BOSTON and HOUSTON, May 2, 2023
/PRNewswire/ -- Swift Current Energy ("Swift Current") today
announced that it has closed project financing with ING Capital,
LLC ("ING") and has received a tax equity commitment from Morgan
Stanley Renewables Inc. ("Morgan Stanley") for its 266 MWdc (195
MWac) Tres Bahias Solar project located in Southeast Texas. The solar project is
currently under construction and is expected to commence operations
by the end of 2023.
ING acted as sole Lead Arranger, Bookrunner and Green Loan
Structuring Agent. Morgan Stanley has committed the tax equity for
the project. Swift Current is the project developer and will be the
long-term owner and operator.
"Swift Current Energy now has more than 1 GW of solar and wind
energy projects in construction across multiple power markets and
states," said Eric Lammers, CEO
and Co-Founder, Swift Current Energy. "We are grateful for the
support of ING and Morgan Stanley on the Tres Bahias Solar project
and we look forward to growing our partnership with both companies
as we execute on our pipeline of wind, solar and storage projects
located throughout the U.S."
"We're delighted to build on our relationship with Swift Current
Energy and are proud to lead the financing of the Tres Bahias Solar
project," said Sven Wellock,
Managing Director, Head of ING's Americas Renewables and Power
team. "This latest project from Swift Current is yet another
important milestone for the U.S. as we continue the transition to a
sustainable and secure energy network."
"We are pleased to partner with Swift Current and support the
continued clean energy transition growth of the U.S." said
Jorge Iragorri, Managing Director
and Head of Renewable Energy Investments at Morgan Stanley.
American-based First Solar is supplying the solar panels for the
project. Swift Current selected IEA Constructors, a leading
renewable energy engineering, procurement, and construction
provider, to manage the construction of the project.
The transaction was structured to reflect the new U.S. Inflation
Reduction Act policy guidance. The project is located in
Calhoun County, Texas, a community
with a history of producing electricity through large-scale energy
projects.
As of April 2023, Swift Current
had more than 1 GW under construction, including the 800 MW Double
Black Diamond Solar project in Illinois.
Vinson & Elkins and Husch
Blackwell represented Swift Current in the transaction.
Latham & Watkins and Jackson
Walker represented ING, and Mayer Brown and Jackson Walker represented Morgan Stanley.
About Swift Current Energy
Swift Current Energy is investing in renewable energy to create
a sustainable future. Founded in 2016, the company develops,
constructs, owns and operates highly competitive, utility-scale
wind, solar and energy storage projects across the United States. For more information,
please visit swiftcurrentenergy.com.
About ING Capital, LLC
ING Capital LLC is a financial services firm offering a full
array of wholesale financial lending products and advisory services
to its corporate and institutional clients. ING Capital LLC is an
indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV
(NYSE: ING), a global financial institution with a strong European
base. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank's more than 58,000
employees offer retail and wholesale banking services to customers
in over 40 countries. Please note that neither ING Groep NV nor ING
Bank NV have a banking license in the U.S. and are therefore not
permitted to conduct banking activities in the U.S.
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SOURCE Swift Current Energy