The Double Black Diamond Solar project is being developed by Swift Current Energy, an electric utility company based in Boston, US. Construction works for the project commenced in March 2023.
The project is expected to be operational in the later part of 2024 and requires an estimated investment of $779m.
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Once operational, it will be the second largest single-phase solar power project in the US, with an installed capacity of 800MW. It will also be the largest solar farm operating within the Midcontinent Independent System Operator (MISO).
The annual power generation from the plant will be enough to support 100,000 homes and offset regional CO₂ emissions by approximately one million tonnes a year. During its operational life, the project is expected to generate $100m in tax revenue for Sangamon and Morgan counties in central Illinois.
Project location and details
The Double Black Diamond Solar project is located within Sangamon and Morgan counties in Illinois, US. The site is approximately 30 miles (48.2km) west of Springfield, Illinois.
The project involves the installation of 1.6 million solar panels mounted on solar trackers that rotate to follow the sun’s movement and maximise output by up to 30% compared to fixed tilt panels. Approximately 100 inverters will also be installed at the project site.
The project will generate employment for approximately 435 craft workers during its construction phase, with the peak workforce expected to be on-site for up to 14 months.
Power purchase agreements
Constellation, a power distributor based in Baltimore, Maryland, signed a long-term power purchase agreement (PPA) with Swift Current Energy to purchase 24MW of renewable energy from the Double Black Diamond Solar project.
In partnership with Constellation, the city of Chicago will source clean energy from the project to partially power Chicago O’Hare International Airport and Midway International Airport, including other large facilities, starting in 2025.
Insurance company State Farm will procure approximately 11.7MW of energy and renewable energy certificates (RECs) annually through Constellation.
TransUnion will also purchase 8.5MW of energy and RECs from the project through a 12-year partnership with Constellation starting in April 2025. Other off-takers through Constellation include Cook County, Illinois, CVS Health, Loyola University of Chicago and PPG.
Retail firm Lowe will purchase 250MW of clean energy per year from the project for 12 years.
Financing
Swift Current Energy announced that it had closed the Double Black Diamond Solar project financing in August 2023.
The project financing included construction and tax equity bridge loans amounting to $695m and an $84m letter of credit facility, making it one of the largest US solar project financings.
Coordinating lead arrangers of the project financing included Mitsubishi UFJ Financial (MUFG), Societe Generale and Truist. MUFG and Societe Generale acted as joint bookrunners.
ING served as the green loan structuring agent while Wilmington Trust served as the collateral and depositary agent.
Law firms Vinson & Elkins and Husch Blackwell represented Swift Energy Current in the financial transaction. Paul Hastings acted as the lenders’ advisor.
Contractors involved
St Louise-based construction company McCarthy was awarded the engineering, procurement and construction (EPC) contract for the project.
First Solar, a solar PV manufacturer and services provider based in the US, was contracted to supply solar modules for the project.
Intelligent solar tracker solutions provider Nextracker is supplying the smart solar trackers for the project.
