Swift Current Energy has closed on a tax equity investment from Google for its 800 MWdc (593 MWac) Double Black Diamond Solar project in southern Illinois. Financial details were not disclosed.
Double Black Diamond Solar is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes Energy Communities and domestic content adders, provided in the Inflation Reduction Act.
The Double Black Diamond Solar project is located 30 miles west of Springfield, Illinois. It is currently under construction. The solar power is expected to reach commercial operations by early 2025, Eric Lammers, CEO and Co-Founder of Swift Current, said.
Swift Current previously announced that Mitsubishi UFJ Financial Group (MUFG), Societe Generale, Truist and ING provided construction financing for the Project. Swift Current is the project developer and will be the long-term owner and operator.
Amanda Peterson Corio, Global Head of Data Center Energy at Google, said: “Swift Current understands 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.”
Swift Current selected McCarthy Building Companies as the engineering, procurement, and construction (EPC) partner. The project utilizes First Solar modules as well as solar trackers from Nextracker.
Double Black Diamond Solar, which will be capable of powering 100,000 homes annually, is expected to reduce regional carbon dioxide emissions by approximately one million tons per year.
“The Double Black Diamond Solar project brings economic benefits to our community, contributing $100 million in tax revenue and supporting hundreds of jobs,” Sangamon County Board Chairman Andy Van Meter said.
Constellation NewEnergy will purchase a portion of the energy and RECs generated by Double Black Diamond Solar to serve the seven customers that have been announced.
City of Chicago will source renewable energy produced by the project to power several facilities, including Chicago O’Hare International Airport and Midway International Airport.
Cook County Illinois, CVS Health, Loyola University of Chicago, PPG, State Farm, and TransUnion have agreements to purchase power from the project via Constellation.