US independent power producer (IPP) Swift Current Energy has secured a US$750 million credit facility to support what it called “reliable, clean energy projects” in the US.
The corporate credit facility came from a group of banks led by Credit Agricole CIB, ING Capital and Truist Securities. It contains an accordion option to increase its value by a further US$250 million, reaching US$1 billion of accessible credit.
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Swift Current Energy said that the funding, which is a dual-tranche facility with a three-year term, will enable it to develop, operate and commercialise clean energy projects in the US to meet “rapidly growing electricity demand”. The company did not specify the technology of the projects that the funds will support, though it has previously secured funds from Credit Agricole for its 122MW Three Rivers solar project in Maine.
“This transaction reflects the continued maturation of the renewable energy sector, where scaled platforms increasingly require flexible corporate capital alongside project-level financing,” said Sven Wellock, head of renewables and power, energy, Americas at ING Capital.
Michael Arndt, chief executive officer of Swift Current, said: “The scale of this facility reflects both the strength of the portfolio Swift Current has built and the opportunity ahead of us. Electricity demand is growing rapidly across the United States and meeting that demand will require significant investment in new energy infrastructure.”
This month alone, PV Tech has reported on over US$2 billion of investment going into US solar and energy storage projects from major financiers, alongside this investment secured by Swift Current Energy. IPP Avantus secured US$1 billion to back its solar PV and energy storage project pipeline in California and the Desert Southwest; Recurrent Energy bagged US$695 million for a California solar-plus-storage project; and Dimension Energy closed on US$857 million for a distributed PV portfolio across five states.
