Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, secured tax equity investment from Google to develop an 800 MWdc (593 MWac) Double Black Diamond solar project in southern Illinois.
The project is currently under construction and is expected to reach commercial operations by early 2025. Once operational, the project is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes Energy Communities and domestic content adders, provided in the Inflation Reduction Act.
Mitsubishi UFJ Financial Group, Societe Generale, Truist, and ING provided construction financing for the project. Swift Current is the project developer and will be the long-term owner and operator.
During its peak construction phase, the project employed around 500 workers. Swift Current chose McCarthy Building Companies as their partner for engineering, procurement, and construction (EPC). The project utilizes First Solar modules and solar trackers from Nextracker.
Double Black Diamond Solar is expected to contribute to communities in Sangamon and Morgan counties during its operational life.
Vinson & Elkins and Husch Blackwell represented Swift Current in the transaction. Milbank and Bryan Cave Leighton Paisner represented Google.
Eric Lammers, CEO and Co-Founder of Swift Current, said, “Projects of Double Black Diamond Solar’s magnitude require innovative partnerships. We are delighted to join forces with Google on a ground-breaking structure that will support Double Black Diamond Solar and serve as a guide for other major projects to come.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, Lightsource bp, a solar project developer, along with its joint-venture partner, Contact Energy, secured NZ$267 million (~$161 million) in funding for its 168 MWdc Kōwhai Park solar project located in Christchurch, New Zealand.
