US renewable energy developer Swift Current Energy has closed financing and begun commercial operations at its 138MW Harvest Gold solar project in Mississippi.

The project has a power purchase agreement (PPA) in place with retail giant Target Corporation, which is purchasing the entirety of the project’s output and its associated renewable energy certificates (REC).

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Swift Current Energy closed tax equity financing for the site last week with PNC Bank. The site has deployed US thin-film cadmium telluride (CdTe) module manufacturer First Solar’s Series 7 modules, installed by engineering, procurement and construction (EPC) contractor Moss.

First Solar and Swift signed a 500MW module supply deal in 2023 for delivery between 2025-26. This built on the companies’ existing 2GW deal signed in October 2022.

Eric Lammers, CEO and co-founder of Swift said: “We are thrilled to complete development and start operations on our first project in Mississippi. We thank Target for their continued partnership on our projects, and we’re pleased to receive strategic financing from PNC Bank.”

Target has previously signed an offtake deal with Swift for a project in Texas. Corporate demand is forming a key, foundational part of the US utility-scale solar market. PV Tech Premium spoke last week with the CEO of EDP Renewables North America, Sandhya Ganapathy, about the increase in corporate PPA demand in the US.

Earlier this year, Swift Current Energy closed a tax equity financing deal with data and software giant Google for an 800MW Double Black Diamond Solar project in Illinois.

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