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Nuveen Closes $546 Million Preferred Equity Investment in Pattern Energy's Wind Project in New Mexico

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Global investment management giant Nuveen said Wednesday it had closed a $546 million preferred equity investment in Pattern Energy's SunZia renewable energy project in New Mexico, which is currently the largest such project in the US.

The investment also serves as Nuveen's largest preferred tax equity allocation to date, aimed at supporting the project's 3,650-megawatt wind farm, along with a 550-mile high-voltage direct current transmission line, delivering power across New Mexico, Arizona, and the entire western grid.

According to the company's press release, the project is set to deliver more power than the Hoover Dam when at full capacity.

Kenji Ogawa, SVP of Project Finance at Pattern Energy, said that Nuveen's investment was a vote of confidence in the project's fundamentals and execution.

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Commodities

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