Powered by 1.6 million solar panels, the solar project could begin operations in 2024. Credit: mvtstockshot/Shutterstock.com.

Swift Current Energy, a Massachusetts-based utility, has received $779m in project financing for its 800MWdc (593MWac) Double Black Diamond solar project near Springfield, Illinois, US.

The financing was provided by Mitsubishi UFJ Financial Group, Société Générale and Truist. The package includes $695m in construction and tax equity bridge loans and an $84m letter of credit facility.

ING served as the green loan structuring agent while Wilmington Trust was the transaction’s collateral and depositary agent.

Swift Current Energy CEO and co-founder Eric Lammers said: “Since we began the development of the project in 2018, the Swift Current team has felt a deep sense of conviction for Double Black Diamond Solar. I am delighted today to reach this record-setting milestone and recognise my team and our construction and financing partners’ dedication to this project.”

The Double Black Diamond solar project will generate enough power to meet the needs of 100,000 homes while offsetting a million tonnes of carbon dioxide emissions annually.

Swift Current chose McCarthy Building Companies as the engineering, procurement and construction contractor for the project in March 2023. The solar panels and trackers for the project are being supplied by First Solar and Nextracker.

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This project will be powered by 1.6 million solar panels, most of which are expected to be produced in the US.

The construction phase will create 450 local jobs. Site work began in March 2023, with the project expected to begin operations by autumn 2024.

It could generate $100m in tax revenue for Sangamon and Morgan counties during its operational life.

Constellation Energy agreed to purchase a portion of the energy along with the renewable energy certificates generated from the project.

Swift Current and Constellation collaborated to supply energy to the city of Chicago, Chicago O’Hare International Airport, Cook County Illinois, CVS Health, Loyola University of Chicago, Midway International Airport, PPG, State Farm and TransUnion.