Swift Current Energy has closed on a tax equity investment from Google for its 800 MW Double Black Diamond Solar project in southern Illinois.
Once operational, the project is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes Energy Communities and domestic content adders, provided in the Inflation Reduction Act.
Located 30 miles west of Springfield, Ill., the project is currently under construction and is expected to reach commercial operations next year.
Mitsubishi UFJ Financial Group, Societe Generale, Truist and ING provided construction financing for the project. Swift Current is the project developer and will be the long-term owner and operator.
“Projects of Double Black Diamond Solar’s magnitude require innovative partnerships,” says Eric Lammers, CEO and co-founder of Swift Current. “We are delighted to join forces with Google on a ground-breaking structure that will support Double Black Diamond Solar and serve as a guide for other major projects to come.”
The company selected McCarthy Building Companies as the project’s construction EPC partner. The project utilizes First Solar modules, as well as solar trackers from Nextracker.
Constellation NewEnergy will purchase a portion of the energy and RECs generated by Double Black Diamond Solar to serve the seven customers that have been announced. The City of Chicago will source renewable energy produced by the project to power several energy-intensive facilities, including Chicago O’Hare International Airport and Midway International Airport.
Additionally, Cook County Illinois, CVS Health, Loyola University of Chicago PPG, State Farm and TransUnion have agreements to purchase power from the project via Constellation.
Vinson & Elkins and Husch Blackwell represented Swift Current in the transaction. Milbank and Bryan Cave Leighton Paisner represented Google.
