“Through our contract with Dominion Energy, Prospect Power will strengthen the local electric grid,” said Eric Lammers, CEO and Co-Founder of Swift Current Energy, in the September 2025 announcement. “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.”
The deal was arranged with Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis acting as Joint Coordinating Lead Arrangers. Morgan Lewis served as legal counsel for Swift Current, with Paul Hastings representing the lenders. Prospect Power is expected to deliver millions of dollars in new tax revenue to Rockingham County while also contributing to Dominion’s record buildout of power resources to meet rising demand.
Prospect Power marks Swift Current’s most significant storage investment to date. According to Marwan Alaydi, Senior Vice President of Engineering & Technology, “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.”
The project builds on Swift Current’s growing renewable portfolio. In October 2024, the company energized the 138 MW Harvest Gold Solar project in Mississippi, selling all output to Target under a long-term PPA. The project used First Solar’s Series 7 cadmium telluride modules, part of a multi-gigawatt supply agreement between Swift Current and the U.S. manufacturer.
Just months earlier, Swift Current closed financing for the 800 MWdc Double Black Diamond Solar project in Illinois, the largest solar farm east of the Mississippi. Completed in late 2024, the project supplies power to a diverse set of corporate and municipal customers, including the City of Chicago, Cook County, CVS Health, Loyola University, PPG, State Farm, and TransUnion via Constellation. Chicago credited the project with helping it meet its goal of sourcing 100% renewable power for municipal operations by January 2025.
Founded in 2016, Swift Current Energy has now commercialized over 2 GW of solar and wind projects nationwide and owns more than 1 GW of operating assets. Its development pipeline exceeds 10 GW across solar, wind, and storage, positioning the company as a major player in U.S. clean energy buildout.
The Prospect Power facility arrives as grid operators across the U.S. face mounting reliability challenges from rising load growth, extreme weather, and the retirement of older generation assets. The PJM Interconnection, which serves 65 million people across 13 states and Washington, D.C., has been accelerating reviews of storage and renewable projects to meet capacity needs. Large-scale batteries like Prospect Power can respond within seconds to fluctuations in demand, making them vital for balancing a grid with higher shares of renewable generation.
