Wells Fargo & Co. (WFC), along with Bank of America Corp. (BAC) and General Electric Co.’s GE Vernova unit, have participated in an $11 billion financing package for the construction of Pattern Energy’s SunZia Transmission and SunZia Wind projects in New Mexico. This announcement was made on Wednesday.
Pattern Energy has revealed that these SunZia projects, when combined, will be the largest clean energy infrastructure project in the history of the United States. Wells Fargo, along with 14 other banks from Japan, Europe, and Canada, served as the coordinating lead arranger for $8.8 billion in construction and term facilities.
Bank of America and GE Vernova, a spin-off of GE’s green power business, were co-providers along with three other banks for a $2.25 billion tax equity term loan facility. The funds will be used to finance the SunZia transmission project, a 550-mile power line that will connect central New Mexico to south-central Arizona, allowing for the transmission of 3,000 megawatts of green power.
Additionally, the debt will support Pattern Energy’s SunZia Wind facility, capable of generating 3,515 megawatts. This wind facility is described as the largest of its kind in the Western hemisphere. The SunZia Transmission line will handle the power generated by the SunZia Wind project.
During the construction phase, both projects are expected to create more than 2,000 job opportunities. Pattern Energy is jointly owned by Canada Pension Plan Investment Board and New York-based private-equity firm Riverstone LLC.
On Wednesday, Wells Fargo’s stock experienced a decrease of 0.2%, while Bank of America’s stock showed a decrease of 0.3%. In contrast, GE’s stock saw an increase of 3.7%.