Swift Current Energy, a US solar developer, has announced the closure of financing for its 266MW solar PV project in Southeast Texas. The ‘Tres Bahias’ solar project is set to begin commercial operation towards the end of 2023 and will be owned and operated by Swift Current.
The financial services firm ING Capital acted as the sole lead arranger for the project’s financing, while Morgan Stanley Renewables committed to providing tax equity. Modules for the project will be supplied by thin-film manufacturer First Solar as part of a 2GW module supply agreement between the two companies that will be delivered between 2025 and 2026.
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The project’s engineering, procurement, and construction will be undertaken by EPC provider IEA Constructors. Swift Current Energy’s CEO and co-founder, Eric Lammers, expressed his gratitude for the support of ING and Morgan Stanley and his excitement at the prospect of expanding the company’s partnership with both firms:
“We are grateful for the support of ING and Morgan Stanley on the Tres Bahias Solar project and we look forward to growing our partnership with both companies as we execute on our pipeline of wind, solar and storage projects located throughout the US.”
As of April 2023, Swift Current Energy had more than 1GW of solar PV projects under construction, including an 800MW solar PV project in Illinois that began construction in March 2022 and is expected to be operational by fall 2024.
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The Tres Bahias project is a significant addition to Swift Current Energy’s portfolio and highlights the company’s commitment to renewable energy. With the project’s completion, the company will contribute to Texas’ ambitious renewable energy targets and make significant progress towards a greener future.
