Swift Current Energy has secured tax equity financing and $248 million in project financing for its Three Rivers solar facility in Hancock County.
It will produce 122 megawatts of direct current.
Three Rivers Solar is under construction on a 1,115-acre parcel in the unorganized Township 16 Middle Division, Bingham’s Penobscot Purchase.
It is expected to reach commercial operation late this year. The project will include more than 300,000 solar panels on a project area of 465 acres and a substation.
The power to be produced from the facility is fully contracted under a 20-year power purchase agreement.
For Swift Current, which operates solar, wind and energy storage plants across North America, this is the company’s first project in Maine. It has offices in Yarmouth and Houston and is headquartered in Boston. The Swift Current team developed the Three Rivers project in collaboration with Elliott Jordan & Son Inc., the landowner for the project.
Philadelphia-based Morgan, Lewis & Bockius LLP acted as financing counsel for Swift Current. Portland-based Verrill Dana LLP and Bernstein Shur, along with Husch Blackwell LLP in Kansas City, Mo., also represented Swift Current in connection with project development and financing.
Swift Current Energy was founded in 2016 and is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners.
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