Key Takeaways
- Swift Current Energy secured a $750 million corporate credit facility with a $250 million accordion option, for total potential capacity of up to $1 billion.
- The three-year, dual-tranche facility provides both cash and letter-of-credit capacity to fund development, construction, and operation of large-scale US energy projects.
- Crédit Agricole CIB and ING Capital served as administrative agent and green loan structuring agents, with Truist Securities, KeyBank, BBVA, MUFG Bank, Royal Bank of Canada, and Wells Fargo joining as lead arrangers.
- Swift Current Energy has commercialized 5 GW of clean energy projects, owns and operates more than 1 GW, and has more than 10 GW in development, including the 122 MWdc Three Rivers Solar facility in Maine.
- CEO Michael Arndt said the facility’s size reflects the strength of the portfolio the company has built and the opportunity ahead.
Swift Current Energy Lands $750 Million Credit Facility
Swift Current Energy has secured a $750 million corporate credit facility, with a $250 million accordion option that could bring total capacity to $1 billion. The three-year, dual-tranche facility gives the company both cash and letter-of-credit capacity to fund the development, construction, ownership, and operation of large-scale energy projects across the United States.
“The scale of this facility reflects both the strength of the portfolio Swift Current has built and the opportunity ahead of us,” said Michael Arndt, CEO of Swift Current Energy.
Banks Behind the Deal
Crédit Agricole CIB served as administrative agent and coordinating lead arranger, with ING Capital and Truist Securities also acting as coordinating lead arrangers. KeyBank National served as collateral agent and joint lead arranger, alongside joint lead arrangers Banco Bilbao Vizcaya Argentaria, MUFG Bank, Royal Bank of Canada, and Wells Fargo Bank. Crédit Agricole CIB and ING Capital also structured the facility as a green loan.
“This transaction reflects the continued maturation of the renewable energy sector,” said Sven Wellock, Managing Director at ING Capital.
Swift Current Energy’s Development Pipeline
Founded in 2016, Swift Current Energy has commercialized 5 GW of clean energy projects, owns and operates more than 1 GW, and has more than 10 GW of additional projects in development. Its portfolio includes the 122 MWdc Three Rivers Solar facility in Maine.
A Sign of Renewable Sector Maturity
The facility adds to a series of financings Swift Current Energy has closed as it scales its US pipeline, following earlier credit facilities of $150 million and $300 million. Sidley Austin LLP served as counsel to Swift Current Energy, while Norton Rose Fulbright advised the lenders.
