Swift Current Energy has closed $242 million in financing for its Prospect Power Storage project, a 150 MW / 600 MWh battery facility located in Rockingham County, Virginia. Scheduled for completion in 2026, Prospect Power will be the largest battery energy storage project within the PJM Interconnection service area and the state of Virginia.

The project is backed by a 15-year power purchase agreement with Dominion Energy Virginia, aimed at strengthening the local electric grid and supporting renewable energy integration.

The financing was coordinated by Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis as Joint Coordinating Lead Arrangers. Legal counsel was provided by Morgan Lewis for Swift Current and Paul Hastings for the lenders.

This marks Swift Current's largest energy storage investment to date, reinforcing its growing portfolio of renewable and storage projects across the United States. The company's previous projects include the 138 MW Harvest Gold Solar project in Mississippi and the 800 MWdc Double Black Diamond Solar farm in Illinois.

The Prospect Power project addresses growing reliability challenges in the PJM region, which serves 65 million people across 13 states and Washington, D.C., amid rising demand, extreme weather, and the retirement of aging power plants. Large-scale batteries like Prospect Power provide fast grid response and help balance increasing renewable energy supplies.

Source: environmentenergyleader.com