Once online, Double Black Diamond Solar is anticipated to be the largest solar project east of the Mississippi River. The tax equity financing uses Energy Communities and domestic content adders as specified under the Inflation Reduction Act. The Project, which is located 30 miles west of Springfield, Illinois, is currently in construction and is expected to achieve commercial operations in early 2025.
Project Financers
Swift Current earlier said the project’s construction finance will be provided by MUFG, Societe Generale, Truist and ING. Swift Current is the developer and long-term owner/operator of the project. The CEO and Co-Founder Eric Lammers said, “Projects of the size like Double Black Diamond Solar require special partnerships. Moreover, we are pleased to partner with Google on a landmark deal that will make Double Black Diamond Solar possible and act as a template for future major projects.”
Amanda Peterson Corio, Google’s global head of data centres, said: “As we work to responsibly grow our infrastructure, we need to partner with companies like Swift Current that understand the nuances of the energy markets where we operate and can help unlock new clean energy at a rate that matches the pace. Additionally, scale of demand growth on electric grids today.”
The Construction Team
At peak construction, the Project employed about 500 construction workers. Swift Current chose McCarthy Building Companies, Inc. as its EPC partner for the facility. What’s more, the project utilizes First Solar modules, which are largely fabricated in the United States, and solar trackers from Nextracker, located in the United States.
Australia’s 450MW Goulburn River Solar Farm Receives Approval
Double Black Diamond Solar will power communities throughout central Illinois, focusing on Sangamon and Morgan counties, over the life of the operating facility. In addition, they are capable of powering 100,000 households per year, the facility is projected to avoid around a million tonnes of carbon dioxide emissions in the region annually.
We are honored to be home to one of the largest clean energy projects in the country,” said Sangamon County Board Chairman Andy Van Meter. “The Double Black Diamond Solar project brings tremendous economic benefits to our region, including $100 million in tax revenue and hundreds of jobs. “This project is a win for not only our community but for the environment.
Way Forward with Swift Energy and Google
Constellation NewEnergy, Inc., will purchase a portion of Double Black Diamond Solar’s electricity and RECs to serve the seven named customers. The renewable energy produced by the Project will power various energy-intensive facilities serving the City of Chicago, including Chicago O’Hare International Airport and Midway Airport. Additionally, Cook County Illinois, CVS Health, Loyola University of Chicago, PPG, State Farm, and TransUnion have signed agreements to purchase electricity from the Project with Constellation. Swift Current was advised throughout the transaction by Vinson & Elkins LLP and Husch Blackwell LLP. Milbank LLP and Bryan Cave Leighton Paisner LLP provided counsel to Google.
