Nuveen Closes $546m Investment in SunZia HVDC Project

Nuveen Energy Infrastructure Credit has closed a US$546 million preferred equity investment in SunZia Wind and Transmission, described as the largest renewable energy infrastructure project in US history. The investment was announced on 1 July 2026 and represents Nuveen EIC's largest preferred tax equity allocation to date. The transaction serves as the cornerstone for the platform's preferred investment strategy, which provides flexible, scalable capital to developers building large-scale energy infrastructure in the United States.

Nuveen EIC, the infrastructure credit investment platform of Nuveen, has US$1.4 trillion in assets under management. Including the US$546 million investment, Nuveen EIC and its co-investors have committed close to US$1.5 billion to SunZia across four separate investments. Milbank served as legal adviser to Nuveen EIC, while Skadden, Arps, Slate, Meagher & Flom acted on behalf of Pattern Energy, the project developer.

Project Configuration and Technology

SunZia Wind and Transmission comprises a 3,650 megawatt wind project and an 885-kilometre high-voltage direct current transmission line delivering low-cost energy from New Mexico to Arizona and to customers across the western grid. The wind project consists of 916 turbines located in Lincoln, Torrance and San Miguel counties in central New Mexico. The HVDC transmission line runs approximately 550 miles from New Mexico to Arizona, using Hitachi Energy's HVDC Light technology to deliver power to the western grid, including Southern California.

The project was fully operational at the time of Nuveen's investment announcement and reached full commercial operation on 18 June 2026. At full capacity, SunZia generates and delivers more power than the Hoover Dam and will deliver enough energy to power approximately one million American homes annually.

Strategic Rationale

Don Dimitrievich, senior managing director and portfolio manager at Nuveen EIC, said: "SunZia represents exactly the kind of consequential infrastructure our platform was built to finance. 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."

By pairing large-scale generation with interregional transmission, SunZia addresses one of the central challenges facing the energy sector: building not only energy generation but also the grid infrastructure needed to deliver that power across the country. Nuveen EIC provides flexible financing structures, ranging from credit facilities and structured debt and equity solutions to preferred tax equity investments, partnering with management teams and equity sponsors to support project development, construction, and long-term asset ownership.