After 17 years of working to get approval for the massive wind and solar energy project in New Mexico, developer Pattern Energy Group LP announced it has secured $11 billion in financing.
Construction is underway on the 3.5 gigawatt SunZia project which will carry electricity out of state to Arizona and is the large clean energy project in the U.S.
Bloomberg reported that Pattern Energy closed on financing of $8.8 billion in construction and term facilities for the 550 mile transmission line and another $2.25 billion in tax equity.
Approval for the financing came 3 years after Pattern was bought by the CAnada Pension Plan Investment Board.
“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. Construction is well underway on this historic project that will deliver clean power with a generation profile that complements abundant solar generation available across the Western United States. We’d specifically like to thank our shareholders for their support of Pattern’s efforts to deliver this critical project and meaningfully advance the world’s energy transition.”