Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, today announced the closing of financing for its Hornet Solar project. The asset will deliver renewable energy to communities throughout Texas, provide grid stability, and mitigate price volatility in ERCOT. The successful close showcases Vesper Energy’s financial strength, continued growth, and momentum entering 2024. This is another step in Vesper Energy’s mission to develop, construct, and operate clean energy projects across the United States.
“Closing project financing and a long-term purchase agreement for the PTCs on a large project in west Texas is complex,” said Vesper Energy’s Chief Financial Officer Robert Scheuermann. “We are proud to invest in Hornet Solar alongside top-tier lenders and investors. This closing is a testament to the value Vesper Energy generated in the asset.”
The Hornet Solar project, covering more than six square miles in Swisher County, TX, 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.
Vesper secured a $590 million debt financing package for the 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 Corporate & Investment Banking as coordinating lead arrangers, BayernLB as joint lead arranger, and Associated Bank as lender.
“MUFG is pleased to jointly lead the debt financing for Vesper Energy’s largest solar project to date,” said Matt Curtin, Director at MUFG. “This partnership reflects our confidence in the Vesper team and its ability to successfully deliver ambitious, clean energy solutions.”
“Financing critically important energy transition projects such as Hornet Solar reflects Nord/LB’s commitment to supporting Vesper Energy in the growing and maturing renewable energy sector,” said Nicolai Dillow, Managing Director / Head of Originations at Nord/LB.
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. Vesper Energy was advised by CCA Capital on the sourcing and structuring of the PTC transfer commitment.
“This transaction demonstrates Advantage Capital’s ability to structure creative financing solutions for a dynamic and growing renewable energy market. We’re thrilled to have achieved this outcome with Vesper Energy and look forward to expanding our partnership across many projects to come,” said Michael Sponseller, Vice President at Advantage Capital.
With a nameplate capacity of 600MWac and 745MWdc, the Hornet Solar project will utilize bifacial photovoltaic modules on a single axis tracking system. Hornet Solar interconnects to Oncor Electric’s transmission system in ERCOT.
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/
About Vesper Energy
Vesper Energy provides innovative solutions to today’s complex energy challenges. Headquartered in the greater Dallas area, Vesper Energy is comprised of professionals who have collectively delivered more than 10 GW of renewable energy projects globally. Today, Vesper Energy’s pipeline includes over 55 renewable energy and energy storage projects with a generating capacity of 17 GW; enough to power more than 2 million homes. Working with their customers, communities, and business partners, Vesper Energy develops, owns, and operates renewable energy projects across the United States with the goal to build a better energy infrastructure. www.vesperenergy.com/about
About Advantage Capital
Advantage Capital works with renewable energy developers to expand community access to clean energy and invigorate local economies, providing tax-advantaged financing for high-impact renewable energy projects across the U.S. In recent years, the company has invested in over 100 non-residential projects (including C&I, community solar, and utility-scale) in addition to more than 10,000 residential rooftop systems throughout the U.S. and its territories. Since 1992, Advantage Capital has invested more than $4.2 billion in companies from a diverse array of industry sectors and has helped support more than 67,000 jobs. Learn more at or via X (formerly Twitter) or LinkedIn.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
About MUFG and MUFG Americas
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. MUFG has nearly 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.
