Investment management company Nuveen has finalised a $546m preferred equity investment in SunZia, a large-scale wind and transmission project in the US.
Nuveen made the investment through its infrastructure credit investment platform, Nuveen Energy Infrastructure Credit (EIC).
Developed by Pattern Energy, the SunZia project became fully operational in June 2026.
The project includes a 3.65GW wind facility and a 550-mile high-voltage direct current (HVDC) transmission line linking New Mexico and Arizona, with energy distributed across the western US grid.
It is powered by Hitachi Energy’s HVDC Light technology.
The transaction serves as the foundation for Nuveen EIC’s preferred investment strategy aimed at providing flexible funding to developers of major energy infrastructure.
Nuveen EIC arranged the financing as part of a broader investment programme.
Nuveen EIC’s commitments to SunZia have totalled close to $1.5bn across four transactions.
SunZia is designed to deliver enough renewable energy to power around one million homes per year and supply more electricity than the Hoover Dam at full capacity.
The project highlights the increasing focus on both energy generation and the transmission infrastructure required to transport power over long distances.
Nuveen EIC head Don Dimitrievich said: “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.”
Pattern Energy Project Finance SVP Kenji Ogawa said: “We are 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 are proud to help advance that model through SunZia.”
Milbank acted as legal adviser to Nuveen EIC, while Skadden, Arps, Slate, Meagher & Flom advised Pattern Energy.
