Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, secured project financing for its 266 MW Tres Bahias Solar project in Texas. ING Capital provided the project financing. ING Capital provided the project financing. ING acted as the sole Lead Arranger, Bookrunner and Green Loan Structuring Agent. Morgan Stanley has committed to the tax equity for 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.
“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 of Swift Current Energy. “We are grateful for the support of ING and Morgan Stanley on the Tres Bahias Solar project. We look forward to growing our partnership with both companies as we execute our pipeline of wind, solar and storage projects throughout the U.S.”
“We’re delighted to build on our relationship with Swift Current Energy and are proud to lead the Tres Bahias Solar project financing,” 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 transition to a sustainable and secure energy network.”
According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. Voltalia, a renewable energy project developer, recently secured €29 million (~$32 million) in debt financing for the construction of a 140 MW of solar project in Albania from the European Bank for Reconstruction and Development (EBRD).