Swift Current Energy, a utility-based renewable developer in the US, has raised $779 million for its 800 MW DC (593 MW AC) solar project, namely Double Black Diamond. The project is located 30 miles west of Springfield, Illinois.
Mitsubishi UFJ Financial Group, Société Générale, and Truist provided the financing. The package includes an $84 million letter of credit facility, as well as $695 million in construction and tax equity bridging loans. MUFG and Societe Generale also served as joint bookrunners. Additionally, Wilmington Trust served as the collateral agent and depositary agent, while ING served as the green loan structuring agent. The project is currently under construction and is expected to be operational by 2024.
Swift Current is both the project developer and the long-term owner and operator. It is the largest solar project in MISO and the second-largest single-phase solar project in the US. The project will produce enough electricity annually to power more than 100,000 homes while reducing carbon dioxide emissions by over one million tonnes annually. In May 2023, Swift Current Energy raised funding for its Tres Bahias solar project with a capacity of 266 MW in Texas.