Swift Current Energy has closed a $750 million corporate credit facility with an accordion option for an additional $250 million, giving the clean energy developer access to as much as $1 billion of total capacity as it expands its U.S. project pipeline.
The three-year, dual-tranche facility provides Swift Current with flexible access to cash and letter-of-credit capacity to support the development, commercialization, ownership and operation of large-scale energy projects across the country.
Crédit Agricole CIB served as Administrative Agent and Coordinating Lead Arranger alongside ING Capital and Truist Securities.
KeyBank National Association served as Collateral Agent and Joint Lead Arranger alongside Banco Bilbao Vizcaya Argentaria, MUFG Bank, Royal Bank of Canada and Wells Fargo Bank.
Crédit Agricole CIB and ING Capital also served as Green Loan Structuring Agents.
The financing substantially expands Swift Current’s corporate-level liquidity as electricity demand increases across the U.S. and developers seek capital to advance new generation and storage projects.
Founded in 2016, Swift Current has commercialized 5 GW of clean energy projects.
The company currently owns and operates more than 1 GW of energy infrastructure and has more than 10 GW of projects in development.
Its portfolio spans utility-scale solar, wind and energy storage projects across North America.
The credit facility is designed to give Swift Current greater flexibility to move projects through development and commercialization while supporting continued investment across the broader platform.
Corporate credit can complement project-level financing by providing capital for development activities, letters of credit and other requirements that arise before individual projects reach construction or long-term financing stages.
The new facility comes as utilities, data centers, manufacturers and other large power users are driving higher electricity demand across multiple U.S. markets.
Swift Current sees that demand growth as increasing the need for investment in new generation and storage infrastructure.
The company intends to use the financing to advance high-quality projects and accelerate the addition of new energy resources to the grid.
The transaction also builds on Swift Current’s existing relationship with Crédit Agricole CIB.
The bank previously supported project financing for Swift Current’s 122 MWdc Three Rivers Solar facility in Maine.
ING also characterized the transaction as reflecting the continued maturation of renewable energy companies, with larger development platforms increasingly using flexible corporate financing alongside traditional project-level capital.
Swift Current is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners.
Sidley Austin served as legal counsel to Swift Current, while Norton Rose Fulbright represented the lenders.
KEY QUOTES:
“The scale of this facility reflects both the strength of the portfolio Swift Current has built and the opportunity ahead of us. Electricity demand is growing rapidly across the United States and meeting that demand will require significant investment in new energy infrastructure. This financing gives our team additional flexibility to advance our platform, invest in high-quality projects, and bring new energy resources online quickly and efficiently.”
Michael Arndt, CEO Of Swift Current Energy
“Swift Current has established an impressive track record of developing and operating large-scale energy projects across the United States. Crédit Agricole CIB is pleased to lead this financing and deepen our relationship with Swift Current as the company continues to grow its platform and advance projects that will help meet increasing U.S. energy demand.”
Julien Tizorin, Head Of Power And New Energy, Americas At Crédit Agricole CIB
“This transaction reflects the continued maturation of the renewable energy sector, where scaled platforms increasingly require flexible corporate capital alongside project-level financing. Swift Current has built a diversified development and operating platform, and ING is pleased to continue our partnership as the company executes on its next phase of growth.”
Sven Wellock, Head Of Renewables And Power, Energy, Americas At ING Capital
“Truist is proud to support Swift Current Energy in refinancing its corporate facility, enabling the company to scale its platform efficiently and execute on its growth strategy.”
Josh Dale, Managing Director Of Project Finance Origination At Truist Securities
