Swift Current Energy, a company that develops, commercializes, owns, and operates utility-scale solar, wind, and energy storage projects, has secured tax equity financing and $248 million in project financing for its 122 MWdc (100 MWac) Three Rivers solar project in eastern Maine, located in Hancock County.
Currently under construction, the project is expected to reach commercial operation by the end of 2026. The clean electricity produced from the project is fully contracted under a 20-year power purchase agreement.
Crédit Agricole CIB, Lloyds Bank PLC, NatWest, and Société Générale served as coordinating lead arrangers. Société Générale acted as structuring agent and green loan structuring agent, Crédit Agricole CIB acted as administrative agent, and Wilmington Trust, National Association, acted as collateral agent and depositary.
Eric Lammers, CEO and Co-Founder, Swift Current Energy, said, “Three Rivers Solar is Swift Current Energy’s first energy facility located in Maine and demonstrates our ability to execute major energy facilities across the U.S. In just the past three years, our team has financed more than 1.3 GW of energy projects across four markets. Thanks to the continued support of our partners, we are bringing online new affordable and reliable energy projects.”
The company developed the project in collaboration with Elliott Jordan & Son, the landowner for the project, and a long-standing community member.
Morgan, Lewis & Bockius acted as financing counsel for Swift Current. Verrill Dana, Bernstein, Shur, Sawyer & Nelson, and Husch Blackwell also represented the company in connection with project development and financing matters. Milbank served as financing counsel for the lender group, and Dorsey & Whitney represented Wilmington Trust in its capacity as collateral agent and depositary.
In 2026, Swift Current Energy sold the 150 MW/600 MWh Prospect Power battery storage project. The project is located in Rockingham County, Virginia, and was acquired by Elevate Renewables, a renewable energy development company.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
