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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank