First Citizens Bank Serves as Co-Lead Arranger on $300 Million Credit Facility for Swift Current Energy
Rhea-AI Summary
First Citizens Bank has announced its role as co-lead arranger on a $300 million senior secured credit facility for Swift Current Energy, a leading North American clean energy platform. This financing will provide flexible growth capital for Swift Current's ambitious plans to develop 10 GW of wind, solar, and energy storage projects, with a goal to own and operate 1 GW by year-end.
Swift Current's CEO, Eric Lammers, highlighted the company's contribution to grid stability and reliability while delivering competitive clean energy. Mike Lorusso, head of First Citizens' Energy Finance business, praised Swift Current's track record in renewable power project development. The Energy Finance unit of First Citizens Bank offers comprehensive financing solutions for both renewable and conventional power generation, managing a diverse portfolio across all energy sector asset classes.
Positive
- First Citizens Bank secured a role as co-lead arranger for a $300 million credit facility
- The credit facility supports Swift Current Energy's development of 10 GW of renewable energy projects
- Swift Current Energy aims to own and operate 1 GW of renewable energy capacity by year-end
- The deal showcases First Citizens Bank's expertise in energy finance and renewable projects
Negative
- None.
News Market Reaction – FCNCA
On the day this news was published, FCNCA gained 0.14%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The financing will provide flexible growth capital as Swift Current pursues development of 10 GW gigawatts of wind, solar and energy storage projects in its pipeline, with plans to own and operate 1 GW by the end of year.
"Our utility-scale renewable power projects are continuing to contribute to grid stability and reliability while also delivering clean energy at competitive prices to consumers and businesses alike," said Eric Lammers, Chief Executive Officer and Co-Founder, Swift Current. "We appreciated the expertise of the First Citizens Energy team in helping arrange this important financing for our organization."
"Swift Current is well known within the industry for its proven track record of successful renewable power project development," said Mike Lorusso, who heads First Citizens' Energy Finance business. "We appreciated the opportunity to work closely with their team to develop a flexible financing package to help advance their growth agenda."
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
About Swift Current Energy
Swift Current Energy is trailblazing a path for clean energy now. Founded in 2016, the company develops, owns and operates highly competitive, utility-scale wind, solar and energy storage projects across
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank
FAQ
What is the size of the credit facility arranged by First Citizens Bank for Swift Current Energy?
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