SWIFT CURRENT ENERGY ANNOUNCES POWER PURCHASE AGREEMENT AND TAX EQUITY FINANCING FOR 260 MW SOLAR PROJECT IN TEXAS
Solar energy generated from Tres Bahias Solar will supply power to City of Houston facilities via a PPA with an NRG Energy, Inc. affiliate
HOUSTON, March 26, 2024 /PRNewswire/ -- Swift Current Energy ("Swift Current") today announced that its 260 MWdc Tres Bahias Solar project ("Tres Bahias" or the "Project") located on the Gulf Coast of Texas is now powering City of Houston facilities through a power purchase agreement ("PPA") with an affiliate of NRG Energy, Inc. ("NRG Energy"). Tres Bahias is the largest operating solar project in Calhoun County, Texas and the third largest in the Texas Gulf Coast region.
UnitedHealth Group and Morgan Stanley Renewables Inc. are providing the tax equity for the Project. Swift Current previously announced that ING Capital, LLC provided construction financing for the Project, with Siemens Financial Services and Associated Bank as additional lenders in the construction financing. The construction loan for the Project has since been fully repaid. Swift Current developed Tres Bahias and remains the owner and operator of the Project.
"We are excited that Tres Bahias is now contributing pollution-free energy to the City of Houston's facilities," said Eric Lammers, CEO and Co-Founder of Swift Current Energy. "Swift Current continues to grow our operating portfolio, and we're pleased to be able to supply power to the City of Chicago through our Double Black Diamond project and now to the City of Houston through Tres Bahias. We are grateful for the commitment of Morgan Stanley Renewables Inc., UnitedHealth Group, NRG Energy and the City of Houston on this project."
The City of Houston's current electricity supply agreement includes several value-added programs – including Tres Bahias. A portion of the solar energy generated from the Project will be used to power some City of Houston facilities.
"We are pleased to partner with Swift Current and continue to invest in the energy transition and decarbonization of the U.S. economy," said Jorge Iragorri, Managing Director and Head of Renewable Energy Investments at Morgan Stanley.
"This is an important project that will generate a new source of renewable energy and reduce carbon emissions," said Patricia L. Lewis, Executive Vice President and Chief Sustainability Officer at UnitedHealth Group. "We look forward to seeing the impact of this investment as we continue our work to build healthy, sustainable communities."
American-based First Solar supplied the solar modules for the Project. Array Technologies, Inc. provided the solar trackers for the Project. IEA Constructors, a renewable energy engineering, procurement and construction provider, managed the construction of the Project.
Vinson & Elkins LLP and Husch Blackwell LLP represented Swift Current Energy in the transaction. Willkie Farr & Gallagher LLP and Jackson Walker LLP represented Morgan Stanley Renewables Inc. Sidley Austin LLP represented NRG Energy.
About Swift Current Energy
Swift Current Energy is investing in renewable energy to create a sustainable future. Founded in 2016, the company develops, constructs, owns and operates highly competitive, utility-scale wind, solar and energy storage projects across the United States. Swift Current Energy is majority-owned by Buckeye Energy Holdings, with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.com.
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SOURCE Swift Current Energy
