across Western states.

*This story was originally published exclusively for NPM subscribers.


New Project Media (NPM) is a leading data, intelligence and events company dedicated to providing origination led coverage of the renewable energy market for the development, finance, advisory & corporate community.