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- Vesper Energy Secures $592 Million for Hornet Solar Project
Vesper Energy Secures $592 Million for Hornet Solar Project
Slice of Energy Team
June 16, 2024
Key Highlights:
Finalized $592 million construction and term loan syndication for Hornet Solar project
600 MWac capacity to power 160,000 homes annually in Texas
Top-tier banking partners include MUFG Bank Ltd., Nord/LB, and Santander
Utilizes bifacial photovoltaic modules on a single-axis tracking system
Project contracted through individual Power Purchase Agreements with four off-take partners
Source (PR Newswire)
Notable Quotes:
"This closing is a testament to the value of our Hornet Solar project and showcases our ability to leverage innovative financial structures to provide the greatest, mutually beneficial value for our partners."
"MUFG is very pleased to partner with Vesper Energy, Nord LB, Santander, and a strong group of JLAs and lenders on this important renewable energy project financing."
Our Take:
The successful syndication of $592 million for Vesper Energy's Hornet Solar project marks a significant milestone in the renewable energy sector. This achievement underscores the strong investor confidence in large-scale solar projects and highlights Vesper Energy's expertise in structuring complex financial deals. The Hornet Solar project, with its substantial capacity to power 160,000 homes annually, plays a crucial role in enhancing grid stability and mitigating price volatility in Texas. The involvement of top-tier financial institutions further validates the project's robust credit profile and strategic importance in the renewable energy landscape.