Swift Current Energy Executes Sale of Prospect Power to Elevate

Swift Current Energy creates value as it advances a multi-gigawatt portfolio of energy projects in various stages of construction

BOSTON, Jan. 15, 2026 /PRNewswire/ -- Swift Current Energy today announced that it has sold Prospect Power, the largest battery storage project in Virginia and PJM, to Elevate Renewables ("Elevate"). The sale of the 150 MW/600 MWh battery storage project further supports Swift Current Energy's near-term growth strategy, as the company advances projects through development and supports a multi-gigawatt portfolio of energy projects in various stages of construction.

Eric Lammers, CEO and Co-Founder of Swift Current Energy, said, "Prospect Power is indicative of the high-value energy facilities that Swift Current Energy develops. Swift Current is currently constructing a multi-gigawatt portfolio of competitive projects like Prospect Power that will come online over the next five years and support America's growing need for affordable and reliable energy."

Swift Current Energy is managing the construction of Prospect Power, and the project is on track to reach commercial operation in 2026. Located in Rockingham County, Virigina, Prospect Power is fully contracted under a 15-year power purchase agreement, positioning the project as an essential resource for grid resilience and supporting the accelerating demand for power across the Mid-Atlantic region.

Swift Current Energy previously announced that it has raised $242 million in project financing from Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis to support the project's construction. Swift Current Energy also recently closed on tax equity financing. These two financings, along with Swift Current Energy's own equity, provided the full capital needed to construct Prospect Power.

Marwan Alaydi, Senior Vice President of Technology and Commercial Strategy, Swift Current Energy, added, "After securing a long-term capacity contract, batteries, and debt and tax equity financing for Prospect Power, as well as successfully moving the project into construction, we had the opportunity to complete a sale that aligns with our growth strategy. This milestone underscores our commitment to advancing projects like Prospect Power that deliver immediate benefits to communities and the regional grid."

Joshua Rogol, Chief Executive Officer of Elevate, added, "The acquisition of Prospect Power underscores our commitment to building the battery storage infrastructure required to ensure continuous power for data centers. With its scale and strategic location within PJM, this project exemplifies the critical investments we are making to support the increased need for grid reliability and sustainability driven by growing power demand."

About Swift Current Energy

Swift Current Energy is trailblazing a path for clean energy now. Founded in 2016, the company develops, commercializes, owns, and operates highly competitive, utility-scale solar, wind, and energy storage projects across North America. Swift Current Energy is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.com.

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SOURCE Swift Current Energy