Snell & Wilmer Advises on $11 Billion Financing of Largest Clean Energy Infrastructure Project in U.S. HistoryJanuary 4, 2024
PHOENIX – Snell & Wilmer recently advised on the $11 billion financing of the SunZia Wind and Transmission Project on behalf of clients MUFG, as representative agent for a consortium of construction lenders, and GE Vernova’s Financial Services business, a member of the consortium of tax equity term loan lenders. The SunZia renewable energy project, under development by Pattern Energy, consists of two historically large components: (1) a 550-mile 525kV high-voltage transmission line between central Arizona and central New Mexico to be located on federal, state, and privately-owned lands; and (2) a 3,515 MW wind facility, which constitutes the largest wind project in the western hemisphere.
Given its groundbreaking size and scale—over 1,000 parcels spread across 14 counties in New Mexico and Arizona—this monumental renewable energy project required assistance from over 60 Snell & Wilmer real estate, commercial finance, natural resources, and construction attorneys and paraprofessional staff. Led by attorneys Chris Colyer, Jenna Bouchard, Jason Brinkley, Ian Douglas, Chris Fahrendorf, and paralegal Brooke Anderson, Snell & Wilmer divided itself into multiple teams focusing on various real estate and finance-related issues. These teams performed due diligence on every public and private parcel, including review of title, survey, utility crossing, and access issues. Additionally, the Snell & Wilmer team evaluated issues relating to the project’s public-private partnership with the New Mexico Renewable Energy Transmission Authority. The project also required substantial diligence with respect to various permitting, land use, energy, construction, and industrial revenue bond matters. Snell & Wilmer also provided assistance to the construction lenders’ national counsel, Norton Rose Fulbright, throughout the representation on various federal, state, and local issues.
About Snell & Wilmer
Snell & Wilmer’s mergers and acquisitions attorneys are well-versed in providing strategic, innovative legal and business services for complicated corporate transactions. They have extensive experience with transactions in a variety of industries, including highly regulated industries where the intersection of business and government requires a particularly strategic and risk-sensitive approach. Their experience, coupled with deep industry knowledge, allows them to provide thoughtful, innovative, and comprehensive solutions for all their clients. Snell & Wilmer’s clients include sellers, buyers, investors, banks and bankers, venture capital firms, private equity firms, institutional lenders, independent directors and committees, management groups, creditors, and creditor committees.