Swift Current Energy (Swift Current) announced it has secured $779 million in project financing for its 800 MWdc Double Black Diamond Solar project located 30 miles west of Springfield, Illinois.
With operations scheduled to begin in 2024, the project will produce enough energy to power more than 100,000 homes and reduce regional CO2 emissions by nearly one million tons each year. The project will also provide an estimated $100 million in tax revenue to Sangamon and Morgan counties in central Illinois over its entire operational life.
The City of Chicago has committed to sourcing the renewable energy produced by the project to power several of its energy-intensive facilities, such as the Chicago O’Hare International Airport and the Midway International Airport. Other entities with agreements to purchase the project’s produced power include Illinois’ Cook County, CVS Health, Loyola University of Chicago, State Farm, and TransUnion.
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 massive amount of emissions-free energy it will produce and the stable revenue it will provide for the communities in Sangamon and Morgan Counties.”
Mitsubishi UFJ Financial Group (MUFG), Societe Generale, and Truist served as coordinating lead arrangers during project financing, which secured $695 million in construction and tax equity bridge loans and an $84 million letter of credit facility. Swift Current is the project developer and will be the long-term owner and operator.
"This transaction demonstrates our bank's commitment to supporting the climate transition economy through offering financing solutions for renewable energy projects. We look forward to working on more renewable energy projects in Swift Current Energy's pipeline,” said Louise Pesce, Managing Director of Project Finance at MUFG.
