Nuveen Energy Infrastructure Credit Completes $546M Preferred Equity Investment in SunZia, the Largest Clean Energy Project in U.S. History

NEW YORK, July 1, 2026 /PRNewswire/ -- Nuveen, a global investment leader managing $1.4 trillion in assets under management¹, today announced the closing of a $546 million preferred equity investment in SunZia, the largest renewable energy infrastructure project in U.S. history that is now fully operational. The investment was made through Nuveen Energy Infrastructure Credit (EIC), the firm's infrastructure credit investment platform and underscores continued large-scale investment momentum in the American clean energy sector and represents a landmark transaction in clean and critical infrastructure.

At $546 million, this is Nuveen EIC's largest preferred tax equity allocation to date and serves as the cornerstone for the platform's preferred investment strategy, which Nuveen EIC is launching to provide flexible, scalable capital to the developers building the nation's most consequential energy infrastructure. In total, Nuveen EIC's (alongside its coinvestors') commitments to SunZia approached $1.5 billion across four investments, reflecting the firm's deep conviction in Pattern Energy's expertise and sophistication to manage a project of this scale and magnitude and do so on-time and on-budget.

Developed by Pattern Energy, SunZia comprises a 3,650-megawatt (MW) wind project and a 550-mile high-voltage direct current (HVDC) transmission line delivering low-cost, American-made energy from New Mexico to Arizona and to customers across the western grid. The project generates and delivers more power than the Hoover Dam and, at full capacity, will deliver enough energy to power approximately one million American homes annually. By pairing large-scale generation with interregional transmission, SunZia addresses one of the central challenges facing the energy sector: not only building energy generation, but also the grid infrastructure needed to deliver that power across the country.

"SunZia represents exactly the kind of consequential infrastructure our platform was built to finance," said Don Dimitrievich, Head of Nuveen Energy Infrastructure Credit. "We are proud to partner with Pattern Energy on the largest clean energy project in U.S. 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."

Nuveen EIC is a leading investor in clean energy and infrastructure finance, bringing deep market expertise and a shared commitment to accelerating U.S. clean energy deployment. The EIC platform provides flexible financing structures, ranging from credit facilities and structured debt and equity solutions to preferred tax equity investments. The firm partners with management teams and equity sponsors to support project development, construction, and long-term asset ownership.

"SunZia represents a new standard for delivering large-scale energy infrastructure," said Kenji Ogawa, SVP of Project Finance at Pattern Energy. "We're 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're proud to help advance that model through SunZia."²

Milbank LLP served as legal advisor to Nuveen EIC. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Pattern Energy.

ABOUT NUVEEN

Nuveen, a TIAA Company, is a global investment leader, managing $1.4 trillion in public and private assets for clients around the world, as of March 31, 2026. With broad expertise across income and alternatives, we invest in the growth of businesses, real estate, infrastructure, and natural capital, providing clients with the reliability, access, and foresight unique to our 125+ year heritage. Our prevailing perspective on the future drives our ambition to innovate and adapt our business to the changing needs of investors — all to pursue lasting performance for our clients, our communities, and our global economy. For more information, please visit www.nuveen.com.

Infrastructure investments of the type described herein are subject to material risks that could adversely affect performance and returns, including project operating and transmission risk, counterparty risk, changes in applicable regulations or tax law (including the reduction, recapture, or disallowance of anticipated tax benefits), and market and power-price fluctuations. There can be no assurance that the investment described herein will achieve its objectives or that projected results will be realized. Past performance is not indicative of future results.

This transaction may not be representative of all investments or outcomes in the strategy.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.

Nuveen, LLC provides investment solutions through its investment specialists

Investing involves risk; loss of principal is possible.

Concentration in infrastructure-related securities involves sector risk and concentration risk, particularly greater exposure to adverse economic, regulatory, political, legal, liquidity, and tax risks associated with MLPs and REITs.

The investment transactions presented herein are a subset of the strategy's overall investments and no single investment is representative of the strategy or its operations as a whole. It should not be assumed that any investment has been or will be profitable and is not a guarantee of investment performance or outcomes.

¹ All figures as of March 31, 2026
² This testimonial was provided by a current client of Nuveen, and no direct or indirect compensation was given in return. No material conflicts of interest exist on the part of the individual giving the testimonial, resulting from their relationship with the adviser. Results experienced by individual may not be representative of the experience of other clients, and there is no guarantee of future performance or success.

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SOURCE Nuveen