Swift Current Energy Secures $779 Million for 593 MW Solar Project in US
The project is slated to be commissioned in 2024
Swift Current Energy, a U.S.-based utility-scale renewable developer, has secured $779 million in financing for its Double Black Diamond Solar project, with a capacity of 800 MWdc (593 MWac).
Comprising $695 million in construction and tax equity bridge loans, along with an $84 million letter of credit facility, this financing is claimed to be among the most substantial solar project funding endeavors in the U.S.
The company claimed that the Double Black Diamond Solar project will be the second-largest single-phase solar undertaking in the U.S.
Its annual energy output is expected to match the power consumption of over 100,000 households and contribute to a reduction of roughly one million tons of carbon dioxide emissions each year.
Situated near Springfield, Illinois, the construction of the project is slated for completion in 2024, with energization scheduled in the same year.
Mitsubishi UFJ Financial Group (MUFG), Societe Generale, and Truist were the coordinating lead arrangers for the transaction. Among them, MUFG and Societe Generale took on the role of Joint Bookrunners for this endeavor.
Commenting on the development, Eric Lammers, CEO and Co-Founder of Swift Current, said, “Double Black Diamond is a transformative project, not only for our team, but also the American workers it is employing, the massive amount of emissions-free energy it will produce, and the stable revenue it will provide for the communities in Sangamon and Morgan Counties. We are pleased to work again with MUFG, Societe Generale, ING, and Wilmington Trust and are excited to add Truist as a new partner.”
Constellation is set to acquire a share of the energy and renewable energy certificates (RECs) yielded by the Double Black Diamond Solar initiative, catering to seven customersChicago has opted to harness renewable energy from the project to meet the power demands of multiple energy-intensive establishments, such as Chicago O’Hare International Airport and Midway International Airport.
Entities, including Cook County-Illinois, CVS Health, Loyola University of Chicago, PPG, State Farm, and TransUnion, have also entered agreements with Constellation to secure power supply from this undertaking.
In May, Swift Current Energy secured financing for its 266 MW Tres Bahias Solar project in Texas.
Earlier, Swift Current Energy had ordered First Solar’s 1.2 GW(DC) of advanced, ultra-low carbon thin-film solar photovoltaic modules.