Gains $242 million financing for PJM's biggest energy storage project in Swift Current
Swift Current Energy, a Boston-based clean energy developer, is set to establish a significant milestone with its Prospect Power Storage facility in Rockingham County, Virginia. The facility, currently under construction, is expected to reach commercial operation in 2026 and will become the largest battery storage facility within the PJM Interconnection.
The Prospect Power Storage facility was purchased by Swift Current Energy in 2023 from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian. The financing for this 150-MW, four-hour battery storage project was arranged by Truist Securities, Canadian Imperial Bank of Commerce, KeyBank, and Natixis.
Swift Current Energy, majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners, owns and operates approximately 1.1 GW of solar and wind projects in Illinois, Mississippi, and Texas. The Prospect Power Storage facility is part of Swift Current Energy's project pipeline, which totals about 10 GW.
Upon completion, the Prospect Power Storage facility will utilize existing transmission lines to open up capacity on the grid for various types of power generation. It will also support Dominion Energy Virginia's plans to add 4.1 GW to 4.6 GW of storage to its system over the next 15 years, as outlined in the company's most recent integrated resource plan.
Swift Current Energy has secured a 15-year power purchase agreement with Dominion Energy Virginia to sell the output from the Prospect Power Storage facility. The facility's capacity and output have not been explicitly mentioned in this paragraph.
Aaron Zubaty, Eolian CEO, expressed his enthusiasm for the project, stating that the Prospect Power Storage facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance.
As of the end of 2023, PJM, the operator of the grid and wholesale power markets in 13 mid-Atlantic and Midwestern states and the District of Columbia, had 376 MW of battery storage capacity that could produce 378 MWh. With the addition of the Prospect Power Storage facility, PJM's storage capacity is set to increase significantly.
The majority owner of Swift Current Energy is Peak Ridge Energy. Swift Current Energy's commitment to clean energy projects, such as the Prospect Power Storage facility, underscores the company's dedication to a sustainable and efficient energy future.
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