Credit facility supports Swift Current Energy’s near-term development projects and strategic growth plans
BOSTON and HOUSTON, January 24, 2022 – Swift Current Energy (“Swift Current”), a leading North American clean energy development and investment platform, today announced that it has raised $150 million through a syndicated corporate credit facility from KeyBanc, Mitsubishi UFJ Financial Group (MUFG) and Canadian Imperial Bank of Commerce (CIBC). The credit facility will support Swift Current’s growing asset ownership capabilities and pipeline of U.S. utility-scale renewable energy and storage projects.
Swift Current has more than 6 gigawatts (GW) of renewable energy projects in its development pipeline and has commercialized more than 1.1 GW of clean energy projects since its founding in 2016. Recently the company announced its largest procurement yet; an order for 1.2 gigawatts of First Solar solar modules. Swift Current also recently announced that it has purchased wind turbines from Nordex Group for its 196 megawatt Castle Gap Wind Project in Central Texas.
“2022 will be a year of record growth for Swift Current Energy as we expand our asset ownership and execute on our near-term development pipeline,” said Eric Lammers, CEO and Co-Founder, Swift Current. “With KeyBank, Mitsubishi UFJ Financial Group and Canadian Imperial Bank of Commerce, we are pleased to join forces with companies who share our drive to invest in renewable energy to create a sustainable future.”
Matthew Ptak, Executive Vice President of Finance & Capital Markets, Swift Current, added,”Swift Current Energy is thrilled to have this commitment from leading banks providing flexible capital and credit support for project development, construction and operational activities. With this credit facility closed, we plan to accelerate our platform and project financing activities.”
“Swift Current is one of the fastest growing renewables companies and we are excited to serve as the Coordinating Lead Arranger and Administrative Agent for this credit facility to create a more sustainable future,” said Steve Schauer, Managing Director at KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. “We are pleased to have supported Swift Current’s growth over the past few years and to expand our partnership with this new credit facility.”
“As part of our commitment to help our clients achieve their sustainability ambitions, we were proud to partner with Swift Current on this important financing for the next stage of the company’s growth,” said James Wright, Managing Director and Head of U.S. Project Finance and Infrastructure, CIBC Capital Markets.
Michael Agrimis, Director, Power & Utilities, MUFG, said, “Renewable energy has been and continues to be a focus for MUFG. This transaction exemplifies our commitment to environmental sustainability with like-minded partners such as Swift Current Energy, whose development projects and strategic growth plans we look forward to supporting.”
Sidley Austin represented Swift Current in the transaction. Norton Rose Fulbright advised KeyBanc, MUFG and CIBC.
About Swift Current Energy
Swift Current Energy is headquartered in Boston, Massachusetts and has offices in Illinois, Maine, Montana and Texas. Founded in 2016, Swift Current Energy acquires and develops highly competitive wind and solar energy projects in North America. The Swift Current Energy management team has commercialized approximately 10 gigawatts of clean energy projects and brings more than 150 years of collective experience investing in, developing, constructing and operating clean energy projects across the country. For more information, please visit swiftcurrentenergy.com.
Swift Current Energy