Pattern Energy selects Deutsche Bank TAS team to agent US$11bn financing for SunZia projects

This landmark project financing includes 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.

Deutsche Bank’s Trust and Agency Services (TAS) team was selected to act as collateral agent and depositary bank for the approximately US$8.8bn of construction and term facilities. In addition, Deutsche Bank TAS is also acting as administrative agent, collateral agent and depositary bank on the holding company facility to support initial equity capital for the project. Further information about the project and the structuring and participation of the financing can be found on the Pattern Energy news channel.¹

“Construction is well underway on this historic project that will deliver clean power”
Hunter Armistead, CEO, Pattern Energy

“Our hope is that 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, Pattern Energy.

He continued, “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.”

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 megawatts (MW) of clean, reliable, and affordable electricity across Western states. SunZia Transmission will deliver clean power generated by Pattern Energy’s 3,515 MW SunZia Wind facility, the largest wind project in the Western hemisphere, which is being constructed across Torrance, Lincoln, and San Miguel Counties in New Mexico. SunZia Wind and Transmission will create jobs for more than 2,000 workers on-site during construction.

Daniel Elkort, Executive Vice President at Pattern Energy explained, “The size and scale of both the SunZia project and this multifaceted financing show that the renewable energy space can secure attractive capital at levels previously only seen in traditional generation.”

Thalia Delahayes, Head of Project Finance and Loan Agency, Americas, Deutsche Bank commented, “We are proud to support Pattern Energy as third-party agent for this historic infrastructure project financing, which will provide clean power generation across the US Western states.”

Sources

¹ See patternenergy.com