Swift Current Energy closed project financing with ING Capital LLC and has received a tax equity commitment from Morgan Stanley Renewables Inc. for its 266 MW DC Tres Bahias Solar project, located in southeast Texas.
The solar project is currently under construction and is expected to commence operations by the end of 2023.
ING acted as sole lead arranger, bookrunner and green loan structuring agent. Morgan Stanley has committed the tax equity for the project. Swift Current is the project developer and will be the long-term owner and operator.
“Swift Current Energy now has more than 1 GW of solar and wind energy projects in construction across multiple power markets and states,” says Eric Lammers, CEO and co-founder of Swift Current Energy. “We are grateful for the support of ING and Morgan Stanley on the Tres Bahias Solar project, and we look forward to growing our partnership with both companies as we execute on our pipeline of wind, solar and storage projects located throughout the U.S.”
First Solar is supplying the solar panels for the project. Swift Current selected IEA Constructors, a renewable energy engineering, procurement, and construction provider, to manage the construction of the project.
Vinson & Elkins and Husch Blackwell represented Swift Current in the transaction. Latham & Watkins and Jackson Walker represented ING, and Mayer Brown and Jackson Walker represented Morgan Stanley.