Vesper Energy Secures $590M Funding for Texas Solar Project

• Vesper Energy's $590m debt financing deal for the Hornet solar project in Texas will generate enough electricity to power 160,000 homes annually, stabilizing the grid and reducing price volatility.

Vesper Energy has secured a $590m debt financing deal for its 600 MW Hornet solar project in Texas. The funding package, provided by a consortium of lenders including MUFG Bank, Nord/LB, Santander Corporate & Investment Banking, BayernLB, and Associated Bank, consists of a construction-to-term loan and letter of credit facility. The financing will leverage the transfer of Production Tax Credits (PTCs), resulting in over $500m of PTCs being monetized over a 10-year period. The Hornet solar project, located in Swisher County, is set to begin operations in 2024 and will generate enough electricity to power approximately 160,000 homes annually.

The project is one of the largest single-phase PV projects in the US and has secured contracts with four off-takers, including Pfizer, Brunswick Corp, and Zoetis Inc. The Hornet solar park aims to stabilize the grid and reduce price volatility in the ERCOT market area.

What is the significance of Vesper Energy's $590m debt financing deal for the Hornet solar project?

• PetroGreen's 25-MW Solar Park is expected to be ready by 2021.
• The solar park is being developed by PetroGreen, a leading renewable energy company.
  
• The project aims to contribute to the country's renewable energy goals and reduce carbon emissions.
• The solar park will be located in a strategic location, maximizing solar energy generation.
  
• The project has received necessary permits and approvals from relevant authorities.
• PetroGreen has secured funding for the project through a combination of debt financing and equity investments.
• The funding package includes a construction-to-term loan and letter of credit facility.
  
• The solar park will utilize state-of-the-art solar panels and technology to maximize energy efficiency.
  
• The project has already secured contracts with off-takers, ensuring a stable revenue stream.
• The solar park will contribute to stabilizing the grid and reducing price volatility in the local energy market.
• Once operational, the solar park will generate clean and renewable electricity to power a significant number of homes and businesses.
• The project will create job opportunities during the construction phase and contribute to the local economy.
• PetroGreen is committed to ensuring the project is completed on time and within budget.
• The solar park will contribute to the overall growth of the renewable energy sector in the region.
• PetroGreen's 25-MW Solar Park will play a significant role in the transition towards a more sustainable and greener energy future.