Swift Current Energy raises US$779 million for Double Black Diamond solar project in Illinois

A render of the Double Black Diamond solar project, showing First Solar Panels and single-axis trackers. Credit: Swift Current Energy

US electric utility Swift Current Energy has closed financing for its 800MWdc/593MWac Double Black Diamond solar project west of the Illinois state capital Springfield, having raised US$779 million in funding.

The latest funding round was led by US bank Truist, and a pair of financial services firms, the Mitsubishi UFJ Financial Group (MUFG) and Société Générale, which are based in Japan and France, respectively. The funding consists of US$695 million in construction and tax equity bridge loans and the establishment of a credit facility worth US$84 million, which could prove vital financial support for a project nearing completion.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Swift Current Energy announced that a number of organisations had signed agreements to acquire some of the power that will be produced by the Double Black Diamond project. US energy supplier Constellation will purchase power, as will the city of Chicago, although Swift Current Energy did not specify capacity or financial details of either deal.

While the project’s backers are based around the world, the solar facility’s components have largely been sourced from US manufacturers. Swift Current Energy noted that the “majority” of the project’s 1.6 million solar panels will be manufactured in the US, with domestic suppliers First Solar providing the modules, and Nextracker delivering single-axis solar trackers.

“MUFG is proud to continue our partnership with Swift Current Energy with this new deal,” said Louise Pesce, managing director of project finance at MUFG. “This transaction demonstrates our bank’s commitment to supporting the climate transition economy through offering financing solutions for renewable energy projects. We look forward to working on more renewable energy projects in Swift Current Energy’s pipeline.”

Swift Current Energy began construction of the project in spring this year, and aims to bring the facility online in autumn 2024.

The company’s emphasis on domestic production is clearly influenced by the Inflation Reduction Act, the landmark legislation that has sought to encourage greater domestic investment in solar manufacturing, and has contributed to a massive increase in solar capacity addition this year.

In the second quarter of this year alone, the US solar industry added 2.7GW of new capacity, accounting for 59% of new renewable power additions in the quarter, according to the American Clean Power Association.

Projects such as these could also benefit the Illinois solar sector as a whole, which has struggled to keep up with new solar installations in other states. According to the US Solar Energy Industries Association, Illinois had the eighth-largest solar capacity of any state in 2022, but this has since fallen to 15th-largest this year.

The trade body estimates that Illinois will add 6.5GW of new solar capacity over the next five years, ninth-most in the country, and projects such as Double Black Diamond will help meet these expectations.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 12, 2024
The Pomerantz Law Firm has brought a class action lawsuit against Singapore-headquartered solar manufacturer Maxeon Solar Technologies concerning whether “Maxeon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.”
July 11, 2024
Dimension Renewable Energy has announced a new name and a plan to operate 500MW community solar projects by the end of next year.
July 11, 2024
US energy project developer Avangrid has installed the first modules at its 202MWdc/150MWac Powell Creek PV project in Putnam County, Ohio.
July 11, 2024
Europe imported around 33GW of solar PV modules from China in the first four months of 2024, representing 43% of total Chinese module exports, according to US energy analyst Clean Energy Associates (CEA).
July 11, 2024
Solar developer EDP Renewables North America (EDPR NA) has commissioned a 175MW (210MWp) solar PV plant in the US state of Mississippi.
July 10, 2024
The US generated 236.12TWh of power last year, while in Germany over 12% of power was produced by solar, the highest among all G7 countries.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile