Vesper Energy Completes Debt Syndication of Hornet Solar, Providing $592 Million in Financing

DALLAS, June 11, 2024 /PRNewswire/ — Vesper Energy, a leading renewable energy developer, has successfully completed a construction and term loan syndicate for its Hornet Solar project, representing approximately $592 million in investments. The consortium process started after the financial close of the Hornet Solar project December 2023signals continued investor confidence in the project and Vesper’s ability to deliver a reliable and resilient infrastructure.

“This closing is a testament to the value of our Hornet Solar project and demonstrates our ability to leverage innovative financial structures to deliver the greatest mutually beneficial value to our partners,” said Vesper Energy CFO Robert Scheuermann. “We look forward to working with leading investors and lenders as they develop, build and operate clean energy projects around the world United States“

The Hornet Solar project covers over six square miles in Swisher County, Texas. This is one of the largest single-phase photovoltaic projects in Poland United States and will generate 600 MW of alternating current, enough to power 160,000 homes per year. The assets will deliver renewable energy to communities across Texas, ensure grid stability and mitigate price volatility in ERCOT.

Hornet Solar has secured commitments from a leading group of banking and lending partners, including MUFG Bank Ltd., Nord/LB and Santander as lead coordinating arrangers; Societe Generale, BayernLB and KB Kookmin Bank as joint lead arrangers; and Allied Irish Bank, Associated, Radiance Structured Finance and DZ Bank as lenders.

“MUFG is very pleased to partner with Vesper Energy, Nord LB, Santander and JLA’s strong group of lenders to finance this important renewable energy project,” he said Matt Curtin, managing director at MUFG. “Hornet Solar required a large capital raise in a crowded market, and its successful execution is a testament to the project’s attractive credit profile and prudent financing structure.”

The Hornet Solar project, rated at 600 MWac and 745 MWdc, uses bifacial photovoltaic modules in a single-axis tracking system. Blattner Energy is building the Hornet Solar project. The energy produced by the project is contracted to four power offtake partners under individual power purchase agreements.

To learn more about the Hornet Solar project, visit https://www.hornetsolartx.com/

About Vesper Energy
Vesper Energy provides innovative solutions to today’s complex energy challenges. Headquarters in Irving, TexasVesper Energy consists of professionals who have collectively completed over 10 GW of renewable energy projects worldwide. Currently, Vesper Energy’s development plan includes over 55 renewable energy and energy storage facilities with a generating capacity of 17 GW; enough to power over 2 million homes. Working with its customers, communities and business partners, Vesper Energy develops, owns and operates renewable energy projects around the world United States to build better energy infrastructure. www.vesperenergy.com/about

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SOURCE Vesper Energy