U.S. renewable developer Swift Current Energy has reached financial close on its Three Rivers Solar project in eastern Maine, securing a combined tax-equity and debt package to support construction of the 122 MWdc (100 MWac) facility. The financing also marks the company’s entry into the Maine market and continues its multi-gigawatt expansion across North America’s renewable energy sector.

Project Overview

Three Rivers Solar is located in Hancock County and is currently under construction, with commercial operations expected later in 2026. Electricity from the project is also fully contracted under a 20-year power purchase agreement. This ensures long-term revenue stability and supports bankability at Three Rivers Solar project in Maine.

Three Rivers Solar project is being developed in collaboration with local landowner Elliott Jordan & Son Inc. This, according to the developer, is a pointer toward a community-integrated development model.

Swift Current has also emphasized that the facility will generate tax revenue for the local area and has already undertaken community engagement initiatives such as school supply drives. Once commissioned, the renewable generation project will also add to state’s clean energy portfolio which now includes Maine’s first utility-scale standalone battery energy storage project that has recently come online.

What the Financing Means for Three Rivers Solar Project in Maine

Location: Hancock County, Maine, USA

Capacity: 122 MWdc (100 MWac)

Status: Under construction

COD: Expected late 2026

Developer: Swift Current Energy

PPA: 20-year contract

Debt financing: $248 million

Tax equity: Secured

Lead lenders: Crédit Agricole CIB, Lloyds Bank, NatWest, Société Générale

Collateral agent: Wilmington Trust

Local partner: Elliott Jordan & Son Inc.

Owner: Swift Current Energy platform backed by IFM Investors and Lookout Ridge Energy Partners

This recent financing also adds to a rapid scaling phase for Swift Current, which reports financing more than 1.3 GW of energy projects across multiple markets in the past three years.

Additionally, the company maintains a development pipeline exceeding 10 GW of wind, solar, and storage projects and is supported by major institutional investors.

Recent corporate financing such as a $300 million credit facility arranged by First Citizens Bank with participation from global lenders also shows the growing institutional confidence in the developer and its expansion strategy.

Three Rivers Solar Project Factsheet

Location: Hancock County, Maine, USA

Capacity: 122 MWdc (100 MWac)

Status: Under construction

COD: Expected late 2026

Developer: Swift Current Energy

PPA: 20-year contract

Debt financing: $248 million

Tax equity: Secured

Lead lenders: Crédit Agricole CIB, Lloyds Bank, NatWest, Société Générale

Collateral agent: Wilmington Trust

Local partner: Elliott Jordan & Son Inc.

Owner: Swift Current Energy platform backed by IFM Investors and Lookout Ridge Energy Partners

Financing Structure

The Three Rivers Solar project secured:

• $248 million in project financing
• Additional (undisclosed) tax-equity investment

Lender syndicate and their roles

• Crédit Agricole CIB as coordinating lead arranger and administrative agent
• Lloyds Bank PLC as coordinating lead arranger
• NatWest also as coordinating lead arranger
• Société Générale as coordinating lead arranger and green loan structuring agent
• Wilmington Trust, National Association as collateral agent and depositary

This structure is a typical U.S. renewable financing stack combining senior debt with tax-equity capital. Such has been commonly used to monetize federal incentives and lower cost of capital.

Project Team

Developer/Owner

• Swift Current Energy

Local partner

• Elliott Jordan & Son Inc.

Legal and Advisory Counsel

• Morgan, Lewis & Bockius LLP – Financing counsel to developer
• Verrill Dana LLP – Development/financing counsel
• Bernstein, Shur, Sawyer & Nelson, P.A. – Legal advisor
• Husch Blackwell LLP – Legal advisor
• Milbank LLP – Financing counsel to lenders
• Dorsey & Whitney LLP – Counsel to Wilmington Trust

Equity Sponsors

• Funds managed by IFM Investors
• Lookout Ridge Energy Partners