Dallas, TX, June 11, 2024 —
Vesper Energy, a leading renewable energy developer, has successfully finalized construction and term loan syndication for its Hornet Solar project, representing approximately $592 million in investments. The syndication process, initiated after the Hornet Solar project’s financial close in December 2023, signals continued investor confidence in the project and Vesper’s ability to deliver reliable, resilient infrastructure.
“This closing is a testament to the value of our Hornet Solar project and showcases our ability to leverage innovative financial structures to provide the greatest, mutually beneficial value for our partners,” said Vesper Energy’s Chief Financial Officer Robert Scheuermann. “We look forward to working with leading investors and lenders as we develop, construct, and operate clean energy projects across the United States.”
The Hornet Solar project covers over six square miles in Swisher County, Texas. It is one of the largest single-phase solar projects in the United States and will generate 600 MWac, enough to power 160,000 homes annually. The asset will deliver renewable energy to communities throughout Texas, provide grid stability, and mitigate price volatility in ERCOT.
Hornet Solar has secured commitments from a top-tier group of banking and lending partners, including MUFG Bank Ltd., Nord/LB, and Santander as coordinating lead arrangers; Societe Generale, BayernLB, and KB Kookmin Bank as joint lead arrangers; and Allied Irish Bank, Associated, Radiance Structured Finance, and DZ Bank as lenders0.
“MUFG is very pleased to partner with Vesper Energy, Nord LB, Santander, and a strong group of JLAs and lenders on this important renewable energy project financing,” said Matt Curtin, Managing Director at MUFG. “Hornet Solar required a large capital raise in a crowded market, and its successful execution speaks to the project’s attractive credit profile and prudent financing structure.”
With a nameplate capacity of 600 MWac and 745 MWdc, the Hornet Solar project utilizes bifacial photovoltaic modules on a single-axis tracking system. 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. To learn more about the Hornet Solar project, visit https://www.hornetsolartx.com/
