PRESS RELEASE: Swift Current Energy (Swift Current) today announced that it has secured $242 million in project financing for its 150 MW / 600 MWh Prospect Power Storage facility. The energy storage project, located in Rockingham County, Virginia, is currently under construction and is expected to reach commercial operation in 2026.
Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis acted as Joint Coordinating Lead Arrangers. Prospect Power, located on private land, holds a 15-year power purchase agreement with Dominion Energy Virginia.
Prospect Power represents a substantial private investment in Rockingham County and will support local grid reliability, as Dominion Energy is set to add a record amount of new power projects in response to growing customer demand. Over the life of the project, Prospect Power is expected to contribute millions of dollars in additional tax revenue to the Rockingham County community. Swift Current is proud of its engagement in the local community, including through its multi-year support of the Rockingham County Fair, the largest county fair in Virginia.
Eric Lammers, CEO and Co-Founder, Swift Current Energy, said, “We set ambitious goals at Swift Current Energy and today we are proud to recognize the achievement of project financing for our 600 MWh Prospect Power facility. Through our contract with Dominion Energy, Prospect Power will strengthen the local electric grid. We thank the banks we have worked with for years, as well as Dominion Energy and the local Rockingham County community, for trusting us to bring this project to completion.”
Marwan Alaydi, Senior Vice President of Engineering & Technology, Swift Current Energy, added, “Swift Current is steadily growing our energy storage portfolio and Prospect Power, which will be the largest battery energy storage facility in Virginia and the PJM service area, is emblematic of our efforts to execute energy storage projects where and when they are needed most. Situated in one of the fastest-growing markets for electricity, Prospect Power will support local and regional grid reliability.”
In 2023, Swift Current acquired Prospect Power from Clean Planet Renewable Energy, LLC, a joint venture between Open Road Renewable Energy, LLC, and Eolian, L.P. (Eolian).
Aaron Zubaty, CEO, Eolian, said, “Development of the grid-strength Prospect Power battery energy storage site began in 2018 to deploy fast-responding and flexible capacity to support increasing load growth in the region. This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation.”
Uzoma Enyinna, Director, Project Finance, Truist Securities, added, “Prospect Power is a landmark project, not just for Virginia but for the broader PJM market. We are honored to have supported Swift Current in this financing effort, enabling a project that delivers meaningful grid benefits while also supporting local investments and economic development.”
Morgan Lewis served as the legal counsel for Swift Current. Paul Hastings was the legal counsel for the lenders.
About Swift Current Energy
Swift Current Energy is trailblazing a path for clean energy now. Founded in 2016, the company develops, owns, and operates highly competitive, utility-scale solar, wind, and energy storage projects across the United States. Swift Current Energy is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.com.
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