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Swift Current Energy closes financing for Tres Bahias solar project

Swift Current Energy, a U.S.-based solar and wind energy developer, announced that it has secured project financing with ING Capital and a tax equity commitment from Morgan Stanley Renewables for its 266 MWdc Tres Bahias solar project in Texas. The project is expected to begin operating by the end of 2023.

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Swift Current Energy announced that it has closed project financing with ING Capital, LLC and received a tax equity commitment from Morgan Stanley Renewables Inc. for its 266 MWdc (195 MWac) Tres Bahias solar project in southeast Texas.

The solar project is currently under construction and is expected to begin operation by the end of 2023. ING acted as sole lead arranger, bookrunner and green loan structuring agent. Morgan Stanley has committed tax equity to the project. Swift Current is the developer of the project and will be the long-term owner and operator.

1 GW of solar power projects for Swift Current Energy

“Swift Current Energy now has more than 1 GW of solar and wind projects under construction in multiple energy markets and states,” said Eric Lammers, CEO and co-founder of Swift Current Energy. First Solar, based in the United States, is supplying the solar panels for the project. Swift Current selected IEA Constructors, a leading provider of renewable energy engineering, procurement and construction services, to manage the construction of the project.

Respecting the U.S. policy of reducing inflation

The transaction was structured to reflect the new direction of U.S. policy to reduce inflation. The project is located in Calhoun County, Texas, a community with a long history of generating electricity through large-scale energy projects. As of April 2023, Swift Current had more than 1 GW under construction, including the 800 MW Double Black Diamond solar project in Illinois. Vinson & Elkins and Husch Blackwell represented Swift Current in the transaction. Latham & Watkins and Jackson Walker represented ING, and Mayer Brown and Jackson Walker represented Morgan Stanley.

 

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