What's Happening?
Swift Current Energy has secured $242 million in financing for its 150-MW Prospect Power Storage facility located in Rockingham County, Virginia. This project, currently under construction, is set to become the largest battery storage facility within the PJM Interconnection once operational in 2026. The facility will sell its output to Dominion Energy Virginia under a 15-year power purchase agreement. Swift Current Energy acquired the project from Clean Planet Renewable Energy in 2023.
Why It's Important?
The financing and development of the Prospect Power Storage facility represent a significant advancement in energy storage within the PJM Interconnection, which serves 13 states and the District of Columbia. This project will enhance grid reliability and support the integration of renewable energy sources, contributing to energy security and sustainability. The involvement of Dominion Energy Virginia highlights the growing interest and investment in battery storage solutions as part of the transition to cleaner energy.
What's Next?
The Prospect Power Storage facility is expected to reach commercial operation in 2026. As construction progresses, stakeholders will be focused on the project's impact on grid capacity and renewable energy integration. The success of this project could encourage further investments in energy storage within the PJM region.
