The Prospect Power Storage facility is a utility-scale battery energy storage project under development in Virginia. The project is designed to provide electricity storage capacity for the regional power grid within the PJM market.
Swift Current Energy completed approximately $242 million in project financing for the facility. The battery storage project is planned to have a capacity of 150 MW/600 MWh.
According to the developer, the 150 MW / 600 MWh Prospect Power project, Virginia’s largest battery storage asset by Swift Current Energy, was acquired in January by Elevate Renewables. Located in Rockingham County, the facility is on track to begin commercial operations this summer.
Other Projects
Other than the Prospect Power storage project, the world’s largest thermal storage plant has been launched by POET in South Dakota. POET has partnered with Antora Energy to launch the 5-gigawatt-hour project deemed one of the largest of its kind. The system stores excess wind energy in carbon blocks heated to 4,000 degrees Fahrenheit. Once stored, it is later used to power POET’s adjacent ethanol plant. The facility was built in under a year and supported 300 construction jobs. Furthermore, it is Antora’s first commercial production site. It aims to increase ethanol production efficiency, expand markets for South Dakota corn growers and reduce fossil fuel reliance.
Prospect Power Storage Project Factsheet
Capacity: 150 MW/600 MWh using long-duration lithium-ion
Location: Rockingham County, VA (In PJM territory)
Status: Under Construction
Financial Close: US$242 million
Lead Banks: Truist, CIBC, KeyBank, Natixis
PPA: 15-year with Dominion Energy Virginia
Commercial Operation Date: 2026
Local Benefits: Tax revenue, grid reliability, community engagement and support
Significance: Virginia’s largest BESS and one of PJM landmark project
From Planning to Financing: What’s Changed
Inception & Acquisition
Development for Prospect Power began in 2018, led by Eolian in partnership with Open Road Renewable Energy. Swift Current Energy later acquired the project in 2023, paving the way for today’s financing breakthrough.
Land Area
The battery installation spans approximately 26 acres of private land in Rockingham County and is already approved under Virginia’s “permit-by-rule” framework.
Permitting Challenges
Swift Current had also proposed another project, Rocktown Power, with identical specifications to 150 MW/600 MWh Prospect Power Storage facility in Virginia. It was also to be located adjacent to Prospect Power. However, Rocktown’s Special Use Permit was denied earlier this year due to local concerns. The permit denial also emphasizing the community’s perception on risks around battery storage projects.
Project Partnerships & Community Impact
Key banks that have partnered with Swift for the 150 MW/600 MWh Prospect Power Storage project in Virginia include Truist Securities, CIBC, KeyBank, and Natixis.
Prospect Power has also secured a 15-year Power Purchase Agreement with Dominion Energy Virginia. This will ensure long-term revenue stability for the renewable energy project. The PPA also comes as Dominion Energy fights to stay on track for the construction of the Coastal Virginia Offshore Wind (CVOW) project. The CVOW project (one of the largest offshore wind development in the U.S.) has recently faced tariff headwinds from the Trump Administration.
The Prospect Power Storage facility is also expected to stimulate the local economy by delivering millions in long-term tax revenue. It will also reinforce Rockingham County’s position in the growing clean energy sector. Swift Current has also managed to maintain strong community engagement with the locals. This has been evidenced by its long-standing involvement with the Rockingham County Fair.
The Game-Changing Prospect Power Storage Project in Virginia
PJM, the overseeing 13 states including Virginia, has historically under-invested in battery storage as it has added just 200 MW over the past five years. Meanwhile, regional peak load is projected to grow by 15 GW by 2030. Prospect Power’s entry under PJM’s grid operation is evidently both timely and critical.
Eric Lammers, CEO of Swift Current Energy, emphasized the financing as a milestone saying, “Prospect Power will significantly strengthen the local electric grid.” Marwan Alaydi, SVP of Engineering & Technology, also added that the 150 MW/600 MWh Prospect Power Storage facility exemplifies Swift Current’s strategy to deploy storage where and when it’s needed and valuable most.
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