Elevate Renewables Acquires 150 MW / 600 MWh Prospect Power BESS Project in Virginia from Swift Current Energy
Swift Current Energy has sold the 150 MW / 600 MWh Prospect Power battery energy storage project in Rockingham County, Virginia, to Elevate Renewables. The fully contracted PJM battery storage project is under construction and expected to reach commercial operation in 2026.
Transaction date: · Source: swiftcurrentenergy.com
Key facts
- Transaction date
- Technology
- Battery Storage (BESS)
- Capacity
- 150 MW
- Transaction price
- Not disclosed
- Buyer
- Elevate Renewables
- Seller
- Swift Current Energy
- Country
- United States
- Region
- Virginia, PJM
- Location
- Rockingham County, Virginia
- Continent
- North America
- Development status
- Under Construction
- PPA
- Yes
Technology details
Standalone utility-scale battery energy storage system with a capacity of 150 MW and 600 MWh. Swift Current Energy is managing construction, and the project is expected to reach commercial operation in 2026.
Power purchase agreement (PPA)
Fully contracted under a 15-year power purchase agreement providing long-term revenue certainty.
Additional information
Prospect Power is the largest battery storage project in Virginia and within the PJM market. The project is fully contracted under a 15-year power purchase agreement and is designed to enhance grid resilience and support growing power demand in the Mid-Atlantic region, including data center load. Construction is fully financed through a combination of debt financing, tax equity, and sponsor equity, including $242 million raised from Truist Securities, CIBC, KeyBank and Natixis.
Source
Original announcement: https://swiftcurrentenergy.com/swift-current-energy-executes-sale-of-prospect-power-to-elevate/