US renewable energy company Swift Current Energy has secured tax equity financing and US$248 million in project financing for its 122MW Three Rivers Solar facility in Maine.
The financing came from a number of banks, including Crédit Agricole CIB, Lloyds Bank PLC, NatWest and Societe Generale, and Swift expects to begin commercial operations at the project in “late” 2026. The facility will be connected to the ISO-NE grid, which is largely reliant on fossil fuel to meet its energy demand, with natural gas accounting for 48% of the grid’s energy mix, the most among all technology types.
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Renewables, meanwhile, account for 9% of the total energy mix, and of that, solar accounts for just 1%. Figures from the Solar Energy Industries Association (SEIA) show that Maine remains one of the smallest solar sectors in the country, with just 1,862MW of capacity in operation in Maine, the third-lowest among the 50 US states, at the end of 2025.
The majority of the state’s solar capacity is in the distributed sector, with community solar, in particular, additions leading all types of solar capacity additions each year since 2022. However, SEIA figures show that capacity additions in the third quarter of 2025 fell 84% year-on-year due to changes made to the state’s community solar progamme and a slashing of the value of the state’s Net Energy Billing scheme, particularly for commercial and industrial projects. As a result, the expansion of the state’s utility-scale solar sector is a positive development for the industry.
“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,” said Swift CEO and co-founder Eric Lammers, who added that the company has now financed more than 1.3GW of energy capacity in the past three years.
Swift also noted that it has a 20-year power purchase agreement (PPA) in place for the project, but did not specify the offtaker. Swift also had a PPA in place for its last solar project to reach commercial operation, the 138MW Harvest Gold project in Mississippi, signed with retail giant Target.
After five editions of Large Scale Solar USA, the event becomes SolarPLUS USA to mirror where the market is heading. The 2026 edition, held in Dallas, Texas, on 24-25 March, will bring together developers, investors and utilities to discuss managing hybrid assets, multi-state pipelines, power demand increase from data centres and AI as well as the co-location of solar PV with energy storage in a complex grid. For more details and how to attend the event, visit the website here.
