BOSTON and HOUSTON, Aug. 20,
2024 /PRNewswire/ -- Swift Current Energy
("Swift Current") announced today that it has closed on a tax
equity investment from Google for its landmark 800 MWdc (593 MWac)
Double Black Diamond Solar project ("the Project") in southern
Illinois.
Once operational, Double Black Diamond Solar is expected to be
the largest solar project east of the Mississippi River. The tax
equity financing utilizes Energy Communities and domestic content
adders, provided in the Inflation Reduction Act. Located 30 miles
west of Springfield, Illinois, the
Project is currently under construction and is
expected to reach commercial operations by early 2025.
Swift Current previously announced that Mitsubishi UFJ
Financial Group (MUFG), Societe Generale, Truist and ING provided
construction financing for the Project. Swift Current is the
project developer and will be the long-term owner and operator.
Eric Lammers, CEO and
Co-Founder of Swift Current, said, "Projects of Double Black
Diamond Solar's magnitude require innovative partnerships. We are
delighted to join forces with Google on a ground-breaking structure
that will support Double Black Diamond Solar and serve as a guide
for other major projects to come."
Amanda Peterson Corio, Global
Head of Data Center Energy at Google, said, "As we work to
responsibly grow our infrastructure, we need to partner with
companies like Swift Current who understand the nuances of the
energy markets where we operate and can help unlock new clean
energy at a rate that matches the pace and scale of demand growth
on electric grids today."
At peak construction, the Project employed approximately 500
construction workers. Swift Current selected McCarthy Building
Companies, Inc. as the engineering, procurement, and construction
(EPC) partner. The Project utilizes First Solar modules, a majority
of which are being manufactured in the US, as well as solar
trackers from U.S.-based Nextracker.
During its operational life, Double Black Diamond Solar will
contribute to communities in Sangamon and Morgan counties. The Project, capable of
powering 100,000 homes annually, is expected to reduce regional
carbon dioxide emissions by approximately one million tons per
year.
Sangamon County Board
Chairman Andy Van Meter said,
"We are proud to be home to one of the largest clean energy
projects in the nation. The Double Black Diamond Solar project
brings significant economic benefits to our community, contributing
$100 million in tax revenue and
supporting hundreds of jobs. This project is a win for both our
community and the environment."
Constellation NewEnergy, Inc. will purchase a portion of the
energy and RECs generated by Double Black Diamond Solar to serve
the seven customers that have been announced. The City of Chicago will source renewable
energy produced by the Project to power several energy-intensive
facilities, including Chicago O'Hare International Airport and
Midway International Airport. Additionally, Cook County Illinois, CVS
Health, Loyola University of
Chicago, PPG, State Farm,
and TransUnion have agreements to purchase power from the
Project via Constellation.
Vinson & Elkins LLP and Husch Blackwell LLP represented
Swift Current in the transaction. Milbank LLP and Bryan Cave
Leighton Paisner LLP represented Google.
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 wind, solar and energy storage
projects across the United States.
Swift Current Energy is majority-owned by Buckeye Energy Holdings,
with the other owners being IFM Net Zero Infrastructure Fund and
Lookout Ridge Energy Partners. For more information, please
visit swiftcurrentenergy.com.
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SOURCE Swift Current Energy