Swift Current Energy has finalised the sale of its Steel River solar and storage project, currently under development in Mississippi County, Arkansas, US, to Cypress Creek Renewables.
The facility, which combines 2.9 gigawatt-hours (GWh)/720MW of battery storage and 2.5GW of solar power, will be developed in three phases, with completion anticipated by 2029.
Each construction phase will include around 815MW of solar power generation along with 240MW/960 megawatt-hours of battery storage capacity.
The development is poised to become one of the largest solar and energy storage projects in the US.
Once fully operational, the project is set to increase Cypress Creek’s combined operational and in-progress portfolio to close to 7GW.
Cypress Creek chief investment officer Jeffrey Meigel said: “Steel River reflects the scale of infrastructure required to meet America’s rapidly growing electricity demand. Our platform is built to develop, finance and operate projects of this magnitude.
“This acquisition marks an important step in strengthening Cypress Creek’s role as a leading energy solutions provider and long-term owner of large-scale US energy infrastructure.”
The Steel River project, expected to cost in excess of $4.5bn, will provide a substantial tax revenue boost for Mississippi County and support local schools, public safety and infrastructure improvements.
The project is expected to generate 700 full-time construction jobs and 19 permanent on-site positions. Like Swift Current's earlier projects, it will use equipment manufactured in the US.
Swift Current initiated the development of Steel River in 2020 and secured necessary permits for all phases.
A 20-year power purchase agreement (PPA) has been signed with a technology company for energy and renewable energy certificates related to the first two phases.
Swift Current Energy CEO and co-founder Eric Lammers said: “Steel River will be one of the largest clean energy facilities in the country, supporting energy affordability and reliability while driving local and national economic growth.
“Swift Current's sale of this monumental project, our largest to date, sets up our company for continued success and growth. We are thrilled that our team has forged a strong working partnership with Mississippi County, and we look forward to continuing to work with the county on other projects in our portfolio.”
Jefferies acted as the lead financial advisor for Swift Current during the transaction, with additional advisory roles taken on by Truist.
Morgan, Lewis & Bockius served as lead transactional counsel for Swift Current, alongside local representation from Husch Blackwell.
Additional legal advice was provided by Stoel Rives and Vinson & Elkins.
Last month, Swift Current obtained secured tax equity funding and $248m in project financing for its 122MW-direct current (100MW-alternating current) Three Rivers Solar facility, which is under construction in Hancock County, Maine, US.
