BOSTON and HOUSTON, May 26, 2022 – Swift Current Energy (“Swift Current”), a leading North American clean energy platform, today announced that it has upsized its credit facility to a total of $225 million with the additional commitments of Bank of America and Société Générale. The credit facility was announced earlier this year to support Swift Current’s development and asset ownership growth, as well as the company’s maturing 6,000 MW development pipeline. Bank of America and Société Générale join coordinating lead arranger KeyBanc Capital Markets, as well as Mitsubishi UFJ Financial Group (MUFG) and Canadian Imperial Bank of Commerce in supporting Swift Current through this credit facility.
This year Swift Current will start construction on over 1,000 MWac of wind and solar energy projects. In January, Swift Current shared that it has placed an order for 1,200 MW of First Solar modules, as well as wind turbines for its 196 MW Castle Gap Wind Project in central Texas.
Swift Current continues to attract top talent as it fills out its team. This year, Swift Current has brought on Chris Bray as Chief Accounting Officer, Rick Knauth as Executive Vice President of Asset Management, Kathryn Ostman as Senior Vice President of Legal, and Brett Prior as Vice President of Financial Planning & Analysis.
Eric Lammers, CEO and Co-Founder, Swift Current, said, “Our team is growing and making tremendous progress in advancing our strong development pipeline and preparing for the long-term ownership of our projects. We are proud that Bank of America and Société Générale have decided to back our portfolio and vision.”
Matthew Ptak, Executive Vice President of Finance & Capital Markets, Swift Current, added, “Expanding our credit facility means that we have the capital in place to support development-stage project acquisitions as well as pre-construction and other development activities for our growing portfolio. We are pleased to have the added support of Bank of America and Société Générale as we plan construction and project financing for over 1,000 MWac of projects.”
Steve Schauer, Managing Director, Utilities Power & Renewables at KeyBanc Capital Markets, said, “We are pleased to continue our support of Swift Current Energy and its experienced team. They are one of the fastest growing renewable IPPs and we are happy to act as coordinating lead arranger and administrative agent for this expanded revolver to provide capital for Swift Current Energy’s development pipeline. We look forward to our continued relationship as they continue to grow their portfolio.”
Société Générale said, “Société Générale is excited to be able to support Swift Current Energy as they continue to grow. Sustainable development is at the heart of our strategy, and we look forward to partnering with Swift Current as they build out their portfolio of projects across North America.”
Sidley Austin represented Swift Current in the transaction. Norton Rose Fulbright advised KeyBanc Capital Markets, Bank of America and Société Générale.
About Swift Current Energy
Swift Current Energy acquires, develops, constructs, owns and operates highly competitive, utility-scale wind, solar energy and battery storage projects across the United States. Backed by Buckeye Partners, L.P., Nala Renewables and the Swift Current Management Team through its holding company Lookout Ridge Energy Partners, Swift Current has commercialized 1.1 GW of renewable energy projects and has a growing project pipeline with more than 6 GW across North America. Swift Current is headquartered in Boston, Massachusetts and has offices in Illinois, Maine, Montana and Texas. For more information, please visit swiftcurrentenergy.com.