First Citizens Bank Facilitates Major Financing for Swift Current

First Citizens Bank's Significant Financing Role

First Citizens Bank has taken on a crucial role in supporting clean energy initiatives by co-leading a substantial $300 million senior secured credit facility for Swift Current Energy. This important financing move showcases the bank's commitment to facilitating growth in the renewable energy sector.

Supporting Renewable Energy Projects

The financing is expected to empower Swift Current Energy as it pushes forward with the development of an ambitious 10 gigawatts of wind, solar, and energy storage projects. Swift Current aims to own and operate 1 gigawatt of these projects within the year, highlighting its dedication to expanding its renewable energy capacity.

Swift Current Energy's Vision

According to Eric Lammers, the Chief Executive Officer and Co-Founder of Swift Current, their ongoing projects are essential in contributing to overall grid stability and reliability. Notably, these renewable energy sources are also delivering competitive pricing for consumers and businesses, which is crucial in today's energy market.

Expertise from First Citizens Bank

Mike Lorusso, who leads the Energy Finance division at First Citizens Bank, emphasized the company’s strong industry presence. He expressed appreciation for the collaboration with Swift Current Energy, stating the importance of developing a flexible financing package that aligns with the latter's growth strategy.

About Swift Current Energy

Founded in 2016, Swift Current Energy is on a mission to advance clean energy solutions across the United States. The company specializes in developing, owning, and operating competitive utility-scale projects in wind, solar, and energy storage. With its majority ownership held by Buckeye Energy Holdings, Swift Current has also partnered with notable entities including IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners.

The Role of First Citizens Bank

First Citizens Bank boasts a robust legacy of assisting personal, business, commercial, and wealth clients in achieving lasting financial strength. Headquartered in Raleigh, North Carolina, the bank operates more than 500 branches across 30 states, offering a comprehensive range of banking services.

Focus on Customer Solutions

With a commitment to innovation, First Citizens provides best-in-class lending, leasing, and financial services tailored to meet the diverse needs of its clientele. Its parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is recognized as one of the top U.S. financial institutions with over $200 billion in assets.

Frequently Asked Questions

What is the purpose of the $300 million credit facility?

The credit facility is intended to provide Swift Current Energy with the required capital to develop renewable energy projects, including wind, solar, and energy storage initiatives.

Who leads the Energy Finance division at First Citizens Bank?

Mike Lorusso heads the Energy Finance division at First Citizens Bank and played a significant role in arranging the financing for Swift Current Energy.

What types of projects does Swift Current Energy focus on?

Swift Current Energy specializes in developing utility-scale projects in wind, solar, and energy storage across the United States.

How does First Citizens Bank support its clients?

First Citizens Bank supports clients by offering a comprehensive array of banking services including lending, leasing, and innovative financial solutions tailored to individual needs.

What is the significance of First Citizens BancShares, Inc.?

First Citizens BancShares, Inc. is one of the top 20 financial institutions in the U.S., with a significant market presence and over $200 billion in assets, emphasizing its stability and legacy in banking.

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