Swift Current Energy, a prominent player in the North American clean energy sector, has successfully secured a $300 million senior secured revolving credit facility. This significant financing will provide the company with the flexible capital needed to fuel its ambitious growth plans. The facility will support the development and construction of Swift Current’s pipeline of wind, solar, and energy storage projects, contributing to the company’s mission of delivering clean and sustainable energy solutions.
First Citizens Bank served as the structuring agent, bookrunner, and coordinating lead arranger for the transaction. Deutsche Bank AG and Truist Securities, Inc. also participated as coordinating lead arrangers. National Westminster Bank PLC and Sumitomo Mitsui Banking Corporation joined as joint lead arrangers. This financing marks a new partnership between Swift Current and Deutsche Bank AG, while strengthening existing relationships with the other participating banks.
Swift Current is strategically expanding its multi-technology pipeline, which currently boasts a capacity of 10 GW. By the end of 2024, the company expects to have commercialized 2.2 GW of projects and will operate over 1 GW of renewable energy assets. This impressive growth trajectory is fueled by the company’s commitment to delivering high-quality, cost-effective clean energy solutions.
Eric Lammers, CEO and Co-Founder of Swift Current, expressed enthusiasm about the new financing, stating, “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.”
Mike Lorusso, head of First Citizens’ Energy Finance business, highlighted Swift Current’s strong track record in renewable power project development, stating, “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 at Deutsche Bank, expressed pride in supporting Swift Current’s growth strategy, saying, “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 at Truist Securities, emphasized the company’s belief in Swift Current’s financial strength and business objectives, stating, “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.”
Swift Current Energy, founded in 2016, is majority-owned by Buckeye Energy Holdings, with IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners as other owners. The company is dedicated to developing, owning, and operating high-quality, utility-scale wind, solar, and energy storage projects across the United States. With its commitment to innovation and sustainable energy solutions, Swift Current Energy is poised to play a leading role in the transition to a cleaner energy future.
