• Eyeing project M&A after recycling assets and leadership change
• Solar project IA and large load request in Clearfield County, PA materializes

Swift Current Energy has been seeking to acquire more solar and battery assets in recent weeks to shore up its portfolio, while also advancing projects in grid operator PJM Interconnection, NPM has learned.

The Boston-based developer has spent the better part of the past two years selling off some of its advanced projects, while also undergoing an internal reorganization at the corporate ownership level and more recently recruiting Michael Arndt over the summer to be its new CEO.

Swift has been interested in adding both operating assets with predictable cashflows and greenfield projects into its pipeline of mostly solar and storge assets, said sources familiar with the situation.

Swift closed a USD 750m corporate credit facility in August, with an accordion option to increase by an additional USD 250m to support pipeline growth.

Swift Current Energy and its sponsor IFM Investors declined to comment on the situation.

Pipeline

NPM Interconnection queue data is tracking 19 projects, across 4.18 GW, that Swift has under development.

This also includes a large load request filed over the spring for a 400 MW project—Highwall Data Center—in NYISO in Clearfield County, Pennsylvania.

The project shares the same point-of-interconnection (POI) location that connects to New York State Electric & Gas (NYSEG”s) L47 Line as the company’s 400 MW Mineral Basin Solar project.

Minerals Basin obtained a 20-year power purchase agreement (PPA) with NYSERDA and in March 2024 was selected by the US Department of Energy (DOE) to receive a federal funding grant since the project planned to repurpose 2,700 acres of former coal mining land.

However, NPM data shows that Swift only executed an interconnection agreement on the project with NYSEG on September 1, 2026, implying that project got caught up in the queue backlog.

In the November 2023 press release announcing the NYSERDA PPA agreement, Swift envisioned the project being completed in 2H26, while the milestones in the recently executed IA agreement require an in-service date of June 14, 2029.

Projects expected to materialize sooner include the 122 MWdc Three Rivers Solar project in Hancock County, Maine, which Swift raised project financing for earlier this year.

It also has a co-located battery project—Black Diamond Storage—that it is building next to its massive Black Diamond Solar project in Illinois.

Sea-change

In 2025, Swift de-risked the150 MW/600 MWh Prospect Power BESS project in Rockingham County, Virginia and sold it to Elevate Renewable Power at the start of 2026.

Towards the end of 1Q26, it also sold the three-phase paired Steel River project in Mississippi County, Arkansas to Cypress Creek Energy.

During this period, Swift’s ownership was refreshed as Buckeye Energy Holdings, a portfolio company of IFM, completed the distribution of its majority ownership stake in Swift to funds managed by IFM, the Australian-domiciled fund manager, last summer.

Longtime Canadian Solar and Recurrent executive Michael Arndt then officially joined the company in April as its CEO, replacing Swift’s co-founder, Erik Lammers.