#USA #Maine #Maine Solar #Swift Current Energy #Three Rivers Solar

Swift Current Energy Secures Financing for Solar Facility in Maine

Swift Current Energy, a prominent developer in the renewable energy sector, recently revealed that it has successfully secured both tax equity financing and a substantial $248 million for its latest endeavor— the Three Rivers Solar facility located in eastern Maine. The project represents a significant step in Swift Current's commitment to advancing clean energy solutions across North America.

Overview of the Project

The Three Rivers Solar facility, which boasts a capacity of 122 megawatts DC (or 100 MW AC), is currently under construction in Hancock County. This project is particularly notable as it is the company's first venture in Maine. Swift Current anticipates that the facility will commence commercial operations by the end of the year. Impressively, all the electricity generated will be sold under a 20-year power purchasing agreement, showcasing a stable business model for years to come.

Financing Details

Leading the financing effort were Crédit Agricole CIB, Lloyds Bank PLC, NatWest, and Societe Generale, all of which played pivotal roles as Coordinating Lead Arrangers. The project financing arrangement involved complex sourcing of financial resources, with specific agencies acting in crucial capacities. For instance, Crédit Agricole CIB took on the role of Administrative Agent, while Wilmington Trust facilitated collateral management and deposits.

Community Engagement and Impact

In addition to its financial framework, Swift Current Energy has placed a strong emphasis on community involvement with the development of the Three Rivers Solar project. The company operates a local office in Yarmouth, Maine, and actively collaborates with community stakeholders, including Elliott Jordan & Son Inc., the landowners. The project not only promises to generate renewable energy but is also expected to bolster local tax revenue significantly. Furthermore, Swift Current has engaged in various philanthropic activities, such as spearheading a backpack drive to support a local elementary school, illustrating their commitment to community welfare.

Leadership Perspective

Eric Lammers, the CEO and Co-Founder of Swift Current Energy, expressed pride in the project's significance, stating: "Three Rivers Solar is a testament to our team's effort and ability to manifest large-scale energy solutions across the country. Within the last three years, we have successfully financed over 1.3 gigawatts of energy projects, and our partners remain instrumental in this process. We are excited to bring new, affordable, and reliable energy options online."

Comments from partner organizations further underline the collaborative spirit of this venture. Julien Tizorin from Crédit Agricole CIB emphasized their pride in supporting Swift Current, recognizing the complexity involved in such energy developments. Similarly, representatives from Lloyds Bank and NatWest articulated their commitment to facilitating renewable energy advancements domestically and abroad. The strategic nature of these partnerships plays a vital role in ensuring impactful energy solutions for the future.

Swift Current Energy's Vision

Founded in 2016, Swift Current Energy is on a mission to lead the charge in renewable energy development. The company uniquely focuses on solar, wind, and energy storage initiatives across North America, constantly striving to innovate and find sustainable solutions. Swift Current Energy continues to grow, bolstered by majority ownership held by funds managed by IFM Investors and Lookout Ridge Energy Partners.

As the global demand for renewable energy surges, projects like Three Rivers Solar are not just important for the environment but also serve as essential catalysts for local economies and communities. Swift Current Energy, through its projects, is effectively leading the transition toward a more sustainable energy future.