Wells Fargo, Bank of America take part in $11B financing for Pattern Energy green energy project

Wells Fargo & Co. (WFC), Bank of America Corp. (BAC) and General Electric Co.'s (GE) GE Vernova unit took part in the $11 billion financing package for construction of Pattern Energy's SunZia Transmission and SunZia Wind projects in New Mexico, as announced on Wednesday. Pattern Energy said the SunZia projects together rank as the largest clean energy infrastructure project in U.S. history. Wells Fargo, along with 14 other Japanese, European and Canadian banks, acted as coordinating lead arranger of $8.8 billion in construction and term facilities. Bank of America and GE Vernova, the upcoming spin-off of GE's green power business, were co-providers along with three other banks of a $2.25 billion tax equity term loan facility. The money will finance SunZia transmission, a 550-mile power line linking central New Mexico and south-central Arizona, to transmit 3,000 megawatts of green power. The debt will also pay for Pattern Energy's 3,515 megawatt SunZia Wind facility, which the company describes as the largest wind project in the Western hemisphere. SunZia Transmission line will handle power from SunZia Wind. Both projects are expected to generate more than 2,000 jobs during construction. Pattern is owned by Canada Pension Plan Investment Board and New York-based private-equity firm Riverstone LLC. Wells Fargo's stock was down by 0.2% on Wednesday, while Bank of America's stock was down by 0.3%. GE's stock was up by 3.7%.

-Steve Gelsi

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12-27-23 1430ET

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