Swift Current Energy has divested the Prospect Power battery energy storage project to Elevate Renewables. The fully contracted 150 MW / 600 MWh utility-scale BESS facility is located in Rockingham County, Virginia within the PJM market. The project is under construction with commercial operation expected in 2026. Prospect Power is the largest battery storage project in Virginia and within the PJM market, supported by a fully contracted 15-year power purchase agreement providing long-term revenue certainty. For broader developer coverage, see the Renewable Energy Developers US – Top 20 List.

Transaction Facts

What Happened

Swift Current Energy divested the Prospect Power battery storage project to Elevate Renewables. The transaction transferred ownership of a fully contracted 150 MW / 600 MWh BESS facility in Rockingham County, Virginia. Prospect Power is under active construction with targeted commercial operation in 2026. The project is supported by a fully contracted 15-year power purchase agreement, securing long-term revenue. Construction financing totaling $242 million was secured from Truist Securities, CIBC, KeyBank, and Natixis, comprising debt, tax equity, and sponsor equity components. Swift Current continues in a construction management role through the project’s completion.

Market Context

The divestment of Prospect Power reflects Swift Current’s strategy of advancing battery storage projects through development and early construction stages before transitioning operational assets to long-term holders. Virginia’s battery storage market has grown significantly as the Mid-Atlantic region seeks grid flexibility infrastructure to support increasing load, particularly from data centers and electrification. The PJM market, which encompasses Virginia, continues to attract battery storage investment as renewable penetration increases. Prospect Power’s size and market position make it a flagship asset, with the fully contracted status and secured financing providing downside protection to the buyer while offering Swift Current capital efficiency and portfolio exit.

Why It Matters

The transaction demonstrates Swift Current’s capability to advance utility-scale battery storage projects from development through construction financing and into operation. Prospect Power’s status as the largest BESS project in Virginia and PJM validates Swift Current’s project development quality and market positioning. The fully contracted revenue base and secured $242 million financing package signal strong project fundamentals and investor confidence in the battery storage asset class within the PJM region. For Swift Current, the divestment releases capital for redeployment into new development opportunities while retaining construction management involvement. The transaction highlights the ongoing institutional appetite for contracted battery storage assets in markets facing grid flexibility constraints and growing power demand.

Source: Renewables.Digital Transaction Page.