Vesper Energy has announced the closing of financing for its 600 MW Hornet Solar project in Texas.
The company secured a $590 million debt financing package for the single-phase solar project, consisting 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 lead arrangers, BayernLB as joint lead arranger and Associated Bank as lender.
“Closing project financing and a long-term purchase agreement for the PTCs on a large project in west Texas is complex,” says Vesper Energy CFO, 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.”
With a nameplate capacity of 600 MW, the company says the project will utilize bifacial PV modules on a single axis tracking system as well as interconnect 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 PPAs.
Vesper Energy was advised by CCA Capital on the sourcing and structuring of the PTC transfer commitment.