Swift Current Energy Secures $300 Million Facility to Support Renewable Energy Portfolio Buildout

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Sep 09, 2024, 07:00 ET

BOSTON and HOUSTON, Sept. 9, 2024 /PRNewswire/ -- Swift Current Energy (Swift Current), a leading North American clean energy platform, today announced it has closed a $300 million senior secured revolving credit facility. The facility provides Swift Current with flexible growth capital for its pipeline of wind, solar and energy storage projects.

First Citizens Bank served as structuring agent, bookrunner and coordinating lead arranger. Deutsche Bank AG and Truist Securities, Inc. served as the coordinating lead arrangers. National Westminster Bank PLC and Sumitomo Mitsui Banking Corporation joined as joint lead arrangers. This is Swift Current's first engagement with Deutsche Bank AG; Swift Current has previously completed transactions with the other banks involved.

Swift Current is strategically advancing and growing its 10 GW multi-technology pipeline. By the end of 2024, Swift Current will have commercialized 2.2 GW of projects and will own and operate more than 1 GW of renewable energy projects.

Eric Lammers, CEO and Co-Founder, Swift Current, said, "As we prepare to operate more than 1 GW of projects by the end of the year, we are thrilled to align the capital needed to charge our continued growth. The revolving credit facility announced today extends our relationship with First Citizens Bank and Truist, and we are pleased to establish a new banking relationship with Deutsche Bank."

"Swift Current is well known within the industry for its proven track record of successful renewable power project development," said Mike Lorusso, who heads First Citizens' Energy Finance business. "We appreciated the opportunity to work closely with their team to develop a flexible financing package to help advance their growth agenda."

Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank, said, "We are very proud to have supported Swift Current in this transaction, facilitating the implementation of their impressive growth strategy. This transaction builds on Deutsche Bank's market leading franchise in the provision of providing corporate and pre-NTP capital to top quality renewable developers."

Uzoma Enyinna, Director of Project Finance, Truist Securities, said, "We are proud to continue our support of Swift Current and the teams at Buckeye and IFM. This financing demonstrates our belief in Swift Current's financial strength and its business objectives. We appreciate the opportunity to work with Swift on this important transaction."

Sidley Austin LLP represented Swift Current in the transaction. Norton Rose Fulbright LLP represented First-Citizens Bank & Trust Company, Deutsche Bank AG, Truist Securities, Inc., National Westminster Bank PLC, and Sumitomo Mitsui Banking Corporation in the transaction.

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.

SOURCE Swift Current Energy