Vesper Energy recently announced the successful closure of financing for its groundbreaking 600 MW Hornet Solar project in Texas. The company was able to secure a substantial $590 million debt financing package for the single-phase solar project, an achievement that underlines the growing confidence in the potential of renewable energy.

The financing package includes a construction-to-term loan and a letter of credit facility, with the bank group comprising MUFG Bank, Nord/LB, and Santander Corporate & Investment Banking as coordinating lead arrangers, BayernLB as joint lead arranger, and Associated Bank as the lender. This collaboration underscores the strength of Vesper Energy’s strategic partnerships and the attractiveness of the Hornet Solar project to reputable financial institutions.

Robert Scheuermann, Vesper Energy’s CFO, emphasized the challenges inherent in closing project financing for a large-scale endeavor in west Texas. His statement regarding the complexity of this undertaking highlights the diligent efforts and expertise involved in navigating the process. “We are proud to invest in Hornet Solar alongside top-tier lenders and investors. This closing is a testament to the value Vesper Energy generated in the asset,” Scheuermann remarked, underscoring the significance of this achievement for the company and its partners.

Notably, the Hornet Solar project boasts a nameplate capacity of 600MW and will adopt bifacial PV modules on a single-axis tracking system, representing a commitment to leveraging cutting-edge technologies for optimal energy production. Furthermore, the project will interconnect to Oncor Electric’s transmission system in ERCOT, signaling a strategic alignment with a robust and reliable power infrastructure.

Blattner Energy, a renowned industry player, has been entrusted with the construction of the Hornet Solar project, underscoring Vesper Energy’s dedication to collaborating with esteemed partners to ensure the successful realization of its renewable energy vision. The project has already secured power purchase agreements (PPAs) with four off-take partners, reflecting the substantial appetite for clean energy solutions in the market.

In navigating the complex landscape of renewable energy financing, Vesper Energy sought and benefited from expert advice from CCA Capital, ensuring the sourcing and structuring of the Production Tax Credit (PTC) transfer commitment were optimized for maximum impact.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.