Project Financing For 800 MW DC US Solar Plant

• Swift Current Energy has raised $779 million for its Double Black Diamond Solar Plant  
• This is one of the largest project financings ever for a US solar plant, according to the company  
• EPC contractor McCarthy is currently building the project with First Solar modules and Nextracker trackers

Renewable energy developer Swift Current Energy has achieved closure on the $779 million financing for its 800 MW DC/593 MW AC solar project that it claims to become the 2nd largest single phase PV power station in the US, and the largest solar plant in MISO.  

Swift says this is one of the largest project financings ever for a US solar project.  

Double Black Diamond Solar Project is currently under construction near Springfield, Illinois, with scheduled commercial operation date of 2024. Being built by EPC contractor McCarthy Building Companies, the project uses solar trackers from US based Nextracker.  

First Solar is the module supplier for the project, manufacturing most of the order at its US fabs. In October 2022, Swift placed an order for First Solar's 2 GW DC cadmium telluride (CdTe) solar panels for its US projects (see 2 GW DC Solar PV Module Supply Deal For First Solar).    

Once online in fall 2024, the Double Black Diamond project is expected to generate enough clean energy to power an equivalent of more than 100,000 homes annually. Swift will be the project's long-term owner and operator.  

The project is contracted to sell energy generated to Constellation Energy that in turn will power the City of Chicago as a customer, along with Cook County Illinois, CVS Health, Loyola University of Chicago, PPG, State Farm and TransUnion (see Chicago City Signs Up For Solar Energy Under PPA).  

The $779 million funding round was led by Japan's Mitsubishi UFJ Financial Group (MUFG), France's Societe Generale and US' Truist. The funding amount comprises $695 million in construction and tax equity bridge loans and a $84 million letter of credit facility.