Swift Current Energy has closed $242 million in project financing for the Prospect Power Storage facility, a 150 MW / 600 MWh energy storage project under construction in Rockingham County, Virginia. The facility is expected to begin commercial operations in 2026.
Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis served as Joint Coordinating Lead Arrangers. Located on private land, Prospect Power is backed by a 15-year power purchase agreement with Dominion Energy Virginia.
The project represents a significant private investment in Rockingham County, supporting grid reliability as Dominion Energy brings a record number of new power projects online to meet growing demand. Over its lifetime, Prospect Power is projected to generate millions of dollars in additional tax revenue for the county. Swift Current also continues to invest in the local community through long-standing initiatives such as its multi-year support of the Rockingham County Fair, the largest county fair in Virginia.
Eric Lammers, CEO and Co-Founder, Swift Current Energy, said, “We set ambitious goals at Swift Current Energy and today we are proud to recognize the achievement of project financing for our 600 MWh Prospect Power facility. Through our contract with Dominion Energy, Prospect Power will strengthen the local electric grid. We thank the banks we have worked with for years, as well as Dominion Energy and the local Rockingham County community, for trusting us to bring this project to completion.”
Marwan Alaydi, Senior Vice President of Engineering & Technology, Swift Current Energy, added, “Swift Current is steadily growing our energy storage portfolio and Prospect Power, which will be the largest battery energy storage facility in Virginia and the PJM service area, is emblematic of our efforts to execute energy storage projects where and when they are needed most. Situated in one of the fastest-growing markets for electricity, Prospect Power will support local and regional grid reliability.”
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