Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, raised $242 million in project financing for its 150 MW/600 MWh Prospect Power Storage project located in Rockingham County, Virginia.
The energy storage project is currently under construction, with commercial operation expected in 2026. Prospect Power storage project holds a 15-year power purchase agreement with Dominion Energy Virginia.
Truist Securities, Canadian Imperial Bank of Commerce, KeyBank, and Natixis acted as joint coordinating lead arrangers.
Morgan Lewis served as the legal counsel for Swift Current, while Paul Hastings acted as the legal counsel for the lenders for the transaction.
Swift Current acquired the battery storage project from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian, in 2023.
Aaron Zubaty, CEO, Eolian, said, “Development of the grid-strength Prospect Power battery energy storage site began in 2018 to deploy fast-responding and flexible capacity to support increasing load growth in the region. This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation.”
In 2024, the company closed a $300 million senior secured revolving credit facility to support the growth of its pipeline of wind, solar, and energy storage projects. Additionally, Swift Current secured a tax equity investment from Google for its 800 MWdc Double Black Diamond solar project in southern Illinois in August 2024.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
In August this year, Energy Vault, a utility-scale energy storage project developer, secured a $18 million project financing from Eagle Point Credit Management, a private credit investment manager. The funding will support the company’s 57 MW/114 MWh Cross Trails Battery Energy Storage project.
