Nuveen’s energy infrastructure credit arm has made a $546m (€480m) preferred equity investment in the fully operational SunZia Wind and Transmission, the largest renewable energy infrastructure project in US history.
Nuveen Energy Infrastructure Credit, alongside its co-investors, has committed close to $1.5bn to Pattern Energy’s SunZia project across four distinct investments.
Pattern Energy’s SunZia project consists of a 3.6GW wind farm and a 550-mile high-voltage direct current transmission line. The infrastructure delivers power from New Mexico to Arizona, supplying customers across the western grid.
Don Dimitrievich, head of Nuveen Energy Infrastructure Credit, said: “SunZia represents exactly the kind of consequential infrastructure our platform was built to finance. We are proud to partner with Pattern Energy on the largest clean energy project in US history, and to anchor our new preferred investment strategy with a landmark transaction of this scale.
“This investment reflects our conviction that disciplined, flexible capital can help bring the nation’s most ambitious energy projects to life at the speed and volume the current moment demands.”
Kenji Ogawa, SVP of project finance at Pattern Energy, said: “SunZia represents a new standard for delivering large-scale energy infrastructure. We’re pleased to partner with Nuveen EIC on this milestone investment, which reflects strong market confidence in the project’s fundamentals and execution.
“Transactions like this are essential to scaling the energy infrastructure needed today, and we’re proud to help advance that model through SunZia.”
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