Nuveen Anchors $546M Landmark SunZia Clean Energy Financing

Nuveen has closed a $546 million preferred equity investment in SunZia, the largest renewable energy infrastructure project in U.S. history, marking the largest preferred tax equity allocation to date by its Energy Infrastructure Credit (EIC) platform. Including co-investor commitments, Nuveen EIC has invested nearly $1.5 billion across four financings supporting SunZia.

Developed by Pattern Energy, the fully operational project includes a 3,650-megawatt wind generation facility and a 550-mile high-voltage direct current transmission line connecting New Mexico to Arizona and the broader Western power grid. The system is capable of generating more electricity than the Hoover Dam and is expected to provide enough power for approximately one million U.S. homes annually.

“SunZia represents exactly the kind of consequential infrastructure our platform was built to finance,” said Don Dimitrievich, head of Nuveen Energy Infrastructure Credit. “We are proud to partner with Pattern Energy on the largest clean energy project in U.S. history and to anchor our new preferred investment strategy with a landmark transaction of this scale.”

Milbank LLP served as legal advisor to Nuveen EIC. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Pattern Energy.