Swift Current Energy gets $779 million financing for solar project

By Mary-Katherine Stinson

Lexington, Ky., Aug. 9 – Swift Current Energy closed on financing totaling $779 million to fund the Double Black Diamond solar project, according to a press release.

The financing includes an $84 million letter of credit facility and $695 million in construction and tax equity bridge loans.

MUFG, Societe Generale and Truist served as the coordinating lead arrangers, with MUFG and Societe Generale acting as joint bookrunners.

ING acted as the green loan structuring agent and Wilmington Trust acted as the collateral agent and depositary agent.

Vinson & Elkins LLP and Husch Blackwell LLP represented Swift Current in the transaction. Paul Hastings LLP advised the lenders.

Located near Springfield, Ill., Double Black Diamond is currently under construction and is scheduled to be energized in 2024.

Constellation will purchase a portion of the energy and RECs generated by Double Black Diamond Solar to serve seven announced customers. The city of Chicago will source renewable energy produced by the project to power energy-intensive facilities, including Chicago O'Hare International Airport and Midway International Airport. Additionally, Cook County, Ill., CVS Health, Loyola University of Chicago, PPG, State Farm and TransUnion have agreements to purchase power from the project via Constellation.

Boston-based Swift Energy acquires and develops wind and solar energy projects in the United States. BAES Infrastructure is the majority owner of Swift Current Energy, with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners.

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