Renewable energy company Swift Current Energy has secured $779m in project financing for its 800MWdc/593MWac Double Black Diamond Solar project located in Illinois, US.

The funding involves $695m in construction and tax equity bridge loans as well as an $84m letter of credit facility.

Mitsubishi UFJ Financial Group (MUFG), Societe Generale, and Truist acted as the coordinating lead arranger.

The joint bookrunners for the project financing were MUFG and Societe Generale.

ING was the green loan structuring agent, while the collateral and depositary agent was Wilmington Trust.

MUFG project finance managing director Louise Pesce said: “This transaction demonstrates our bank’s commitment to supporting the climate transition economy through offering financing solutions for renewable energy projects.

”We look forward to working on more renewable energy projects in Swift Current Energy’s pipeline.”

Located about 48km west of Springfield, the Double Black Diamond Solar project is expected to generate clean energy sufficient to supply electricity to over 100,000 households.

The American solar project is also estimated to reduce regional carbon dioxide emissions by nearly one million tons per year.

It is currently under construction and is slated to commence operations in 2024.

According to Swift Current Energy, the Double Black Diamond Solar project is set to become the second-largest single phase solar project in the US once it becomes operational. It will also be the largest solar power project in Midcontinent Independent System Operator (MISO), said the company.

The solar project presently employs nearly 450 construction workers. It is being developed and will be owned by Swift Current Energy.

Swift Current Energy CEO and co-founder Eric Lammers said: “Double Black Diamond Solar is a transformative project, not only for our team, but also the American workers it is employing, the massive amount of emissions-free energy it will produce, and the stable revenue it will provide for the communities in Sangamon and Morgan counties.”