Swift Current Energy (Swift Current) today (Feb 18) announced that it has secured tax equity financing and $248 million in project financing for its 122 MWdc (100 MWac) Three Rivers Solar facility in eastern Maine. Located in Hancock County, Three Rivers Solar is currently in construction and is expected to reach commercial operation late this year. The power that will be produced from the facility is fully contracted under a 20-year power purchase agreement.
Crédit Agricole CIB, Lloyds Bank PLC, NatWest, and Societe Generale served as Coordinating Lead Arrangers. Societe Generale acted as Structuring Agent and Green Loan Structuring Agent, Crédit Agricole CIB acted as Administrative Agent, and Wilmington Trust, National Association acted as Collateral Agent and Depositary.
Eric Lammers, CEO and Co-Founder, Swift Current Energy, said, "Three Rivers Solar is Swift Current Energy's first energy facility located in Maine and demonstrates our ability to execute major energy facilities across the US. In just the past three years, our team has financed more than 1.3 GW of energy projects across four markets. Thanks to the continued support of our partners, we are bringing online new affordable and reliable energy projects."
Julien Tizorin, Head of Power & New Energy, Crédit Agricole CIB, said, "Crédit Agricole CIB was thrilled to support Swift Current on the Three Rivers Solar project which demonstrates Swift Current's leadership on complex development."
Timothy Chin, Managing Director, Head of Infrastructure and Project Finance - US, Lloyds Bank PLC, said, "Lloyds is pleased to support Swift Current on the Three Rivers Solar project, helping them to generate high quality renewable energy. This transaction reflects our commitment to supporting clients internationally, partnering with businesses across the project finance market to drive economic growth and enable impactful clean energy development."
Alex Jones, Director, Infrastructure & Project Finance, NatWest, said, "We are pleased to support Swift Current in the financing of the Three Rivers Solar, marking a significant expansion of our United States renewable lending activity. This transaction builds on our strong partnership with Swift Current, whose significant development pipeline is playing an important role in supporting clean energy growth. We remain committed to enabling the delivery of critical renewable energy infrastructure across the United States."
Sebastien Sdrigotti, Vice President at Societe Generale, said, "Societe Generale is pleased to support Swift Current Energy on the Three Rivers Solar financing, which represents a significant milestone for renewable energy development in Maine. This transaction reflects our continued commitment to advancing high quality clean energy projects and partnering with leading developers such as Swift Current to accelerate the energy transition across the United States."
Swift Current is proud of its engagement in the local community through its development of Three Rivers Solar. With an office in Yarmouth, Maine, the Swift Current team developed the project in collaboration with Elliott Jordan & Son Inc., the landowner for the project and long-standing community member. The project will provide a new, substantial source of tax revenue, and Swift Current has supported the community in various ways, including organizing a backpack drive for a local elementary school.
Morgan, Lewis & Bockius LLP acted as financing counsel for Swift Current. Verrill Dana LLP, Bernstein, Shur, Sawyer & Nelson, P. A., and Husch Blackwell LLP also represented Swift Current in connection with project development and financing matters. Milbank LLP acted as financing counsel for the lender group, and Dorsey & Whitney LLP represented Wilmington Trust in its capacity as Collateral Agent and Depositary.
About Swift Current Energy
Swift Current Energy is trailblazing a path for clean energy now. Founded in 2016, the company develops, commercializes, owns, and operates highly competitive, utility-scale solar, wind, and energy storage projects across North America. Swift Current Energy is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.com.
