Swift Current Energy secured a tax equity investment from Google for its 800 MWdc (593 MWac) Double Black Diamond Solar project in southern Illinois.
Solar Project to Power 100,000 Homes Annually
The Double Black Diamond Solar boasting a direct current (DC) capacity of 800 MWdc (593 MWac) and located 30 miles west of Springfield, Ill is set to become the largest solar initiative east of the Mississippi River upon activation. The tax equity financing takes advantage of Energy Communities and domestic content incentives established by the Inflation Reduction Act. The facility is expected to reduce regional carbon dioxide emissions by approximately one million tons per year and will produce enough clean electricity to power 100,000 homes annually. It is also expected to be operational by early 2025
Double Black Diamond Solar, an 800MW project in Illinois, will power 100,000 homes and cut 1 million tons of carbon emissions annually.
"We are proud to be home to one of the largest clean energy projects in the nation. The Double Black Diamond Solar project brings significant economic benefits to our community, contributing $100 million in tax revenue and supporting hundreds of jobs. This project is a win for both our community and the environment." said Andy Van Meter, Sangamon County Board Chairman.
Swift Current Secures Construction Financing
Swift Current has previously announced that Mitsubishi UFJ Financial Group (MUFG), Societe Generale, Truist and ING have provided construction financing for the project. Swift Current is both the project developer and will remain the long-term owner and operator.
"Projects of Double Black Diamond Solar's magnitude require innovative partnerships. We are delighted to join forces with Google on a ground-breaking structure that will support Double Black Diamond Solar and serve as a guide for other major projects to come," said Eric Lammers, CEO and Co-Founder of Swift Current.
"As we work to responsibly grow our infrastructure, we need to partner with companies like Swift Current who understand the nuances of the energy markets where we operate and can help unlock new clean energy at a rate that matches the pace and scale of demand growth on electric grids today," said Amanda Peterson Corio, Global Head of Data Center Energy at Google.
Constellation NewEnergy to Supply Power to Major Clients
Constellation NewEnergy will purchase a portion of the energy and Renewable Energy Credits (RECs) generated by the Double Black Diamond Solar project to supply seven announced customers. The City of Chicago will use the renewable energy from this project to power several high-demand facilities, including O'Hare and Midway International Airports. Additionally, Cook County, Illinois, CVS Health, Loyola University Chicago, PPG, State Farm and TransUnion have agreements with Constellation to purchase power from the project.
Swift Current chose McCarthy Building Companies Inc. as the engineering, procurement and construction (EPC) partner. The project features First Solar modules mostly manufactured in the U.S. along with solar trackers from U.S.-based Nextracker. During peak construction, the project employed around 500 workers.