Elevate Renewables, an ArcLight-backed platform, has acquired the Prospect Power BESS from Swift Current Energy in the US. The asset is a 150 MW / 600 MWh standalone battery located in Rockingham County, Virginia, near Northern Virginia’s Data Center Alley, and is currently under construction, with operations targeted for mid-2026.

The transaction reflects a clear buyer preference: acquire late-stage, load-adjacent storage rather than underwrite early development risk. Prospect Power sits in PJM, where incremental demand from data centers, AI workloads, and electrification is tightening capacity margins and increasing the value of flexible assets close to load.

Commercial risk on the project is largely addressed. The battery is fully contracted under a 15-year PPA with Dominion Energy, locking in long-term revenue and insulating the asset from near-term merchant volatility. This structure materially improves bankability compared to merchant-exposed PJM storage.

Construction financing was secured ahead of the sale. In September 2025, Swift Current closed $242 million in project financing from Truist Securities, CIBC, KeyBank, and Natixis, alongside tax equity financing. That capital stack de-risks execution for the buyer and shortens the path to cash flows.

The deal signals where storage M&A is clearing today: contracted BESS, near major load hubs, with financing in place. As PJM demand growth concentrates around Northern Virginia, assets that solve local capacity and congestion are commanding strategic interest.

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