HOUSTON, TX — Vesper Energy, a leading developer, owner and operator of utility-scale renewable energy assets, today announced it has upsized its existing letter of credit (LC) facility to $140 million, which will fast-track the development of its 3.5 GW of solar and 2.5 GWh energy storage pipeline in North America. Macquarie Group served as lead arranger of the upsized LC facility after closing the initial $100 million facility in 2020.
Vesper Energy upsized its LC facility with the addition of two banks, Landesbank Hessen-Thüringen Girozentrale (“Helaba”) and ICBC Standard Bank Plc (“ICBCS”). The company will use the expanded LC facility to cost-effectively post securities for power purchase agreements (PPAs) and interconnection agreements with energy transmission networks.
“The addition of financing partners Helaba and ICBCS is a testament to the strength of our team and development pipeline,” said Vesper Energy CEO Craig Carson. “With the upsizing of the LC facility, we are very well positioned to continue to execute on Vesper Energy’s rapid growth trajectory.”
“Helaba is excited to support Vesper’s talented team and ambitious development plans and we are looking forward to see this important relationship grow further,” said Christian Jagenberg, EVP & General Manager of Helaba New York Branch
“Vesper Energy’s experience, robust project pipeline and the structured nature of this facility made this transaction an ideal fit for ICBCS’ renewables financing portfolio. We are delighted to support the next phase of their growth,” said John Roncevich, CEO of ICBCS Securities and Head of Global Markets for the Americas.
Vesper Energy is a North American developer, owner and operator of utility-scale renewable energy and energy storage assets. Since its start in 2015, Vesper Energy has commercialized over 680 MW of utility-scale solar projects in the U.S. Vesper Energy plans to begin construction on two facilities, located in Ohio and Pennsylvania, in early 2022 with a larger construction program planned for 2023. Vesper Energy started as Lendlease Energy Development in 2015 and rebranded as Vesper Energy in 2020, after Magnetar Capital acquired majority ownership.
Today’s news follows the announcement that Vesper Energy’s Deer Creek Solar + Storage project has signed a 20-year power purchase agreement for 50 MW of solar energy and 200 MWh battery storage with Desert Community Energy, a community choice aggregator covering Palm Springs, California.
