Swift Current Energy has nailed down tax-equity financing and $248 million in project debt for the Three Rivers Solar project, a utility-scale array now under construction in Hancock County. The facility is designed to produce about 122 megawatts direct current, roughly 100 MW alternating current, from more than 300,000 panels spread across several hundred acres. Developers say the project is slated to reach commercial operation in late 2026, with the electricity sold under a 20-year contract and delivered into the New England grid.
In a company announcement via PR Newswire, Swift Current said the package combines tax equity with $248 million in project financing. Crédit Agricole CIB, Lloyds Bank PLC, NatWest and Société Générale are named as coordinating lead arrangers, and Wilmington Trust will act as collateral agent. The company reiterates that the project’s output is fully contracted under a 20-year power-purchase agreement.
Project footprint and permits
According to the Maine Department of Environmental Protection, Three Rivers sits on a roughly 1,115-acre parcel in Township 16 (Middle Division). The project concentrates panels on about 465 acres and includes a new on-site substation. The DEP project page lists between 300,000 and 400,000 panels and shows the proposal entering state review after a 2019 application and subsequent department orders.
Who’s behind it
Swift Current Energy, founded in 2016 and majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners, lists Three Rivers as in construction and confirms the 122 MWdc / 100 MWac capacity on its Swift Current Energy page. The developer, which notes offices in Boston and Yarmouth, says the project will serve the ISO-NE market.
Local history and reaction
The project has been in the works for years and won a competitive Public Utilities Commission contract in 2019, local reporting at the time noted. The Bangor Daily News reported the array would interconnect to Emera Maine and sit on leased acreage owned by Elliott Jordan & Son, details that also appear in state filings.
Why the financing matters
Locking in tax equity and a nearly quarter-billion dollar debt package clears a major financing hurdle and lets construction move ahead without a capital shortfall, a critical step for utility-scale projects of this size. Financing counsel for the developer was Morgan, Lewis & Bockius LLP, while Verrill Dana, Bernstein Shur and Husch Blackwell advised on development and permitting matters, according to the company announcement via PR Newswire.
What to watch next
Construction is expected to continue through the year, with commercial operation targeted for late 2026. Local leaders and residents are likely to track interconnection milestones and how property-tax and lease revenues are apportioned. Swift Current says it has engaged with the hosting community during development and points to planned long-term tax receipts and periodic community benefits tied to the project.
