Swift Current Energy announced that it has closed project financing for its 800 MWdc (593 MWac) Double Black Diamond Solar project, with $779 million secured.
Once operational, Double Black Diamond Solar is expected to be the second-largest single-phase solar project in the US, and the largest solar project in MISO, producing enough energy each year to power the equivalent of more than 100,000 homes and reduce regional carbon dioxide emissions by approximately one million tons per year, Swift Current said. Located 30 miles west of Springfield, Illinois, Double Black Diamond Solar is currently under construction and is scheduled to be energized in 2024.
Mitsubishi UFJ Financial Group (MUFG), Societe Generale, and Truist served as the coordinating lead arrangers, with MUFG and Societe Generale acting as joint bookrunners, for the landmark project financing, which includes $695 million in construction and tax equity bridge loans and an $84 million letter of credit facility, making it one of the largest project financings ever for a US solar project. ING acted as the green loan structuring agent and Wilmington Trust acted as the collateral agent and depositary agent. Swift Current is the project developer and will be the long-term owner and operator.
BAES Infrastructure is the majority owner of Swift Current Energy, with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners.
Double Black Diamond Solar currently employs approximately 450 construction workers. Swift Current selected McCarthy Building Companies, Inc. as the engineering, procurement, and construction partner. The project utilizes First Solar modules, a majority of which are being manufactured in the US, as well as solar trackers from U.S.-based Nextracker.
Constellation will purchase a portion of the energy and RECs generated by Double Black Diamond Solar to serve the seven customers that have been announced. The City of Chicago will source renewable energy produced by the project to power several energy-intensive facilities, including Chicago O’Hare International Airport and Midway International Airport. Additionally, Cook County Illinois, CVS Health, Loyola University of Chicago, PPG, State Farm, and TransUnion have agreements to purchase power from the project via Constellation.
During its operational life, Double Black Diamond Solar is expected to provide $100 million in tax revenue to Sangamon and Morgan counties in central Illinois, where the project is located.
