US-based renewable energy company Swift Current Energy has closed project financing for its 195MWac (266MWdc) Tres Bahias Solar project in Southeast Texas, US.
Swift Current Energy has closed the project funding with financial services firm ING Capital, which served as the sole lead arranger, bookrunner, as well as green loan structuring agent.
ING Americas managing director and renewables and power team head Sven Wellock said: “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.
“This latest project from Swift Current is yet another important milestone for the US as we continue the transition to a sustainable and secure energy network.”
The renewable energy company has also received a tax equity commitment from Morgan Stanley Renewables for the solar power project.
Located in Calhoun County, the Tres Bahias Solar project is presently under construction and is anticipated to start operations by the end of this year.
Swift Current Energy is the project developer and will also be the long-term owner and operator of the solar power plant.
First Solar, an American manufacturer of solar panels, is delivering the solar panels for the Tres Bahias Solar project.
IEA Constructors, a renewable energy engineering, procurement, and construction (EPC) provider, has been selected by Swift Current Energy to manage the construction of the solar power plant in Texas.
Swift Current Energy CEO and co-founder Eric Lammers said: “Swift Current Energy now has more than 1GW of solar and wind energy projects in construction across multiple power markets and states.
“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 US.”
In March 2023, Swift Current Energy announced that it is ramping up construction this spring for its 593MWac (800MWdc) Double Black Diamond solar project in central Illinois.
The company appointed McCarthy Building as the EPC contractor for the project.
