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Double Black Diamond Solar recieves US$779 mn financing

The 800 MWdc/593 MWac Double Black Diamond solar project has project financing, according to Swift Current Energy. Once operational, it will rank as the biggest solar project in the country. Furthermore, it will be the biggest transmission project in the MISO region.

This project closed project finance of over $779 million. This makes it one of the biggest solar project financings in American history.

McCarthy Building Companies is working as the engineering, procurement, and construction (EPC) partner at the site. About 450 construction employees are employed for the project. It was decided to use Nextracker solar trackers built in the United States and First Solar modules. The majority of the latter are produced in this country.

Also Read: Construction begins on Double Black Diamond Solar in Illinois

According to Eric Lammers, chief executive officer and co-founder of Swift Current Energy, “Double Black Diamond Solar is a transformative project, not only for our team but also for the American workers it is employing. The massive amount of emissions-free energy it will produce, and the stable revenue it will provide for the communities in Sangamon and Morgan counties.

Commercial operation of The Double Black Diamond solar project

The project is being built 30 miles west of Springfield, Illinois, and it should begin operating commercially in 2024. Additionally, it is anticipated to generate enough electricity to power 100,000 homes. It will reduce annual carbon dioxide emissions by about 1 million tonnes. The project is anticipated to bring $100 million in tax income to Sangamon and Morgan counties throughout the course of its operations.

In addition to a $84 million letter of credit facility, the financing consists of $695 million in construction and tax equity bridge loans. The Green Loan Structuring Agent was ING, and the Collateral Agent and Depositary Agent was Wilmington Trust. The owner and operator for the long term will be Swift Current Energy, who also developed the project.

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