Swift Current Energy has closed project financing for the 197 MW Castle Gap Wind project located in Mills and Lampasas Counties, Texas. The wind project is currently under construction and is expected to commence operations in early 2023.
Mitsubishi UFJ Financial Group (MUFG) and CaixaBank acted as Joint Coordinating Lead Arrangers and Green Loan Structuring Agents. MUFG served as the Administrative and Collateral Agent. Swift Current Energy will be the long-term owner and operator of Castle Gap Wind.
Eric Lammers, CEO and Co-Founder, Swift Current Energy, said, “As the developer and long-term owner of Castle Gap Wind, Swift Current Energy is pleased to reach this project financing milestone with sophisticated partners who have financed renewable energy projects around the world. Our leading execution group is advancing this project through construction, and we are on track to start contributing needed energy to the Texas grid by early 2023.”
Louise Pesce, Managing Director, MUFG, said, “MUFG is delighted to be the Agent Bank and Joint Coordinating Lead Arranger for Swift Current Energy’s project financing. This transaction demonstrates our commitment to climate change mitigation across the suite of our banking products.We look forward to supporting more renewable energy projects in in Swift Current Energy’s pipeline.”
Antoni Jofre, Head of International Energy and Natural Resources, CaixaBank, said, “CaixaBank is pleased to have acted as Joint Lead Arranger and Green Loan Structuring Agent for Swift Current Energy’s development and financing of the 197 MW Castle Gap Wind project in Texas. We at CaixaBank are excited at the opportunity to work side-by-side with this team and look to solidify our relationship through continued support in the development of their robust pipeline. CaixaBank is committed to advancement of clean energy around the world and adhering to global ESG standards.”
Swift Current Energy announced late last year that Nordex Group would be supplying the wind turbines for the project. IEA Constructors, a leading renewable energy engineering, procurement, and construction provider, is managing the construction of the project.
Matthew Ptak, Executive Vice President of Finance & Capital Markets, Swift Current Energy, added, “With this transaction, we expand our relationship with MUFG and bring CaixaBank on as a new financing partner. We are delighted to have the support of both banks as we advance Castle Gap Wind and execute on our maturing solar, wind and energy storage pipeline.”
Castle Gap Wind is Swift Current Energy’s second large-scale wind development in Texas; the company successfully developed and commercialized the 550 MW High Lonesome Wind project in Crockett and Upton Counties in 2019.
Vinson & Elkins LLP represented Swift Current Energy in the transaction. Latham & Watkins LLP represented MUFG and CaixaBank.
