Swift Current Energy Secures $242 Million for Major Battery Storage Project in Virginia

Swift Current Energy Secures Project Financing for Major Energy Storage Facility

Swift Current Energy, a prominent player in the clean energy sector, has recently achieved a significant milestone by securing $242 million in financing for its innovative 150 MW / 600 MWh battery storage project, known as Prospect Power. Located in Rockingham County, Virginia, this facility is set to become the largest of its kind within the PJM service area and represents a crucial development in local energy infrastructure.

Project Overview

The Prospect Power project is currently under construction and is projected to commence commercial operations in 2026. This ambitious project is backed by a contract with Dominion Energy Virginia, ensuring a long-term partnership that aims to bolster the region's energy grid. The financing was coordinated by leading financial institutions, including Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis, highlighting the project's robust financial foundation.

Economic and Community Benefits

In addition to strengthening the grid's reliability, the Prospect Power facility is poised to contribute significantly to the local economy. This project is expected to create numerous job opportunities during its construction phase, and over its operational lifetime, it will generate millions in tax revenue for the Rockingham County community. Swift Current Energy has demonstrated a commitment to community engagement, exemplified by its sponsorship of the Rockingham County Fair, Virginia's largest county fair.

Eric Lammers, CEO and Co-Founder of Swift Current Energy, expressed pride in achieving this milestone. He remarked, "At Swift Current Energy, we set ambitious goals, and today, we celebrate securing project financing for our Prospect Power facility. This project will not only support our local electric grid but also enhance economic development in Rockingham County."

Technological Advancements and Future Prospects

The development of the Prospect Power facility is integral to meeting the increasing electricity demands in one of the fastest-growing markets for energy. The facility is designed to be fast-responding and flexible, which aligns with the evolving needs of grid operators in Virginia and across the PJM region. Marwan Alaydi, Senior Vice President of Engineering and Technology at Swift Current, noted, "Prospect Power exemplifies our commitment to developing energy storage projects where they are needed most."

In 2023, Swift Current acquired the project from Clean Planet Renewable Energy, itself a collaboration of Open Road Renewable Energy and Eolian, L.P. Aaron Zubaty, CEO of Eolian, stated, "This project has been in the works since 2018, designed to enhance grid stability and capacity in the region. Its construction marks a vital step towards achieving energy efficiency in the U.S."

Conclusion

The financing of the Prospect Power project not only showcases Swift Current Energy's leadership in the clean energy sector but also reflects a broader commitment to sustainable and reliable energy solutions in Virginia. With its anticipated operational launch in 2026, the facility is set to play a transformative role in enhancing the region’s energy resilience, supporting local economic growth, and contributing to America's energy independence.

For further details on Swift Current Energy and its ongoing projects, visit swiftcurrentenergy.com.