Swift Current, Avantus secure $1bn+ for clean energy
Swift Current Energy and Avantus have raised significant financing to support their clean-energy pipelines, with Swift Current securing a $750 million credit line and Avantus closing $300 million in tax equity for a California solar-plus-storage project.
Swift Current Energy Secures $750 Million Credit Facility
Swift Current Energy, an independent power producer, announced a $750 million corporate credit facility to fund what it calls “reliable, clean energy projects” in the United States. The facility, with a three-year term, will allow the company to develop, operate and commercialise new projects to meet rapidly growing electricity demand.
The credit line was arranged by a consortium of banks led by Credit Agricole CIB, ING Capital and Truist Securities. It includes an accordion option to increase the facility by an additional $250 million, bringing the total accessible credit to $1 billion.
| Facility Component | Amount |
|---|---|
| Initial Credit | $750 million |
| Accordion Option | $250 million |
| Total Accessible Credit | $1 billion |
Michael Arndt, chief executive officer of Swift Current, said the scale of the facility reflects the strength of the company’s portfolio and the opportunity ahead. “Electricity demand is growing rapidly across the United States and meeting that demand will require significant investment in new energy infrastructure,” he added.
Swift Current has previously secured funding from Credit Agricole for its 122 MW Three Rivers solar project in Maine.
Avantus Raises $300 Million Tax Equity for Aratina 2
Avantus, another independent power producer, closed $300 million in tax equity financing for its 150 MW/452 MWh solar-plus-storage project in Kern County, California. The funds, delivered by Truist Bank, will support the Aratina 2 project, which is under construction and expected to be operational by the end of 2026.
The project has a 15-year power purchase agreement with Southern California Edison. Avantus’ senior vice president of project finance, Michael Joh, said the tax equity was the final piece of financing needed to complete construction and enter the operating portfolio later this year.
| Project | Capacity |
|---|---|
| Solar | 150 MW |
| Storage | 452 MWh |
| PPA Term | 15 years |
| Utility | Southern California Edison |
Avantus has already secured roughly $525 million in construction financing for Aratina 2, led by BBVA. Once operational, the second phase of Aratina will bring the site’s total capacity to 350 MW of solar PV and 952 MWh of energy storage, building on the Aratins 1 project that entered commercial operations last month.
Avantus Pipeline and Credit Facility
The California project adds to Avantus’ broader pipeline of 24 GW of solar and energy storage. The company is on track to bring 788 MW of solar and storage online by the end of this year. Earlier this month, Avantus closed a $1 billion credit facility to support the development of that pipeline.
Avantus has advanced projects across most major U.S. state markets for renewables. It inked a PPA for a 100 MW/400 MWh solar-plus-storage project in Arizona in late 2024 and completed construction at a 159 MW solar PV project in Texas earlier this year.
For detailed project statistics, see the latest stats and project fixtures at fixtures.
