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Monday, Mar 4, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

Pattern Energy partners with Quanta and Hitachi for major wind power project in New Mexico

The project will provide the western U.S. with 3,500 MW of electricity

Pattern Energy partners with Quanta and Hitachi for major wind power project in New Mexico
Nevada, United States. Photo by Abhi Verma via Unsplash

The sustainable project development company Pattern Energy has selected Quanta Services, Inc. (NYSE: PWR) and Hitachi Energy (TYO: 6501) to help construct what the companies believe is the largest clean energy infrastructure project in United States history.

The partnership for New Mexico’s SunZia Transmission and Wind Project was announced on Thursday and it is estimated that it will provide 3,500 megawatts of electricity to the western states.

The project’s construction will consist of the installation of over 900 wind turbines, 10 substations, a series of maintenance and operations facilities and a total of 550 miles of 525-kilovolt transmission lines running from Torrance County across the border into Arizona.

Read more: Loblaw inks deal for carbon-free electricity in Alberta

Read more: MAX Power enters U.S. lithium sector with new exploration permits in Arizona

Pattern says the project is being developed in partnership with local, regional and national conservation stakeholders through the restoration of thousands of acres of wildlife habitat adjacent to the project among other things and that SunZia has stringent environmental practices to help reduce its impact on the local ecosystem.

“We are selecting two industry leaders – Quanta and Hitachi Energy – to help build SunZia and deliver a world-class clean energy project that New Mexico, Arizona and the entire country can be proud of,” said Pattern Energy’s CEO Hunter Armistead.

“Along with enough clean power for three million Americans, SunZia is bringing a far-reaching economic boost to the region, including the creation of over 2,000 new jobs and US$20.5 billion dollars in expected economic impact,” he added.

In addition to Nevada and Arizona, the project will also help to supply power throughout California.

“North America’s energy transition to a reduced-carbon economy is accelerating but remains in the early stages of a multi-decade process that will require significant investment in power grid and renewable infrastructure,” said Quanta’s President and CEO Duke Austin.

In April, Hitachi Energy was rated in the top five per cent of the world’s most sustainable companies by EcoVadis, who presented Hitachi with a gold medal for its efforts.

Pattern Energy has completed over 700 solar projects and has several wind projects throughout Canada, the U.S. and Japan.

Quanta received an award last year for being one of Fortune’s most admired companies in the world, placing third in the engineering and construction sector.

Quanta’s shares rose by 3.46 per cent Friday to US$171.07 on the New York Stock Exchange.

Hitachi’s stock dropped by 0.58 per cent to $76.78 on the Tokyo Stock Exchange.

 

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