#United States #Clean Energy #Houston #Credit Facility #Swift Current Energy

Swift Current Energy Secures Major Credit Facility

Swift Current Energy has made an impressive stride in its commitment to renewable energy by finalizing a $750 million corporate credit facility. The arrangement includes an accordion feature allowing for an additional $250 million, pushing its total capacity to an impressive $1 billion. This financial boost is expected to play a crucial role in accelerating Swift Current’s efforts to develop reliable and clean energy projects, in response to the surging electricity demand across the United States.

The deal was facilitated through collaborations with key financial institutions. Crédit Agricole CIB acted as the Administrative Agent alongside ING Capital and Truist Securities, contributing their significant expertise to structure the loan successfully. Key Bank National participated as the Collateral Agent, supported by Banco Bilboa Vizcaya Argentaria, MUFG Bank, Royal Bank of Canada, and Wells Fargo Bank as lead arrangers. The Green Loan Structuring Agents were also provided by Crédit Agricole CIB and ING Capital, further emphasizing the environmentally conscious direction of this financing.

This dual-tranche credit facility spans three years, granting Swift Current flexible access to additional cash and letter of credit capabilities. The infusion of capital positions the company favorably as it continues to enhance its operations developing, commercializing, owning, and managing large-scale energy projects across the U.S. Importantly, the favorable terms of this facility allow Swift Current to expand its already robust portfolio and support its ongoing growth.

Since its establishment in 2016, Swift Current has swiftly made its mark in the renewable sector by commercializing 5 gigawatts (GW) of clean energy projects. Currently, the company operates over 1 GW and has more than 10 GW in various stages of development. The CEO of Swift Current, Michael Arndt, reflected on the significance of this financial arrangement, stating, "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 financing gives our team additional flexibility to advance our platform, invest in high-quality projects, and bring new energy resources online quickly and efficiently."

In supporting Swift Current, Julien Tizorin, the Head of Power and New Energy at Crédit Agricole CIB, highlighted the impressive record the company has established in developing extensive energy projects. This collaboration illustrates a deepened partnership that is expected to continue as Swift Current progresses in meeting the increasing energy demands of the nation.

Notably, this facility also underscores the maturing landscape of the renewable energy sector, as Sven Wellock, Head of Renewables at ING Capital indicated, where large platforms often necessitate flexible corporate capital to complement traditional project-level financing.

The anticipation surrounding this credit facility is supported by the testimonies of participating financial executives, indicating a wide recognition of Swift Current's diversified development strategy. Josh Dale from Truist Securities expressed pride in supporting Swift Current through refinancing efforts, enabling the company to efficiently scale its platform while executing its growth strategy.

Swift Current has strategically woven itself into the expanding fabric of the North American renewable energy scene, aiming to create a cleaner, more sustainable future. With the backing of this financing tool, the company is poised to continue pushing forward in the fight against climate change while capitalizing on the growing market for clean energy solutions.

About Swift Current Energy

Founded in 2016, Swift Current Energy is on a mission to propel the clean energy revolution forward. The company is engaged in developing, commercializing, owning, and operating competitive utility-scale solar, wind, and energy storage projects throughout North America. As it continues on this path, Swift Current aims to solidify its role as a leader in the renewable energy domain, ultimately enhancing service to the communities it serves and contributing to a more sustainable world.