NAB negotiates green loan with US-based renewables developerBY RACHEL ALEMBAKIS | WEDNESDAY, 7 FEB 2024 5:25PM
Read more: NAB, Swift Current Energy, Natixis, First Citizens Bank, KeyBanc Capital Markets, Canadian Imperial Bank of Commerce, Eric Lammers, IFM, KeyBank, Lookout Ridge Energy Partners, Mitsubishi UFJ Financial Group, MWac Castle Gap, Norton Rose Fulbright, Sidley Austin
National Australia Bank was one of four parties serving as joint lead arrangers on a deal that saw a US-based renewable energy developer increase its revolving credit facility as a green loan.
Houston-based Swift Current Energy upped its US$225 million revolving credit facility to $312.5 million. The upsized credit facility is a green loan, the maturity of which has been extended to 2026.
Swift Current was founded in 2016, and develops, constructs, owns and operates highly competitive, utility-scale wind, solar and energy storage projects across the United States. BAES Infrastructure is the majority owner of Swift Current Energy, with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners.
NAB, Natixis and First Citizens Bank join existing lenders KeyBank, Mitsubishi UFJ Financial Group (MUFG) and Canadian Imperial Bank of Commerce (CIBC) in the credit facility. KeyBanc Capital Markets served as the coordinating lead arranger while NAB, Natixis, MUFG and CIBC served as joint lead arrangers. CIBC acted as the green structuring agent.
Swift Current has more than 10 gigawatts (GW) of wind, solar and battery energy storage projects in its development pipeline across premium markets. In 2023, Swift Current completed construction financing for over 1,000 megawatts (MWac) of solar projects, including the 593 MWac Double Black Diamond solar project in Illinois, and brought its 197 MWac Castle Gap wind project into commercial operations. Since its founding in 2016, Swift Current has commercialized more than 2.5 GW of clean energy projects.
"Swift Current Energy is trailblazing a path for clean energy," said Eric Lammers, CEO and co-founder, Swift Current. "This expanded credit facility will support the sustainable growth of our project pipeline and the execution of our advanced development projects. We're pleased to extend our relationship with KeyBanc, MUFG and CIBC and establish new partnerships with National Australia Bank, Natixis and First Citizens Bank through this upsized credit facility."
Sidley Austin represented Swift Current in the transaction. Norton Rose Fulbright advised KeyBanc and CIBC.