Vesper Energy secures $590 million debt financing for solar project

By Marisa Wong

Los Angeles, Jan. 31 – Vesper Energy announced the closing of a $590 million debt financing package for its Hornet Solar project, consisting of a construction-to-term loan and letter-of-credit facility.

The bank group includes MUFG Bank Ltd., Nord/LB and Santander CIB as coordinating lead arrangers, BayernLB as joint lead arranger and Associated Bank as lender.

The asset will deliver renewable energy to communities throughout Texas, provide grid stability and mitigate price volatility in Ercot (Electric Reliability Council of Texas), according to a press release.

The Hornet Solar project, covering more than six square miles in Swisher County, Tex., will generate 600 MWac, enough to power 160,000 homes annually. This project will be one of the largest single-phase solar projects in the United States, the company said.

Blattner Energy is constructing the Hornet Solar project. The power generated by the project is contracted to four off-take partners through individual power purchase agreements.

Vesper is a Dallas-based developer, owner and operator of utility-scale renewable energy assets.

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