BOSTON and HOUSTON, May 2, 2023 – Swift Current Energy (“Swift Current”) today announced that it has closed project financing with ING Capital, LLC (“ING”) and has received a tax equity commitment from Morgan Stanley Renewables Inc. (“Morgan Stanley”) for its 266 MWdc (195 MWac) Tres Bahias Solar project located in Southeast Texas. The solar project is currently under construction and is expected to commence operations by the end of 2023.
ING acted as sole Lead Arranger, Bookrunner and Green Loan Structuring Agent. Morgan Stanley has committed the tax equity for the project. Swift Current is the project developer and will be the long-term owner and operator.
“Swift Current Energy now has more than 1 GW of solar and wind energy projects in construction across multiple power markets and states,” said Eric Lammers, CEO and Co-Founder, Swift Current Energy. “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 U.S.”
“We’re delighted to build on our relationship with Swift Current Energy and are proud to lead the financing of the Tres Bahias Solar project,” said Sven Wellock, Managing Director, Head of ING’s Americas Renewables and Power team. “This latest project from Swift Current is yet another important milestone for the U.S. as we continue the transition to a sustainable and secure energy network.”
“We are pleased to partner with Swift Current and support the continued clean energy transition growth of the U.S.” said Jorge Iragorri, Managing Director and Head of Renewable Energy Investments at Morgan Stanley.
American-based First Solar is supplying the solar panels for the project. Swift Current selected IEA Constructors, a leading renewable energy engineering, procurement, and construction provider, to manage the construction of the project.
The transaction was structured to reflect the new U.S. Inflation Reduction Act policy guidance. The project is located in Calhoun County, Texas, a community with a history of producing 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.
About Swift Current Energy
Swift Current Energy is investing in renewable energy to create a sustainable future. Founded in 2016, the company develops, constructs, owns and operates highly competitive, utility-scale wind, solar and energy storage projects across the United States. For more information, please visit swiftcurrentenergy.com.
About ING Capital, LLC
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 58,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.
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