Vesper Energy, a developer, owner and operator of utility-scale renewable-energy assets, has closed a $590 million financing package for its Hornet Solar project in Texas.
Covering more than 6 square miles in Swisher County, Texas, with a nameplate capacity of 600 megawatts ac and 745 megawatts dc, the Hornet Solar project will generate enough energy to power 160,000 homes each year. For this reason, it is expected to be one of the largest single-phase solar projects in the United States.
The debt financing leverages PTC transfer funding made possible by provisions under the Inflation Reduction Act. Through the purchase commitment arranged by Advantage Capital, more than $500 million of PTCs will be monetized and leveraged by the loan facility.
The $590 million debt financing package consists of a construction-to-term loan and letter of credit facility. The bank group includes MUFG Bank, Nord/LB and Santander Corporate & Investment Banking as coordinating le