Swift Current Energy, a company that develops, commercializes, owns, and operates utility-scale solar, wind, and energy storage projects, announced the sale of 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.
Construction of the project is managed by Swift Current Energy, and the project is expected to reach commercial operation in 2026. Prospect Power is backed by a 15-year power purchase agreement, positioning it as a critical asset for enhancing grid resilience and meeting the rapidly growing power demand across the Mid-Atlantic region.
Swift Current Energy has previously secured $242 million in project financing from Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis, alongside recently closed tax equity financing. Combined with the company’s own equity, these financings fully fund the construction of the Prospect Power project.
Marwan Alaydi, Senior Vice President of Technology and Commercial Strategy, Swift Current Energy, added, “After securing a long-term capacity contract, batteries, and debt and tax equity financing for Prospect Power, as well as successfully moving the project into construction, we had the opportunity to complete a sale that aligns with our growth strategy. This milestone underscores our commitment to advancing projects like Prospect Power that deliver immediate benefits to communities and the regional grid.”
According to Mercom’s 9M and Q3 2025 Funding and M&A Report for Energy Storage report, there were 45 energy storage project M&A transactions in the first nine months of 2025 compared to 22 transactions in the same period of 2024.
In November, Premier Energy, an integrated energy provider in Southeastern Europe and a listed company on the Bucharest Stock Exchange, acquired a 100% stake in a ready-to-build battery energy storage project with a planned power input and output of 200 MW and an energy storage capacity of 400 MWh.
