The company will use the expanded facility to provide collateral for PPAs and interconnection agreements with power transmission networks.
June 10, 2021
8.5 MW solar project for East Kentucky Power Cooperative built by Vesper Energy’s predecessor Lendlease Energy
Image: Vesper Energy
Utility solar developer and operator Vesper Energy has expanded its existing $ 100 million credit line to $ 140 million.
The expanded loan is designed to enable the Houston-based company to accelerate the development of its 3.5 GW solar and 2.5 GWh energy storage pipeline. Macquarie Group acted as lead arranger of the increased facility following the conclusion of the previous funding agreement in 2020.
Vesper Energy has added two banks to its facility, Landesbank Hessen-Thüringen Girozentrale and ICBC Standard Bank Plc. The company will use the expanded facility to post collateral for power purchase agreements (PPAs) and interconnection agreements with power transmission networks.
Since launching in 2015, Vesper Energy has marketed more than 680 MW of utility-scale solar projects in the United States. It plans to begin work on two plants in Ohio and Pennsylvania in early 2022, and has a larger construction program planned for 2023.
Vesper Energy previously said that its Deer Creek Solar + Storage project has signed a 20-year PPA for 50 MW of solar energy and 200 MWh of battery storage with Desert Community Energy, a community aggregator in Palm Springs, California.
This content is protected by copyright and may not be used any further. If you would like to work with us and reuse some of our content, please contact: [email protected]