Google recently completed a major investment in Swift Current Energy‘s Double Black Diamond solar project in southern Illinois.
The 800 MW project is set to become the largest solar installation east of the Mississippi, and represents a significant step for the technology giant in the US energy sector.
The project benefits from tax incentives under the Inflation Reduction Act, such as adders for energy communities and domestic content, underlining the effectiveness of financial arrangements to support initiatives of this scale.
Currently in the construction phase, the plant is scheduled to be operational in early 2025.
Solid financial and technical partnerships
The financing of the Double Black Diamond Solar is not only supported by Google.
Major financial institutions, such as Mitsubishi UFJ Financial Group (MUFG), Societe Generale, Truist, and ING, have also lent their support through construction financing.
This network of financial players demonstrates the importance of collaboration in the realization of large-scale energy projects.
On the technical side, McCarthy Building Companies, Inc.
is in charge of engineering, procurement and construction.
The project will use solar modules manufactured by First Solar, mainly produced in the USA, and solar trackers supplied by Nextracker, strengthening the local supply chain.
Economic impact and energy supply
The Double Black Diamond Solar project, located in Sangamon and Morgan counties, has already created around 500 jobs during its construction phase.
Once operational, the plant will contribute $100 million in tax revenue to local communities, while providing energy to around 100,000 homes.
Constellation NewEnergy, Inc.
has signed contracts to purchase a portion of the energy produced, with major customers such as the City of Chicago, which will use the electricity to power critical infrastructure including O’Hare and Midway International Airports.
Other institutions such as CVS Health, Loyola University of Chicago, PPG, State Farm, and TransUnion will also benefit from the energy supplied by this project.
The Double Black Diamond Solar project embodies a model of financial and technological integration, responding to growing energy needs while generating substantial economic benefits for the regions concerned.
This type of project could well define the future of major energy investments in the United States.
