NEW YORK, Sept. 9, 2024 /PRNewswire/ — First Citizens Bank today announced that its Energy Finance business served as co-lead arranger on a $300 million senior secured credit facility for Swift Current Energy, a leading North American clean energy platform.
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 the United States. Swift Current Energy is majority-owned by Buckeye Energy Holdings, with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.com.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
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SOURCE First Citizens Bank