Swift Current Energy has obtained secured tax equity funding and $248m in project financing for its 122MW-direct current (MWdc) (100MW-alternating current) Three Rivers Solar facility, which is under construction in Hancock County, Maine, US.
The company expects the facility to commence commercial operations by the end of this year.
All electricity generated at the site is contracted through a 20-year power purchase agreement.
Swift Current Energy CEO and co-founder Eric Lammers 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 1.3GW of energy projects across four markets. Thanks to the continued support of our partners, we are bringing online new affordable and reliable energy projects.”
Crédit Agricole CIB, Lloyds Bank, NatWest and Société Générale acted as coordinating lead arrangers for the financing.
Société Générale provided services as structuring agent and green loan structuring agent, while Crédit Agricole CIB assumed the role of administrative agent. Wilmington Trust, National Association served as collateral agent and depositary.
Crédit Agricole CIB Power & New Energy head Julien Tizorin 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.”
Swift Current Energy developed the project in partnership with Elliott Jordan & Son, which owns the land and has long-standing ties to the community.
The company maintains an office in Yarmouth, Maine, and has engaged with local stakeholders during the development process.
The solar facility is expected to contribute additional tax revenue to the region.
Financing counsel for Swift Current was provided by Morgan, Lewis & Bockius.
Verrill Dana, Bernstein, Shur, Sawyer & Nelson, and Husch Blackwell advised Swift Current on project development and financing issues.
Milbank represented the lender group in connection with financing, while Dorsey & Whitney acted for Wilmington Trust in its capacity as collateral agent and depositary.
